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Registration number: 10007258

PROC2W Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

PROC2W Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

PROC2W Limited

(Registration number: 10007258)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

92,304

74,217

Current assets

 

Stocks

2,485

-

Debtors

6

451,308

645,663

Cash at bank and in hand

 

791,789

585,862

 

1,245,582

1,231,525

Creditors: Amounts falling due within one year

7

(798,746)

(782,831)

Net current assets

 

446,836

448,694

Total assets less current liabilities

 

539,140

522,911

Provisions for liabilities

(12,105)

(7,697)

Net assets

 

527,035

515,214

Capital and reserves

 

Called up share capital

1

1

Retained earnings

527,034

515,213

Shareholders' funds

 

527,035

515,214

 

PROC2W Limited

(Registration number: 10007258)
Balance Sheet as at 29 February 2024

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 October 2024 and signed on its behalf by:
 

R N Howes
Company secretary and director

   
     
 

PROC2W Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit F, Membury Business Park
Ermin Street
Lambourn Woodlands
Hungerford
Berkshire
RG17 7TU
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of electrical bikes through the Cycle to Work scheme. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

PROC2W Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% straight line basis

Office equipment

25% straight line basis

Computer equipment

33% straight line basis

Bikes

25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

PROC2W Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Taxation

2024

2023

£

£

Corporation tax

-

(93,840)

Deferred tax

4,408

(240)

4,408

(94,080)

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 10).

 

PROC2W Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Tangible assets

Other assets (bikes)
£

Computer equipment
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

28,873

8,518

7,832

94,754

139,977

Additions

-

2,162

-

53,490

55,652

Disposals

-

(883)

-

(23,621)

(24,504)

At 29 February 2024

28,873

9,797

7,832

124,623

171,125

Depreciation

At 1 March 2023

3,576

5,770

4,058

52,356

65,760

Charge for the year

7,218

1,753

1,622

15,499

26,092

Eliminated on disposal

-

(728)

-

(12,303)

(13,031)

At 29 February 2024

10,794

6,795

5,680

55,552

78,821

Carrying amount

At 29 February 2024

18,079

3,002

2,152

69,071

92,304

At 28 February 2023

25,297

2,748

3,774

42,398

74,217

 

PROC2W Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

97

Prepayments

5,247

5,156

Other debtors

446,061

640,410

 

451,308

645,663

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

677,491

763,624

Taxation and social security

62,497

-

Other creditors

58,758

19,207

798,746

782,831

8

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

R N Howes

Directors Loan

278,660

88,298

(75,000)

291,958

         
       

 

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

R N Howes

Directors Loan

307,550

121,110

(150,000)

278,660

         
       

 

Other transactions with directors

Summary of transactions with other related parties

The company sells all of its bicycles to Green Commute Initiative Ltd, a company in which R N Howes is a director and shareholder; these sales total £18,725,423 (2023: £17,511,348).