2023-07-012024-06-302024-06-30false13468696PROLIFIC ACCOUNTANTS 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PROLIFIC ACCOUNTANTS LTD

Registered Number
13468696
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

PROLIFIC ACCOUNTANTS LTD
Company Information
for the year from 1 July 2023 to 30 June 2024

Director

REHMAN, Mohammad Mushtaqur

Registered Address

54 Pasture Road
Wembley
HA0 3JP

Registered Number

13468696 (England and Wales)
PROLIFIC ACCOUNTANTS LTD
Statement of Financial Position
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3652978
652978
Current assets
Debtors41,392450
Cash at bank and on hand2,2164,332
3,6084,782
Creditors amounts falling due within one year5(3,905)(4,410)
Net current assets (liabilities)(297)372
Total assets less current liabilities3551,350
Provisions for liabilities6(124)(186)
Net assets2311,164
Capital and reserves
Called up share capital11
Profit and loss account2301,163
Shareholders' funds2311,164
The financial statements were approved and authorised for issue by the Director on 24 October 2024, and are signed on its behalf by:
REHMAN, Mohammad Mushtaqur
Director
Registered Company No. 13468696
PROLIFIC ACCOUNTANTS LTD
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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 policy
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 rendering of services.
Revenue from rendering of services
Revenue from the rendering of services is recognized 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. Turnover is only recognized to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment4
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 July 231,3031,303
At 30 June 241,3031,303
Depreciation and impairment
At 01 July 23325325
Charge for year326326
At 30 June 24651651
Net book value
At 30 June 24652652
At 30 June 23978978
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables1,042450
Prepayments and accrued income350-
Total1,392450
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.
5.Creditors: amounts due within one year

2024

2023

££
Taxation and social security55448
Other creditors3,8503,962
Total3,9054,410
Other creditors include £3,850 (2023 : £3,956) owed to the director and sole shareholder of the company.
6.Provisions for liabilities
Deferred Tax liability on fixed assets timing differences.

2024

2023

££
Net deferred tax liability (asset)124186
Total124186
7.Related party transactions
At the year end, a balance of £3,850 (2023 : £3,956) is owed to M M Rehman, the director and sole shareholder of the Company.