Company registration number 11001757 (England and Wales)
Prodis Holdings Limited
Unaudited financial statements
For the year ended 31 March 2024
Prodis Holdings Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Prodis Holdings Limited
Statement of financial position
As at 31 March 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
835,529
835,529
Investments
4
3,955,271
3,955,271
4,790,800
4,790,800
Current assets
Debtors
5
100
100
Creditors: amounts falling due within one year
6
(2,387,556)
(2,507,814)
Net current liabilities
(2,387,456)
(2,507,714)
Total assets less current liabilities
2,403,344
2,283,086
Creditors: amounts falling due after more than one year
7
(705,981)
(885,128)
Net assets
1,697,363
1,397,958
Capital and reserves
Called up share capital
9
750
750
Share premium account
562,040
562,040
Capital redemption reserve
250
250
Profit and loss reserves
1,134,323
834,918
Total equity
1,697,363
1,397,958

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

Prodis Holdings Limited
Statement of financial position (continued)
As at 31 March 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 27 August 2024
Mr A Faulkner
Director
Company registration number 11001757 (England and Wales)
Prodis Holdings Limited
Notes to the financial statements
For the year ended 31 March 2024
- 3 -
1
Accounting policies
Company information

Prodis Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Glades, Festival Way, Festival Park, Stoke-on-Trent, Staffordshire, ST1 5SQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Prodis Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average number of persons employed by the company during the year was Nil (2023 - Nil).

 

3
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
835,529

The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Prodis Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 5 -
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
3,955,271
3,955,271

The directors consider that there is no impairment in the value of the investment.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
100
100
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
180,870
170,064
Amounts owed to group undertakings
2,206,686
2,337,750
2,387,556
2,507,814
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
705,981
885,128
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
486,346
498,516
8
Security

The bank loans are secured by a fixed and floating charge over the assets of the company.

Prodis Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 6 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary - A Shares of 10p each
6,750
6,750
675
675
Ordinary - C Shares of 10p each
750
750
75
75
7,500
7,500
750
750
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