Company registration number 07436223 (England and Wales)
PROCESS EXCHANGE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PROCESS EXCHANGE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PROCESS EXCHANGE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
48,287
25,981
Investments
5
4
4
48,291
25,985
Current assets
Stocks
141,710
143,370
Debtors
6
548,885
622,961
Cash at bank and in hand
374,486
211,400
1,065,081
977,731
Creditors: amounts falling due within one year
7
(535,515)
(536,502)
Net current assets
529,566
441,229
Total assets less current liabilities
577,857
467,214
Provisions for liabilities
(9,550)
Net assets
568,307
467,214
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
568,305
467,212
Total equity
568,307
467,214
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PROCESS EXCHANGE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
Mr J G Swain
Mrs D M Swain
Director
Director
Company registration number 07436223 (England and Wales)
PROCESS EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Process Exchange Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3-4 Bower Terrace, Tonbridge Road, Maidstone, Kent, ME16 8RY. The principle place of business is 3 Cannon Park, Transfesa Road, Paddock Wood, Kent, TN12 6UF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recoverable at the fair value of the consideration received or receivable for goods and services provided in normal course of business, and is shown net of VAT. For incomplete contracts, an assessment is made of the extent to which revenue has been earned. This assessment takes into account the nature of the assignment, its stage of completion and relevant contract terms. Unbilled revenue is included in debtors, under “other debtors”.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 8 years.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% straight line
Fixtures, fittings & equipment
20% reducing balance
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
PROCESS EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors and loans, are recognised at transaction price.
1.8
Taxation
The tax expense represents the sum of the tax currently payable or receivable and deferred tax.
Current tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leasing and hire purchase commitments
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
7
PROCESS EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
330,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
330,000
Carrying amount
At 31 March 2024
At 31 March 2023
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
61,353
61,353
Additions
10,089
26,181
36,270
Disposals
(17,797)
(17,797)
At 31 March 2024
10,089
69,737
79,826
Depreciation and impairment
At 1 April 2023
35,372
35,372
Depreciation charged in the year
252
9,612
9,864
Eliminated in respect of disposals
(13,697)
(13,697)
At 31 March 2024
252
31,287
31,539
Carrying amount
At 31 March 2024
9,837
38,450
48,287
At 31 March 2023
25,981
25,981
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
4
4
PROCESS EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
426,829
524,377
Other debtors
122,056
92,120
548,885
616,497
Deferred tax asset
6,464
548,885
622,961
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
393,912
347,994
Taxation and social security
99,576
114,642
Other creditors
42,027
73,866
535,515
536,502
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
499,800
10,900
The above lease commitments include annual rent of £48,000 in relation to the property occupied by the company covering the period to 28 February 2034.
9
Directors' transactions
The directors have provided a personal guarantee to the company's bank limited to £75,000. This is supported by a legal charge.