Silverfin false false 31/03/2024 01/04/2023 31/03/2024 A C Devereux 01/07/1999 A N Hough 09/02/1998 05 September 2024 The principal activity of the company during the year was that of supplying management information to customers. 03499257 2024-03-31 03499257 bus:Director1 2024-03-31 03499257 bus:Director2 2024-03-31 03499257 2023-03-31 03499257 core:CurrentFinancialInstruments 2024-03-31 03499257 core:CurrentFinancialInstruments 2023-03-31 03499257 core:ShareCapital 2024-03-31 03499257 core:ShareCapital 2023-03-31 03499257 core:RetainedEarningsAccumulatedLosses 2024-03-31 03499257 core:RetainedEarningsAccumulatedLosses 2023-03-31 03499257 core:LandBuildings 2023-03-31 03499257 core:FurnitureFittings 2023-03-31 03499257 core:OfficeEquipment 2023-03-31 03499257 core:LandBuildings 2024-03-31 03499257 core:FurnitureFittings 2024-03-31 03499257 core:OfficeEquipment 2024-03-31 03499257 2023-04-01 2024-03-31 03499257 bus:FilletedAccounts 2023-04-01 2024-03-31 03499257 bus:SmallEntities 2023-04-01 2024-03-31 03499257 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03499257 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03499257 bus:Director1 2023-04-01 2024-03-31 03499257 bus:Director2 2023-04-01 2024-03-31 03499257 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 03499257 core:FurnitureFittings core:TopRangeValue 2023-04-01 2024-03-31 03499257 core:OfficeEquipment core:TopRangeValue 2023-04-01 2024-03-31 03499257 2022-04-01 2023-03-31 03499257 core:LandBuildings 2023-04-01 2024-03-31 03499257 core:FurnitureFittings 2023-04-01 2024-03-31 03499257 core:OfficeEquipment 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 03499257 (England and Wales)

PROTEL ASSOCIATES LIMITED

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

PROTEL ASSOCIATES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

PROTEL ASSOCIATES LIMITED

BALANCE SHEET

As at 31 March 2024
PROTEL ASSOCIATES LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 6,382 6,642
6,382 6,642
Current assets
Debtors 4 331,346 358,267
Cash at bank and in hand 279,147 367,502
610,493 725,769
Creditors: amounts falling due within one year 5 ( 395,693) ( 450,375)
Net current assets 214,800 275,394
Total assets less current liabilities 221,182 282,036
Provision for liabilities 6 ( 730) ( 1,262)
Net assets 220,452 280,774
Capital and reserves
Called-up share capital 2,600 2,600
Profit and loss account 217,852 278,174
Total shareholders' funds 220,452 280,774

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 Protel Associates Limited (registered number: 03499257) were approved and authorised for issue by the Board of Directors on 05 September 2024. They were signed on its behalf by:

A N Hough
Director
PROTEL ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
PROTEL ASSOCIATES 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

Protel Associates 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 Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

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 Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account 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 recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised over the life of the contracts with customers.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account 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 Balance Sheet.

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 Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. 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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Fixtures and fittings 3 years straight line
Office equipment 4 years straight line

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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 Profit and Loss Account 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 Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Government grants

Government grants are recognised within other operating income based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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 Balance Sheet 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 17 19

3. Tangible assets

Land and buildings Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 April 2023 30,371 9,795 55,186 95,352
Additions 932 0 1,546 2,478
At 31 March 2024 31,303 9,795 56,732 97,830
Accumulated depreciation
At 01 April 2023 28,707 8,693 51,310 88,710
Charge for the financial year 224 551 1,963 2,738
At 31 March 2024 28,931 9,244 53,273 91,448
Net book value
At 31 March 2024 2,372 551 3,459 6,382
At 31 March 2023 1,664 1,102 3,876 6,642

4. Debtors

2024 2023
£ £
Trade debtors 325,451 354,754
Other debtors 5,895 3,513
331,346 358,267

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 14,864 5,365
Taxation and social security 78,347 103,158
Other creditors 302,482 341,852
395,693 450,375

6. Provision for liabilities

2024 2023
£ £
Deferred tax 730 1,262

7. Financial commitments

Other financial commitments

The total amount of financial commitments not included in the balance sheet is £13,872 (2023: £Nil).