Registered number
04713238
PROSEAL CONSERVATORIES & WINDOWS LTD
Filleted Accounts
31 March 2024
PROSEAL CONSERVATORIES & WINDOWS LTD
Registered number: 04713238
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 31,767 35,236
Current assets
Stocks 11,900 8,000
Debtors 4 2,672 11,164
Cash at bank and in hand 47,334 77,199
61,906 96,363
Creditors: amounts falling due within one year 5 (28,803) (64,618)
Net current assets 33,103 31,745
Total assets less current liabilities 64,870 66,981
Creditors: amounts falling due after more than one year 6 (14,481) (19,995)
Provisions for liabilities (6,036) (6,694)
Net assets 44,353 40,292
Capital and reserves
Called up share capital 4 4
Profit and loss account 44,349 40,288
Shareholder's funds 44,353 40,292
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr G N Jones
Director
Approved by the board on 9 September 2024
PROSEAL CONSERVATORIES & WINDOWS LTD
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 20% straight line
Equipment 20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 37,519 28,496 66,015
Additions 7,304 - 7,304
At 31 March 2024 44,823 28,496 73,319
Depreciation
At 1 April 2023 18,556 12,223 30,779
Charge for the year 5,073 5,700 10,773
At 31 March 2024 23,629 17,923 41,552
Net book value
At 31 March 2024 21,194 10,573 31,767
At 31 March 2023 18,963 16,273 35,236
4 Debtors 2024 2023
£ £
Trade debtors - 7,887
Other debtors 2,672 3,277
2,672 11,164
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 3,375 3,375
Obligations under finance lease and hire purchase contracts 2,469 3,000
Trade creditors 8,359 30,132
Taxation and social security costs 12,082 26,549
Other creditors 2,518 1,562
28,803 64,618
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,481 17,637
Obligations under finance lease and hire purchase contracts - 2,358
14,481 19,995
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr G N Jones
Directpr's loan account (303) 44,207 (44,046) (142)
(303) 44,207 (44,046) (142)
8 Controlling party
The Company is ultimately controlled by it's director by virtue of their shareholding.
9 Other information
PROSEAL CONSERVATORIES & WINDOWS LTD is a private company limited by shares and incorporated in England. Its registered office is:
Unit 14 Fern Close
Penyfan Industrial Estate
Crumlin
NP11 3EH
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