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Registration number: 02808327

Pro-Active Projects Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

(Registration number: 02808327)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

22,685

58,439

Current assets

 

Stocks

5

700

700

Debtors

6

30,525

32,703

Cash at bank and in hand

 

74,294

104,457

 

105,519

137,860

Creditors: Amounts falling due within one year

7

(36,146)

(121,673)

Net current assets

 

69,373

16,187

Total assets less current liabilities

 

92,058

74,626

Provisions for liabilities

(2,153)

(102)

Net assets

 

89,905

74,524

Capital and reserves

 

Called up share capital

8

200

200

Retained earnings

89,705

74,324

Shareholders' funds

 

89,905

74,524

 

(Registration number: 02808327)
Balance Sheet as at 30 June 2024 (continued)

For the financial year ending 30 June 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 18 October 2024 and signed on its behalf by:
 

.........................................
T M Kay
Director

.........................................
A S Morton
Director

 

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
Unit 10
Warren Business Park
Knockdown
Tetbury
Gloucestershire
GL8 8QY
England

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 services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

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

Programme catalogue

25% Reducing balance

Plant & machinery

25% Reducing balance

Fixtures & fittings

25% Straight line

Motor vehicles

25% Straight line

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.

 

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 4).

 

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Programme catalogue
£

Motor vehicles
 £

Cost or valuation

At 1 July 2023

9,151

430,208

122,485

159,204

Additions

571

164

-

-

Disposals

-

(5,070)

-

(141,875)

At 30 June 2024

9,722

425,302

122,485

17,329

Depreciation

At 1 July 2023

6,238

399,142

120,525

136,704

Charge for the year

1,114

8,103

653

-

Eliminated on disposal

-

(951)

-

(119,375)

At 30 June 2024

7,352

406,294

121,178

17,329

Carrying amount

At 30 June 2024

2,370

19,008

1,307

-

At 30 June 2023

2,913

31,066

1,960

22,500

Total
£

Cost or valuation

At 1 July 2023

721,048

Additions

735

Disposals

(146,945)

At 30 June 2024

574,838

Depreciation

At 1 July 2023

662,609

Charge for the year

9,870

Eliminated on disposal

(120,326)

At 30 June 2024

552,153

Carrying amount

At 30 June 2024

22,685

At 30 June 2023

58,439

 

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

5

Stocks

2024
£

2023
£

Other inventories

700

700

6

Debtors

Current

2024
£

2023
£

Trade debtors

23,690

27,374

Prepayments

1,665

3,497

Other debtors

5,170

1,832

 

30,525

32,703

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,890

11,210

Taxation and social security

7,726

4,626

Accruals and deferred income

26,530

90,050

Other creditors

-

15,787

36,146

121,673

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

100

100

100

100

Ordinary B of £1 each

100

100

100

100

200

200

200

200

9

Related party transactions

Other transactions with directors

At the balance sheet date, the directors owed the company a balance of £5,170. The outstanding balance was repaid, in full, following the year end.