0 31/12/2023 2023-12-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-12-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 14517559 2022-12-01 2023-12-31 14517559 2023-12-31 14517559 bus:RegisteredOffice 2022-12-01 2023-12-31 14517559 bus:Director1 2022-12-01 2023-12-31 14517559 core:ShareCapital 2022-12-01 2023-12-31 14517559 core:RetainedEarningsAccumulatedLosses 2022-12-01 2023-12-31 14517559 core:WithinOneYear 2023-12-31 14517559 core:ShareCapital 2023-12-31 14517559 core:RetainedEarningsAccumulatedLosses 2023-12-31 14517559 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-12-31 14517559 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 14517559 core:Non-currentFinancialInstruments 2023-12-31 14517559 bus:SmallEntities 2022-12-01 2023-12-31 14517559 bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-12-31 14517559 bus:FullAccounts 2022-12-01 2023-12-31 14517559 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-12-31 14517559 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-12-31
Company registration number: 14517559
ProcureTech Ventures Limited
Unaudited filleted financial statements
31 December 2023
ProcureTech Ventures Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
ProcureTech Ventures Limited
Directors and other information
Director Mr W L Younger (Appointed 1 December 2022)
Company number 14517559
Registered office 7 Pancras Square
London
N1C 4AG
ProcureTech Ventures Limited
Statement of financial position
31 December 2023
31/12/23
Note £ £
Fixed assets
Investments 4 21,000
_______
21,000
Current assets
Debtors 5 100,001
Cash at bank and in hand 4,443
_______
104,444
Creditors: amounts falling due
within one year 6 ( 131,000)
_______
Net current liabilities ( 26,556)
_______
Total assets less current liabilities ( 5,556)
_______
Net liabilities ( 5,556)
_______
Capital and reserves
Called up share capital 1
Profit and loss account ( 5,557)
_______
Shareholder deficit ( 5,556)
_______
For the period ending 31 December 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 member has not required the company to obtain an audit of its financial statements for the period 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 August 2024 , and are signed on behalf of the board by:
Mr W L Younger
Director
Company registration number: 14517559
ProcureTech Ventures Limited
Statement of changes in equity
Period ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 December 2022 - - -
Loss for the period ( 5,557) ( 5,557)
_______ _______ _______
Total comprehensive income for the period - ( 5,557) ( 5,557)
Issue of shares 1 1
_______ _______ _______
Total investments by and distributions to owners 1 - 1
_______ _______ _______
At 31 December 2023 1 ( 5,557) ( 5,556)
_______ _______ _______
ProcureTech Ventures Limited
Notes to the financial statements
Period ended 31 December 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 7 Pancras Square, London, N1C 4AG.
The company was incorporated on 1 December 2022.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investments
Other investments other than loans Total
£ £
Cost
At 1 December 2022 - -
Additions 21,000 21,000
_______ _______
At 31 December 2023 21,000 21,000
_______ _______
Impairment
At 1 December 2022 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 21,000 21,000
_______ _______
5. Debtors
31/12/23
£
Other debtors 100,001
_______
6. Creditors: amounts falling due within one year
31/12/23
£
Other creditors 131,000
_______