Company No:
Contents
Note | 31.03.2024 | |
£ | ||
Fixed assets | ||
Investments | 3 |
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2,700,392 | ||
Current assets | ||
Debtors | 4 |
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Cash at bank and in hand |
|
|
4,215 | ||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (436,480) | |
Total assets less current liabilities | 2,263,912 | |
Creditors: amounts falling due after more than one year | 6 | (
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Net assets |
|
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Capital and reserves | ||
Called-up share capital | 7 |
|
Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Proctor and Stevenson Group Limited (registered number:
Mrs A R Billington
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
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 £.
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 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.
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.
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.
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
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.
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 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.
Period from 02.02.2023 to 31.03.2024 |
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Number | |
Monthly average number of persons employed by the Company during the period, including directors |
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Investments in subsidiaries
31.03.2024 | |
£ | |
Cost | |
At 02 February 2023 | 0 |
Additions |
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At 31 March 2024 |
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Carrying value at 31 March 2024 |
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31.03.2024 | |
£ | |
Prepayments |
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31.03.2024 | |
£ | |
Bank loans (secured) |
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Amounts owed to directors |
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|
31.03.2024 | |
£ | |
Bank loans (secured) |
|
Amounts owed to Group undertakings |
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31.03.2024 | |
£ | |
Allotted, called-up and fully-paid | |
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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.