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COMPANY REGISTRATION NUMBER: 05288343
Prostar UK Limited
Filleted Unaudited Financial Statements
30 November 2023
Prostar UK Limited
Financial Statements
Year ended 30 November 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 5
Prostar UK Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
22,998
29,378
Current assets
Stocks
638
987
Debtors
6
149,307
103,077
Cash at bank and in hand
160
160
---------
---------
150,105
104,224
Creditors: amounts falling due within one year
7
157,200
129,619
---------
---------
Net current liabilities
7,095
25,395
--------
--------
Total assets less current liabilities
15,903
3,983
Provisions
Taxation including deferred tax
1,650
2,789
--------
------
Net assets
14,253
1,194
--------
------
Capital and reserves
Called up share capital
2
2
Profit and loss account
14,251
1,192
--------
------
Shareholders funds
14,253
1,194
--------
------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Prostar UK Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 14 August 2024 , and are signed on behalf of the board by:
Mr P Appleyard
Director
Company registration number: 05288343
Prostar UK Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Portland Estate Office, Cavendish House, Welbeck, Worksop, Notts, S80 3LL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 3 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Computer Equipment
Land and buildings
Total
£
£
£
£
£
Cost
At 1 December 2022
34,921
25,690
26,642
8,313
95,566
Additions
872
872
Disposals
( 21,395)
( 21,395)
--------
--------
--------
------
--------
At 30 November 2023
34,921
4,295
27,514
8,313
75,043
--------
--------
--------
------
--------
Depreciation
At 1 December 2022
29,733
19,431
17,024
66,188
Charge for the year
779
453
1,573
2,805
Disposals
( 16,948)
( 16,948)
--------
--------
--------
------
--------
At 30 November 2023
30,512
2,936
18,597
52,045
--------
--------
--------
------
--------
Carrying amount
At 30 November 2023
4,409
1,359
8,917
8,313
22,998
--------
--------
--------
------
--------
At 30 November 2022
5,188
6,259
9,618
8,313
29,378
--------
--------
--------
------
--------
6. Debtors
2023
2022
£
£
Trade debtors
85,116
41,113
Other debtors
64,191
61,964
---------
---------
149,307
103,077
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
11,570
46,343
Trade creditors
8,745
1,749
Social security and other taxes
117,465
59,179
Other creditors
19,420
22,348
---------
---------
157,200
129,619
---------
---------
8. Director's advances, credits and guarantees
The director had an advance during the year which remained outstanding at the year end of £ 47,423 .