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Company No: 14633645 (England and Wales)

PROCTOR AND STEVENSON GROUP LIMITED

Unaudited Financial Statements
For the financial period from 02 February 2023 to 31 March 2024
Pages for filing with the registrar

PROCTOR AND STEVENSON GROUP LIMITED

Unaudited Financial Statements

For the financial period from 02 February 2023 to 31 March 2024

Contents

PROCTOR AND STEVENSON GROUP LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
PROCTOR AND STEVENSON GROUP LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024
£
Fixed assets
Investments 3 2,700,392
2,700,392
Current assets
Debtors 4 470
Cash at bank and in hand 3,745
4,215
Creditors: amounts falling due within one year 5 ( 440,695)
Net current liabilities (436,480)
Total assets less current liabilities 2,263,912
Creditors: amounts falling due after more than one year 6 ( 2,263,907)
Net assets 5
Capital and reserves
Called-up share capital 7 5
Total shareholders' funds 5

For the financial period 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 Group Limited (registered number: 14633645) were approved and authorised for issue by the Board of Directors on 22 August 2024. They were signed on its behalf by:

Mrs A R Billington
Director
PROCTOR AND STEVENSON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 02 February 2023 to 31 March 2024
PROCTOR AND STEVENSON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 02 February 2023 to 31 March 2024
1. Accounting policies

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

General information and basis of accounting

Proctor and Stevenson Group 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, 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.

Group accounts exemption

Group accounts exemption s399
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.

Reporting period length

The reporting period length is longer than 12 months due to it being their first reporting period, and to bring the year-end in line with other group companies.

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.

Finance costs

Finance costs are charged to the Profit and Loss Account 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.

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 Profit and Loss Account 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.

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.

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.

2. Employees

Period from
02.02.2023 to
31.03.2024
Number
Monthly average number of persons employed by the Company during the period, including directors 5

3. Fixed asset investments

Investments in subsidiaries

31.03.2024
£
Cost
At 02 February 2023 0
Additions 2,700,392
At 31 March 2024 2,700,392
Carrying value at 31 March 2024 2,700,392

4. Debtors

31.03.2024
£
Prepayments 470

5. Creditors: amounts falling due within one year

31.03.2024
£
Bank loans (secured) 415,500
Amounts owed to directors 25,195
440,695

Bank loans are secured via a fixed and floating charge over the assets of the group.

6. Creditors: amounts falling due after more than one year

31.03.2024
£
Bank loans (secured) 934,875
Amounts owed to Group undertakings 1,329,032
2,263,907

Bank loans are secured via a fixed and floating charge over the assets of the group.

7. Called-up share capital

31.03.2024
£
Allotted, called-up and fully-paid
5 Ordinary shares of £ 1.00 each 5

During the period, 5 Ordinary shares of £1 each were issued at par.

8. Related party transactions

Transactions with the entity's directors

31.03.2024
£
Amounts owed to the directors 25,195

These amounts are interest free and there is no set 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.