Protege Corporation Limited
Registered number: 05256306
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 200,598 205,588
Current assets
Debtors 4 - 320,383
Cash at bank and in hand 7,021 2,407
7,021 322,790
Creditors: amounts falling due within one year 5 (284,522) (298,014)
Net current (liabilities)/assets (277,501) 24,776
Total assets less current liabilities (76,903) 230,364
Creditors: amounts falling due after more than one year 6 (33,513) (38,365)
Net (liabilities)/assets (110,416) 191,999
Capital and reserves
Called up share capital 1,000 1,000
Revenue Reserve (111,416) 190,999
Shareholders' funds (110,416) 191,999
Average number of emplyees 0 0
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 members have 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 Satbir Singh Ahluwalia
Director
Approved by the board on 18 August 2024
Protege Corporation Limited
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. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised when received.
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:
Premises costs Over 50 years straight line
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 0 0
3 Tangible fixed assets
Premises costs
£
Cost
At 1 April 2023 249,500
At 31 March 2024 249,500
Depreciation
At 1 April 2023 43,912
Charge for the year 4,990
At 31 March 2024 48,902
Net book value
At 31 March 2024 200,598
At 31 March 2023 205,588
4 Debtors 2024 2023
£ £
Related party balances - 314,891
Loan - 5,492
- 320,383
5 Creditors: amounts falling due within one year 2024 2023
£ £
Director's current account 8,724 6,007
Related party balances - 120
Related party balance: Abhaya Care Limited 255,355 255,355
Corporation tax 19,793 14,073
Other creditors and accruals 650 22,459
284,522 298,014
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bounce back loan 33,513 38,365
7 Related party transactions 2024 2023
£ £
Mulberry Care Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Life Care Corporation Limited.
An interest free and unsecured loan to Mulberry Care Limited yet to be reimbursed to the company.
Amount due from the related party - 96,931
Life Care Corporation Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Life Care Corporation Limited.
An interest free and unsecured loan to Life Care Corporation Limited yet to be reimbursed to the company.
Amount due from the related party - 55,152
SAT Bir Asset Holdings Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of SAT Bir Assets Holdings Limited.
An interest free and unsecured loan to SAT Bir Assets Holdings Limited yet to be reimbursed to the company.
Amount due from the related party - 159,308
Saij Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Saij Limited.
An interest free and unsecured loan to Saij Limited yet to be reimbursed to the company.
Amount due from the related party - 1,000
Abhaya Care Limited
The company is related by virtue of an interest in the company.
An interest free and unsecured loan by Abhaya Care Limited yet to be reimbursed by the company.
Amount due to the related party 255,355 255,355
Lifetime Care Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Lifetime Care Limited.
An interest free and unsecured loan from Lifetime Care Limited yet to be reimbursed by the company.
Amount due to the related party - 120
8 Controlling party
The director controls the company.
9 Other information
Protege Corporation Limited is a private company limited by shares and incorporated in England. Its registered office is:
Keyers Bridge House
Wokingham Road
Hurst
Reading
Berkshire RG10 0RU
Protege Corporation Limited 05256306 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts April 2024 Mr Satbir Singh Ahluwalia No description of principal activity 05256306 2022-04-01 2023-03-31 05256306 core:WithinOneYear 2023-03-31 05256306 core:AfterOneYear 2023-03-31 05256306 core:ShareCapital 2023-03-31 05256306 core:RetainedEarningsAccumulatedLosses 2023-03-31 05256306 2023-04-01 2024-03-31 05256306 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05256306 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05256306 bus:Director40 2023-04-01 2024-03-31 05256306 1 2023-04-01 2024-03-31 05256306 2 2023-04-01 2024-03-31 05256306 core:LandBuildings 2023-04-01 2024-03-31 05256306 countries:England 2023-04-01 2024-03-31 05256306 bus:FRS102 2023-04-01 2024-03-31 05256306 bus:FilletedAccounts 2023-04-01 2024-03-31 05256306 2024-03-31 05256306 core:WithinOneYear 2024-03-31 05256306 core:AfterOneYear 2024-03-31 05256306 core:ShareCapital 2024-03-31 05256306 core:RetainedEarningsAccumulatedLosses 2024-03-31 05256306 core:LandBuildings 2024-03-31 05256306 2023-03-31 05256306 core:LandBuildings 2023-03-31 iso4217:GBP xbrli:pure