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COMPANY REGISTRATION NUMBER: 04129620
ProMission Limited
Filleted Unaudited Accounts
31 December 2023
ProMission Limited
Accounts
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the accounts
3
ProMission Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
4,839
5,131
Current assets
Debtors
6
212,136
282,588
Cash at bank and in hand
333,736
407,750
---------
---------
545,872
690,338
Creditors: amounts falling due within one year
7
( 231,215)
( 370,311)
---------
---------
Net current assets
314,657
320,027
---------
---------
Total assets less current liabilities
319,496
325,158
---------
---------
Net assets
319,496
325,158
---------
---------
Capital and reserves
Called up share capital
7,800
7,800
Capital redemption reserve
200
200
Profit and loss account
311,496
317,158
---------
---------
Shareholders funds
319,496
325,158
---------
---------
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .
ProMission Limited
Statement of Financial Position (continued)
31 December 2023
These accounts were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
A.R. Hale
Director
Company registration number: 04129620
ProMission Limited
Notes to the Accounts
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 16 Berkeley Street, London, W1J 8DZ.
2. Statement of compliance
These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are prepared in sterling, which is the functional currency of the entity.
Going concern
In the opinion of the directors the company has a strong pipeline of work and has sufficient resources from which to meet its ongoing trading obligations as they fall due. As such, the company remains a going concern for the foreseeable future, being not less than one year from the date of approval of these accounts.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Contributions are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 9 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 January 2023
3,958
8,200
12,158
Additions
803
1,518
2,321
Disposals
( 1,000)
( 1,000)
-------
-------
--------
At 31 December 2023
4,761
8,718
13,479
-------
-------
--------
Depreciation
At 1 January 2023
2,705
4,322
7,027
Charge for the year
514
1,099
1,613
-------
-------
--------
At 31 December 2023
3,219
5,421
8,640
-------
-------
--------
Carrying amount
At 31 December 2023
1,542
3,297
4,839
-------
-------
--------
At 31 December 2022
1,253
3,878
5,131
-------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
198,075
272,893
Other debtors
14,061
9,695
---------
---------
212,136
282,588
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
16,825
13,727
Corporation tax
56,838
99,150
Social security and other taxes
79,319
115,674
Other creditors
78,233
141,760
---------
---------
231,215
370,311
---------
---------
8. Directors' advances, credits and guarantees
Throughout the year, the company remained indebted to the directors in respect of a short term advance. At the balance sheet date, the amount owing to the directors was £48,345 (2022: £85,095). This balance is interest-free, repayable on demand, and included within Other Creditors.
9. Related party transactions
The company was under the control of its directors throughout the current and previous year. Dividends paid to the directors and their family members, in their capacity as shareholders of the company, totalled £186,000 (2022: £289,200).