2022-12-012023-11-302023-11-30false04581131PRAg 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PRAg Limited

Registered Number
04581131
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

PRAg Limited
Company Information
for the year from 1 December 2022 to 30 November 2023

Directors

Mr P J Rees
Mrs A M Rees

Company Secretary

Mrs A M Rees

Registered Address

Mountain Farm, Broadway, Broad
Haven, Haverfordwest
Pembrokeshire
SA62 3HU

Registered Number

04581131 (England and Wales)
PRAg Limited
Balance Sheet as at
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3378,324397,093
Investments4214,000214,000
592,324611,093
Current assets
Stocks252,453353,424
Debtors5593,077929,541
Cash at bank and on hand83,495252,335
929,0251,535,300
Creditors amounts falling due within one year6(391,953)(1,023,590)
Net current assets (liabilities)537,072511,710
Total assets less current liabilities1,129,3961,122,803
Creditors amounts falling due after one year7(93,808)(169,107)
Provisions for liabilities9(61,471)(65,349)
Net assets974,117888,347
Capital and reserves
Called up share capital1,6001,600
Profit and loss account972,517886,747
Shareholders' funds974,117888,347
The financial statements were approved and authorised for issue by the Board of Directors on 6 June 2024, and are signed on its behalf by:
Mr P J Rees
Director
Registered Company No. 04581131
PRAg Limited
Notes to the Financial Statements
for the year ended 30 November 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on tangible fixed assets as follows:
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20232022
Average number of employees during the year77
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 December 22726,812
Additions37,506
Disposals(4,500)
At 30 November 23759,818
Depreciation and impairment
At 01 December 22329,719
Charge for year56,275
On disposals(4,500)
At 30 November 23381,494
Net book value
At 30 November 23378,324
At 30 November 22397,093
4.Fixed asset investments

Total

£
Cost or valuation
At 01 December 22214,000
At 30 November 23214,000
Net book value
At 30 November 23214,000
At 30 November 22214,000
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables456,645758,507
Other debtors98,157131,104
Prepayments and accrued income38,27539,930
Total593,077929,541
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables262,813834,807
Bank borrowings and overdrafts68,91877,017
Taxation and social security49,43169,689
Finance lease and HP contracts6,10016,971
Other creditors1,442238
Accrued liabilities and deferred income3,24924,868
Total391,9531,023,590
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts83,641152,840
Other creditors10,16716,267
Total93,808169,107
8.Obligations under finance leases

2023

2022

££
Finance lease and HP contracts10,16716,267
9.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)61,47165,349
Total61,47165,349
10.Contingent liabilities
The company is a corporate member of Braunlager Developments LLP and is liable to contribute to the assets of the LLP in the event of a winding up before 1 December 2026. The maximum liability in relation to this undertaking is £84,529 (2022 - £84,525). The company does not believe that a winding-up of the LLP is probable and has not made provision for the liability at 30 November 2023.
11.Related party transactions
On 21 July 2016 PRAg Limited purchased an annuity contract from Mr P Rees for £200,000. Under the terms of the contract the company will receive annual payments of £613 commencing on the anniversary of the purchase of the annuity and then annually increasing on an annual basis in line with changes in the Retail Price Index for the lifetime of Mr P Rees.