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PROCTER INVESTMENTS AND DEVELOPMENTS LIMITED
REGISTERED NUMBER:10349363
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STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023
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Current asset investments
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 3 form part of these financial statements.
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PROCTER INVESTMENTS AND DEVELOPMENTS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
Procter Investments and Developments Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company has no principle place of business.
The presentation currency of the financial statements is the Pound Sterling (£).
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
Whilst there are concerns around the collectability of the company’s main investment (see Note 7), the director continues to support the business and will not call in money owed where funds are not able to be settled. The accounts have therefore been prepared on a going concern basis.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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The average monthly number of employees, including directors, during the year was 2 (2022 - 2).
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Current asset investments
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PROCTER INVESTMENTS AND DEVELOPMENTS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Transactions with directors
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At the balance sheet date 31 October 2023, the directors are owed £520,622 (2022: £520,137) by the company. This
amount is interest-free and repayable on demand.
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Post balance sheet events
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At 31 October 2023, Proctor Investments Ltd was owed £519,363 from Kent Capital Limited. Prior to the year end the company was made aware that Kent Capital Limited would likely be placed into liquidation. Kent Capital Limited was placed into liquidation on 30 January 2024. It is unclear at this stage the level of funds that will be recovered and therefore no provision has been made in these accounts.
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