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Registered number: 10230723
PREDO LIMITED
Director's Report and
Unaudited Financial Statements
For The Year Ended 31 March 2024
DIM-BLISSTON & CO
Contents
Page
Company Information 1
Director's Report 2
Accountant's Report 3
Profit and Loss Account 4
Balance Sheet 5
Notes to the Financial Statements 6—7
Page 1
Company Information
Director Mrs PRISCILLA EDEMA-USHEDO
Company Number 10230723
Registered Office 119
TALLOW CLOSE
DAGENHAM
ESSEX
RM9 6EU
Accountants DIM-BLISSTON & CO
Certified Chartered Accountant
31
FANNS RISE
PURFLEET
ESSEX
RM19 1GP
Page 1
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Director's Report
The director presents her report and the financial statements for the year ended 31 March 2024.
Directors
The director who held office during the year were as follows:
Mrs PRISCILLA EDEMA-USHEDO
Statement of Director's Responsibilities
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the director is required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Mrs PRISCILLA EDEMA-USHEDO
Director
10/09/2024
Page 2
Page 3
Accountant's Report
Report to the director on the preparation of the unaudited statutory accounts of PREDO LIMITED for the year ended 31 March 2024
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of PREDO LIMITED which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of PREDO LIMITED , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of PREDO LIMITED and state those matters that we have agreed to state to the director of PREDO LIMITED , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PREDO LIMITED and its director as a body for our work or for this report.
It is your duty to ensure that PREDO LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of PREDO LIMITED . You consider that PREDO LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of PREDO LIMITED . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
DIM-BLISSTON & CO
13/09/2024
DIM-BLISSTON & CO
Certified Chartered Accountant
31
FANNS RISE
PURFLEET
ESSEX
RM19 1GP
Page 3
Page 4
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 28,479 41,425
GROSS PROFIT 28,479 41,425
Distribution costs (17,000 ) (20,000 )
Administrative expenses (8,980 ) (13,064 )
Other operating income - 21
OPERATING PROFIT AND PROFIT BEFORE TAXATION 2,499 8,382
Tax on Profit (475 ) (1,593 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 2,024 6,789
The notes on pages 6 to 7 form part of these financial statements.
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Balance Sheet
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Debtors 4 4,198 3,882
Cash at bank and in hand 543 2,000
4,741 5,882
Creditors: Amounts Falling Due Within One Year 5 (975 ) (2,140 )
NET CURRENT ASSETS (LIABILITIES) 3,766 3,742
TOTAL ASSETS LESS CURRENT LIABILITIES 3,766 3,742
NET ASSETS 3,766 3,742
CAPITAL AND RESERVES
Called up share capital 6 100 100
Profit and Loss Account 3,666 3,642
SHAREHOLDERS' FUNDS 3,766 3,742
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Mrs PRISCILLA EDEMA-USHEDO
Director
10/09/2024
The notes on pages 6 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
PREDO LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 10230723 . The registered office is 119, TALLOW CLOSE, DAGENHAM, ESSEX, RM9 6EU.
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. 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 years 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 assets reflect 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: 1 (2023: 1)
1 1
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4. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,627 3,882
Directors c/account 571 -
4,198 3,882
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 475 1,593
Accruals and deferred income 500 547
975 2,140
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
7. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 2,000 5,000
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