0 29 October 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,217,923 2,217,923 2,217,923 xbrli:pure xbrli:shares iso4217:GBP 13571778 2023-01-01 2023-12-31 13571778 2023-12-31 13571778 2022-12-31 13571778 2021-08-18 2022-12-31 13571778 2022-12-31 13571778 2021-08-17 13571778 bus:Director1 2023-01-01 2023-12-31 13571778 core:WithinOneYear 2023-12-31 13571778 core:WithinOneYear 2022-12-31 13571778 core:AfterOneYear 2023-12-31 13571778 core:AfterOneYear 2022-12-31 13571778 core:ShareCapital 2023-12-31 13571778 core:ShareCapital 2022-12-31 13571778 core:SharePremium 2023-12-31 13571778 core:SharePremium 2022-12-31 13571778 core:RetainedEarningsAccumulatedLosses 2023-12-31 13571778 core:RetainedEarningsAccumulatedLosses 2022-12-31 13571778 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 13571778 core:Non-currentFinancialInstruments 2023-12-31 13571778 core:Non-currentFinancialInstruments 2022-12-31 13571778 bus:SmallEntities 2023-01-01 2023-12-31 13571778 bus:Audited 2023-01-01 2023-12-31 13571778 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13571778 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13571778 bus:FullAccounts 2023-01-01 2023-12-31 13571778 core:AfterOneYear 2023-01-01 2023-12-31 13571778 core:AllSubsidiaries 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 13571778
PROCESS OUTSOURCE HOLDINGS LTD
Filleted Financial Statements
31 December 2023
PROCESS OUTSOURCE HOLDINGS LTD
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Investments
4
2,217,923
2,217,923
Current assets
Cash at bank and in hand
14,837
85
Creditors: amounts falling due within one year
5
362,009
221,600
---------
---------
Net current liabilities
347,172
221,515
------------
------------
Total assets less current liabilities
1,870,751
1,996,408
Creditors: amounts falling due after more than one year
6
1,945,165
1,884,456
------------
------------
Net (liabilities)/assets
( 74,414)
111,952
------------
------------
Capital and reserves
Called up share capital
100,000
100,000
Share premium account
40,000
40,000
Profit and loss account
( 214,414)
( 28,048)
---------
---------
Shareholders (deficit)/funds
( 74,414)
111,952
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 29 October 2024 , and are signed on behalf of the board by:
Mr M Ham
Director
Company registration number: 13571778
PROCESS OUTSOURCE HOLDINGS LTD
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Refinary, Atlantic Close, Swansea Enterprise Park, Swansea, SA7 9FJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
2,217,923
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
2,217,923
------------
At 31 December 2022
2,217,923
------------
The investment refers to the acquisition of a subsidiary company, The Consumer Headline Ltd in October 2022.
5. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
224,000
160,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest
14,809
Other creditors
123,200
61,600
---------
---------
362,009
221,600
---------
---------
Creditors due within one year relate to sums due under an acquisition agreement. The bank loan is secured by way of a fixed and floating charge covering all property and undertakings of the company.
6. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,064,000
840,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest
398,631
490,055
Other creditors
482,534
554,401
------------
------------
1,945,165
1,884,456
------------
------------
Creditors due after one year relate to sums due under an acquisition agreement. The bank loan is secured by way of a fixed and floating charge covering all property and undertakings of the company.
7. Summary audit opinion
The auditor's report dated 29 October 2024 was unqualified .
The senior statutory auditor was Laurence Cohen , for and on behalf of Gordon Down & Partners .
8. Related party transactions
During the year the company had transactions with The Consumer Helpline Limited, a company in which the directors have a substantial interest. The amount owed by the company at the year end was £398,631 and is included in the accounts as follows:- Other Creditors £398,631 During the year the company had transactions with TCH South Africa, a company in which the directors have a substantial interest. The amount owed by to the company at the year end was £14,808 and is included in the accounts as follows:- Other Creditors £14,808 The company owes deferred consideration payments of £256,667 to Annette Jones, a director and shareholder of the company. This is included in the accounts as follows:- Other Creditors due within one year £51,333 Other Creditors due after one year £205,334 The company owes deferred consideration payments of £256,667 to Steven Watson, a director and shareholder of the company. This is included in the accounts as follows:- Other Creditors due within one year £51,333 Other Creditors due after one year £205,334