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Registered number: 06576290
Promosol Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
MSB & Co Canvey Island Limited
Accountants and Tax Advisors
14 Furtherwick Road
Canvey Island
Essex
SS8 7AE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06576290
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 399 399
Tangible Assets 5 129,149 136,018
129,548 136,417
CURRENT ASSETS
Stocks 6 10,000 5,000
Debtors 7 862,505 731,595
Cash at bank and in hand 676,689 490,586
1,549,194 1,227,181
Creditors: Amounts Falling Due Within One Year 8 (253,900 ) (220,807 )
NET CURRENT ASSETS (LIABILITIES) 1,295,294 1,006,374
TOTAL ASSETS LESS CURRENT LIABILITIES 1,424,842 1,142,791
Creditors: Amounts Falling Due After More Than One Year 9 (11,885 ) (26,147 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (24,538 ) (25,843 )
NET ASSETS 1,388,419 1,090,801
CAPITAL AND RESERVES
Called up share capital 11 2 2
Profit and Loss Account 1,388,417 1,090,799
SHAREHOLDERS' FUNDS 1,388,419 1,090,801
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For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Kevin Dulieu
Director
22nd August 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Promosol Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06576290 . The registered office is 14 Furtherwick Road, Canvey Island, Essex, SS8 7AE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets include a private licence plate. It is not amortised due to it's indefinite useful life.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 15% Reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 3 3
3 3
4. Intangible Assets
Other
£
Cost
As at 1 May 2023 399
As at 30 April 2024 399
Net Book Value
As at 30 April 2024 399
As at 1 May 2023 399
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 May 2023 200 212,394 9,520 222,114
Additions - 39,579 691 40,270
Disposals - (14,990 ) - (14,990 )
As at 30 April 2024 200 236,983 10,211 247,394
...CONTINUED
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Depreciation
As at 1 May 2023 179 82,412 3,505 86,096
Provided during the period 3 41,114 915 42,032
Disposals - (9,883 ) - (9,883 )
As at 30 April 2024 182 113,643 4,420 118,245
Net Book Value
As at 30 April 2024 18 123,340 5,791 129,149
As at 1 May 2023 21 129,982 6,015 136,018
6. Stocks
2024 2023
£ £
Materials 10,000 5,000
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 178,008 94,323
Prepayments and accrued income 64,036 28,316
Other debtors - Rent deposit 2,145 2,145
Amounts owed by other participating interests 618,316 606,811
862,505 731,595
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 14,262 14,262
Trade creditors 461 4,482
Bank loans and overdrafts 8,909 6,331
Corporation tax 102,312 51,175
PAYE control account 9,564 4,086
VAT 78,966 54,048
Other creditors - S Dulieu 1,000 19,021
Pension control 138 105
Accruals and deferred income 4,155 4,155
Director's loan account 34,133 63,142
253,900 220,807
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 11,885 26,147
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10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 14,262 14,262
Later than one year and not later than five years 11,885 26,147
26,147 40,409
26,147 40,409
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
12. Related Party Transactions
Chesterson Homes Ltd
Chesterson Homes Ltd - a company under the control of a connected person to Mr K. Dulieu, director and shareholder of this company.
As at the balance sheet date, there was an inter-company loan of the following : £163 (Debtor)
Promosol Homes Ltd
Promosol Homes Ltd - a company under the control of Mr K. Dulieu, director and shareholder of this company.
As at the balance sheet date, there was an inter-company loan of the following : £618,153 (Debtor)
13. Controlling Party
The company's controlling party are Mr K. Dulieu and Mrs S. Dulieu by virtue of their ownership of 50% each of the issued share capital in the company.
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