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Company No: 00671683 (England and Wales)

A. & M. PROCTER LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

A. & M. PROCTER LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

A. & M. PROCTER LIMITED

COMPANY INFORMATION

For the financial year ended 31 October 2023
A. & M. PROCTER LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 October 2023
DIRECTORS Mr S A Procter
Mr A R Procter
SECRETARY Mr S A Procter
REGISTERED OFFICE 318 Torquay Road
Paignton
TQ3 2DZ
England
United Kingdom
COMPANY NUMBER 00671683 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
A. & M. PROCTER LIMITED

BALANCE SHEET

As at 31 October 2023
A. & M. PROCTER LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 86,406 93,882
86,406 93,882
Current assets
Stocks 326,468 91,836
Debtors 4 97,655 92,411
Cash at bank and in hand 226,649 463,356
650,772 647,603
Creditors: amounts falling due within one year 5 ( 79,465) ( 77,497)
Net current assets 571,307 570,106
Total assets less current liabilities 657,713 663,988
Net assets 657,713 663,988
Capital and reserves
Called-up share capital 6 1,000 1,000
Profit and loss account 656,713 662,988
Total shareholders' funds 657,713 663,988

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of A. & M. Procter Limited (registered number: 00671683) were approved and authorised for issue by the Board of Directors on 31 July 2024. They were signed on its behalf by:

Mr A R Procter
Director
A. & M. PROCTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
A. & M. PROCTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

A. & M. Procter Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 318 Torquay Road, Paignton, TQ3 2DZ, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 15 % reducing balance
Vehicles 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 November 2022 48,838 79,592 1,250 129,680
At 31 October 2023 48,838 79,592 1,250 129,680
Accumulated depreciation
At 01 November 2022 4,800 29,748 1,250 35,798
Charge for the financial year 0 7,476 0 7,476
At 31 October 2023 4,800 37,224 1,250 43,274
Net book value
At 31 October 2023 44,038 42,368 0 86,406
At 31 October 2022 44,038 49,844 0 93,882

4. Debtors

2023 2022
£ £
Trade debtors 72 72
Corporation tax 0 5,180
Other debtors 97,583 87,159
97,655 92,411

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,508 3,934
Taxation and social security 1,005 935
Other creditors 76,952 72,628
79,465 77,497

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000