Registered number
13325251
Propafit Interiors Ltd
Unaudited Filleted Accounts
30 April 2024
Propafit Interiors Ltd
Registered number: 13325251
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 27,875 36,929
Current assets
Debtors 4 31,936 11,083
Cash at bank and in hand 33,339 30,046
65,275 41,129
Creditors: amounts falling due within one year 5 (54,730) (31,051)
Net current assets 10,545 10,078
Total assets less current liabilities 38,420 47,007
Creditors: amounts falling due after more than one year 6 (3,175) (10,699)
Net assets 35,245 36,308
Capital and reserves
Called up share capital 100 1
Profit and loss account 35,145 36,307
Shareholder's funds 35,245 36,308
The directors are 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 directors acknowledge their 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.
M Harwood
M Harwood
Director
Approved by the board on 1 October 2024
Propafit Interiors Ltd
Notes to the Accounts
for the year ended 30 April 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:
Plant and machinery over 5 years
Computer equipment over 4 years
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2023 47,629 2,767 50,396
Additions 1,358 - 1,358
At 30 April 2024 48,987 2,767 51,754
Depreciation
At 1 May 2023 12,568 899 13,467
Charge for the year 9,720 692 10,412
At 30 April 2024 22,288 1,591 23,879
Net book value
At 30 April 2024 26,699 1,176 27,875
At 30 April 2023 35,061 1,868 36,929
4 Debtors 2024 2023
£ £
Trade debtors 26,536 5,583
Other debtors 5,400 5,500
31,936 11,083
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 8,674 10,868
Trade creditors 23,757 19,183
Taxation and social security costs 18,397 -
Other creditors 3,902 1,000
54,730 31,051
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 3,175 10,699
7 Other information
Propafit Interiors Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5a
Shefford Industrial Estate
St Francis Way
Shefford
SG17 5DZ
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