Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mrs A R Billington 01/04/2015 Mr D J Hardaker 23/06/2023 Mrs N H Hunt 01/04/2021 Mr M Jamieson 23/06/2023 05/07/2000 Mr S V King 01/04/2015 Mr R S Proctor 23/06/2023 Mr P T Robinson 23/06/2023 03 September 2024 The principal activity of the company during the year was the provision of design and communication services including corporate design, branding, direct marketing, multimedia, marketing communication planning, technology and business processes. 02572010 2024-03-31 02572010 bus:Director1 2024-03-31 02572010 bus:Director2 2024-03-31 02572010 bus:Director3 2024-03-31 02572010 bus:Director4 2024-03-31 02572010 bus:Director5 2024-03-31 02572010 bus:Director6 2024-03-31 02572010 bus:Director7 2024-03-31 02572010 2023-03-31 02572010 core:CurrentFinancialInstruments 2024-03-31 02572010 core:CurrentFinancialInstruments 2023-03-31 02572010 core:Non-currentFinancialInstruments 2024-03-31 02572010 core:Non-currentFinancialInstruments 2023-03-31 02572010 core:ShareCapital 2024-03-31 02572010 core:ShareCapital 2023-03-31 02572010 core:CapitalRedemptionReserve 2024-03-31 02572010 core:CapitalRedemptionReserve 2023-03-31 02572010 core:RetainedEarningsAccumulatedLosses 2024-03-31 02572010 core:RetainedEarningsAccumulatedLosses 2023-03-31 02572010 core:LeaseholdImprovements 2023-03-31 02572010 core:FurnitureFittings 2023-03-31 02572010 core:OfficeEquipment 2023-03-31 02572010 core:LeaseholdImprovements 2024-03-31 02572010 core:FurnitureFittings 2024-03-31 02572010 core:OfficeEquipment 2024-03-31 02572010 core:CostValuation 2023-03-31 02572010 core:CostValuation 2024-03-31 02572010 core:ProvisionsForImpairmentInvestments 2023-03-31 02572010 core:ImpairmentLossProvisionsForImpairmentInvestments 2024-03-31 02572010 core:ProvisionsForImpairmentInvestments 2024-03-31 02572010 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2024-03-31 02572010 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2023-03-31 02572010 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2024-03-31 02572010 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2023-03-31 02572010 bus:OrdinaryShareClass1 2024-03-31 02572010 core:WithinOneYear 2024-03-31 02572010 core:WithinOneYear 2023-03-31 02572010 core:BetweenOneFiveYears 2024-03-31 02572010 core:BetweenOneFiveYears 2023-03-31 02572010 core:MoreThanFiveYears 2024-03-31 02572010 core:MoreThanFiveYears 2023-03-31 02572010 2023-04-01 2024-03-31 02572010 bus:FilletedAccounts 2023-04-01 2024-03-31 02572010 bus:SmallEntities 2023-04-01 2024-03-31 02572010 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02572010 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02572010 bus:Director1 2023-04-01 2024-03-31 02572010 bus:Director2 2023-04-01 2024-03-31 02572010 bus:Director3 2023-04-01 2024-03-31 02572010 bus:Director4 2023-04-01 2024-03-31 02572010 bus:Director5 2023-04-01 2024-03-31 02572010 bus:Director6 2023-04-01 2024-03-31 02572010 bus:Director7 2023-04-01 2024-03-31 02572010 core:LeaseholdImprovements core:TopRangeValue 2023-04-01 2024-03-31 02572010 core:FurnitureFittings core:TopRangeValue 2023-04-01 2024-03-31 02572010 core:OfficeEquipment 2023-04-01 2024-03-31 02572010 2022-04-01 2023-03-31 02572010 core:LeaseholdImprovements 2023-04-01 2024-03-31 02572010 core:FurnitureFittings 2023-04-01 2024-03-31 02572010 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 02572010 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02572010 (England and Wales)

