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REGISTERED NUMBER: 07432911 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Prorite Limited

Prorite Limited (Registered number: 07432911)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Prorite Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: D Paradise
P Bar





REGISTERED OFFICE: Shadwell House
65 Lower Green Road
Rusthall
Tunbridge Wells
Kent
TN4 8TW





REGISTERED NUMBER: 07432911 (England and Wales)





ACCOUNTANTS: Peter Hodgson & Co.
Chartered Accountants
Shadwell House
65 Lower Green Road
Tunbridge Wells
Kent
TN4 8TW

Prorite Limited (Registered number: 07432911)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 267,122 229,965

CURRENT ASSETS
Inventories 5,000 5,000
Debtors 5 2,843,542 2,589,732
Cash at bank 1,778,538 664,900
4,627,080 3,259,632
CREDITORS
Amounts falling due within one year 6 1,519,198 1,417,341
NET CURRENT ASSETS 3,107,882 1,842,291
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,375,004

2,072,256

CREDITORS
Amounts falling due after more than one
year

7

(173,024

)

(233,038

)

PROVISIONS FOR LIABILITIES 8 (37,724 ) (43,238 )
NET ASSETS 3,164,256 1,795,980

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 9 3,163,956 1,795,680
SHAREHOLDERS' FUNDS 3,164,256 1,795,980

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Prorite Limited (Registered number: 07432911)

Statement of Financial Position - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





P Bar - Director


Prorite Limited (Registered number: 07432911)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Prorite Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
There are no significant judgements or estimates pertaining to these accounts.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Functional currency
The functional currency used by the company is £ Sterling.

Prorite Limited (Registered number: 07432911)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments including cash and bank balances are disclosed at fair value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 11 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 293,341 20,019 313,360
Additions 126,198 - 126,198
At 31 December 2023 419,539 20,019 439,558
DEPRECIATION
At 1 January 2023 71,233 12,162 83,395
Charge for year 87,077 1,964 89,041
At 31 December 2023 158,310 14,126 172,436
NET BOOK VALUE
At 31 December 2023 261,229 5,893 267,122
At 31 December 2022 222,108 7,857 229,965

Included in fixed assets are commercial motor vehicles with an net book value of £232,351 which are financed under hire purchase agreements. The amount of finance outstanding at the balance sheet date amounted to £140,918.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,445,689 1,584,700
Due from related parties 1,352,822 968,324
Prepayments 45,031 36,708
2,843,542 2,589,732

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank & hire purchase finance 70,895 64,654
Trade creditors 775,416 629,788
Tax 588,096 336,602
Social security and other taxes (258 ) 12,514
VAT 81,009 339,788
Due to related parties - 30,345
Directors' current accounts 690 500
Accrued expenses 3,350 3,150
1,519,198 1,417,341

Prorite Limited (Registered number: 07432911)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank & hire purchase finance 173,024 233,038

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 37,724 43,238

Deferred
tax
£   
Balance at 1 January 2023 43,238
Utilised during year (5,514 )
Balance at 31 December 2023 37,724

9. RESERVES
Retained
earnings
£   

At 1 January 2023 1,795,680
Profit for the year 2,406,276
Dividends (1,038,000 )
At 31 December 2023 3,163,956