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COMPANY REGISTRATION NUMBER: 07231878
Proptek Limited
Filleted Unaudited Financial Statements
31 December 2023
Proptek Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
3,626
4,661
Current assets
Debtors
6
1,347
29,869
Cash at bank and in hand
45,742
49,986
--------
--------
47,089
79,855
Creditors: amounts falling due within one year
7
4,123,389
4,044,180
------------
------------
Net current liabilities
4,076,300
3,964,325
------------
------------
Total assets less current liabilities
( 4,072,674)
( 3,959,664)
------------
------------
Net liabilities
( 4,072,674)
( 3,959,664)
------------
------------
Capital and reserves
Called up share capital
8
6,131
6,131
Share premium account
2,221,547
2,221,547
Profit and loss account
( 6,300,352)
( 6,187,342)
------------
------------
Shareholders deficit
( 4,072,674)
( 3,959,664)
------------
------------
These financial statements 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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Proptek Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
A D Quirk
Director
Company registration number: 07231878
Proptek Limited
Notes to the Financial Statements
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 Beaulieu Estates, Offices 5 and 5A, 17-19 Richmond Road, Chelmsford, Essex, CM2 6UA.
2. Statement of compliance
These financial statements 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 financial statements 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis which is dependent upon the continued support of the company's shareholders. The shareholders have indicated their willingness to support the company in the foreseeable future by ensuring sufficient funds are available for the company to continue trading. Therefore the directors consider the going concern basis is appropriate.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Equipment
-
25% reducing balance
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 7 ).
5. Tangible assets
Equipment
£
Cost
At 1 January 2023 and 31 December 2023
20,522
--------
Depreciation
At 1 January 2023
15,861
Charge for the year
1,035
--------
At 31 December 2023
16,896
--------
Carrying amount
At 31 December 2023
3,626
--------
At 31 December 2022
4,661
--------
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
16,003
Other debtors
1,347
13,866
-------
--------
1,347
29,869
-------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
202
Accruals and deferred income
2,100
16,167
Social security and other taxes
2,856
Director loan accounts
29,611
Other creditors
4,121,289
3,995,344
------------
------------
4,123,389
4,044,180
------------
------------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
5,964
5,964
5,964
5,964
Ordinary B shares of £ 1 each
167
167
167
167
-------
-------
-------
-------
6,131
6,131
6,131
6,131
-------
-------
-------
-------
9. Related party transactions
At the year end the company owed the director £0 (2022: £29,611) by way of a directors loan account. At the year end the company owed other related parties £4,121,289 (2022: £3,979,341). The company purchased services from a related undertaking during the year totalling £2,126 (2022: £3,203). The company recharged services to a related undertaking during the year totalling £350 (2022: £6,563).