PROCTOR AND STEVENSON LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

PROCTOR AND STEVENSON LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

PROCTOR AND STEVENSON LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
PROCTOR AND STEVENSON LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 135,594 188,818
Investments 4 0 300
135,594 189,118
Current assets
Debtors
- due within one year 5 1,965,442 2,548,806
- due after more than one year 5 1,329,032 0
Cash at bank and in hand 114,595 1,074,737
3,409,069 3,623,543
Creditors: amounts falling due within one year 6 ( 1,242,823) ( 1,377,199)
Net current assets 2,166,246 2,246,344
Total assets less current liabilities 2,301,840 2,435,462
Provision for liabilities ( 11,603) ( 3,152)
Net assets 2,290,237 2,432,310
Capital and reserves
Called-up share capital 7 925 925
Capital redemption reserve 75 75
Profit and loss account 2,289,237 2,431,310
Total shareholder's funds 2,290,237 2,432,310

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

Directors' responsibilities:

The financial statements of Proctor and Stevenson Limited (registered number: 02572010) were approved and authorised for issue by the Board of Directors on 03 September 2024. They were signed on its behalf by:

Mrs A R Billington
Director
PROCTOR AND STEVENSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
PROCTOR AND STEVENSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Proctor and Stevenson Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Old Printworks, 178 Easton Road, Bristol, BS5 0ES, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Fixtures and fittings 5 years straight line
Office equipment 20 - 33.33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 61 71

3. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 April 2023 65,367 17,812 399,861 483,040
Additions 0 3,857 6,463 10,320
Disposals 0 0 ( 43,975) ( 43,975)
At 31 March 2024 65,367 21,669 362,349 449,385
Accumulated depreciation
At 01 April 2023 34,318 15,161 244,743 294,222
Charge for the financial year 6,537 3,271 44,081 53,889
Disposals 0 0 ( 34,320) ( 34,320)
At 31 March 2024 40,855 18,432 254,504 313,791
Net book value
At 31 March 2024 24,512 3,237 107,845 135,594
At 31 March 2023 31,049 2,651 155,118 188,818

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 300
At 31 March 2024 300
Provisions for impairment
At 01 April 2023 0
Impairment 300
At 31 March 2024 300
Carrying value at 31 March 2024 0
Carrying value at 31 March 2023 300

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 1,495,977 970,829
Amounts owed by own subsidiaries 0 882
Amounts owed by connected companies 0 27,451
Amounts owed by directors 1,500 625,917
Prepayments and accrued income 339,450 246,067
Corporation tax 22,094 0
Other debtors 106,421 677,660
1,965,442 2,548,806
Debtors: amounts falling due after more than one year
Amounts owed by Group undertakings 1,329,032 0

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 761,504
Trade creditors 261,975 184,821
Amounts owed to directors 1,285 0
Accruals and deferred income 747,330 247,907
Corporation tax 0 2,928
Other taxation and social security 197,878 162,571
Other creditors 34,355 17,468
1,242,823 1,377,199

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
925 Ordinary shares of £ 1.00 each 925 925

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 143,222 140,002
between one and five years 572,890 572,890
after five years 596,760 719,333
1,312,872 1,432,225

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 20,155 22,482

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to the directors 1,285 0
Amounts owed by the directors (1,500) (625,917)

During the year, a director maintained a current account with the company. Advances of £Nil (2023: £Nil) and repayments of £1,285 (2023: £Nil) were made on this loan. At the year end the director was owed £1,285 (2023: £Nil) by the company. The loan is interest free and was repaid following the year end.

Advances

During the year, a director maintained a current account with the company. Advances of £Nil (2023: £300,000) and repayments of £600,630 (2023: £Nil) were made on this loan. At the year end the director owed the company £Nil (2023: £600,630). No interest was charged through the company on the loan.

During the year, a director maintained a current account with the company. Advances of £Nil (2023: £25,000) and repayments of £25,000 (2023: £Nil) were made on this loan. At the year end the director owed the company £Nil (2023: £25,000). No interest was charged through the company on the loan.

During the year, a director maintained a current account with the company. Advances of £Nil (2023: £Nil) and repayments of £287 (2023: £Nil) were made on this loan. At the year end the director owed the company £Nil (2023: £287). The loan is interest free.

During the year, a director maintained a current account with the company. Advances of £1,500 (2023: £Nil) and repayments of £Nil (2023: £Nil) were made on this loan. At the year end the director owed the company £1,500 (2023: £Nil). The loan is interest free and has no fixed date for repayment.

During the year the Company has taken advantage of the exemption in section 1AC.35 of FRS 102 to not disclose related party transactions with wholly owned subsidiaries within the group.