Company registration number 07247593 (England and Wales)
PROFESSIONAL TECHNICAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
PROFESSIONAL TECHNICAL LIMITED
COMPANY INFORMATION
Directors
Mr M K Smith
Mr N A McNally
Mr D M Sweet
Secretary
Mr M K Smith
Company number
07247593
Registered office
Asc Connections Ltd
7th Floor Rear
36 Great Charles Street
Birmingham
West Midlands
B3 3JY
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
Colmore Row
PO Box 1000
Birmingham
West Midlands
BX1 1LT
PROFESSIONAL TECHNICAL LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
PROFESSIONAL TECHNICAL LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PROFESSIONAL TECHNICAL LIMITED FOR THE YEAR ENDED 31 MAY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Professional Technical Limited for the year ended 31 May 2024 set out on pages 2 to 7 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Professional Technical Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Professional Technical Limited and state those matters that we have agreed to state to the board of directors of Professional Technical Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Professional Technical Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Professional Technical Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Professional Technical Limited. You consider that Professional Technical Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Professional Technical Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
16 October 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
PROFESSIONAL TECHNICAL LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,326
5,773
Current assets
Debtors
4
696,431
496,896
Cash at bank and in hand
8,464
104,189
704,895
601,085
Creditors: amounts falling due within one year
5
(546,145)
(444,978)
Net current assets
158,750
156,107
Total assets less current liabilities
163,076
161,880
Provisions for liabilities
(952)
(807)
Net assets
162,124
161,073
Capital and reserves
Called up share capital
7
649
649
Profit and loss reserves
161,475
160,424
Total equity
162,124
161,073
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PROFESSIONAL TECHNICAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 16 October 2024 and are signed on its behalf by:
Mr M K Smith
Director
Company Registration No. 07247593
PROFESSIONAL TECHNICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information
Professional Technical Limited is a private company limited by shares incorporated in England and Wales. The registered office is Asc Connections Ltd, 7th Floor Rear, 36 Great Charles Street, Birmingham, West Midlands, B3 3JY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
25% on reducing balance
Computer equipment
25% on reducing balance
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PROFESSIONAL TECHNICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.8
The company has entered into an invoice discounting agreement for certain trade debtors. Amounts due from customers are shown in full in trade debtors with the amount owed to the factoring company shown in other creditors due within twelve months.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
19
18
PROFESSIONAL TECHNICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
3
Tangible fixed assets
Fixtures, fittings and equipment
Computer equipment
Total
£
£
£
Cost
At 1 June 2023 and 31 May 2024
29,846
11,137
40,983
Depreciation and impairment
At 1 June 2023
25,953
9,257
35,210
Depreciation charged in the year
974
473
1,447
At 31 May 2024
26,927
9,730
36,657
Carrying amount
At 31 May 2024
2,919
1,407
4,326
At 31 May 2023
3,893
1,880
5,773
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
677,558
401,751
Other debtors
18,873
95,145
696,431
496,896
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
192,238
36,213
Amounts owed to group undertakings
128,457
140,056
Taxation and social security
128,876
112,117
Other creditors
96,574
156,592
546,145
444,978
PROFESSIONAL TECHNICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
6
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Factoring account
12,650
-
Lloyds TSB Commercial Finance holds a fixed charge over debtors as security over amounts advanced.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 10p each
100
100
100
100
Ordinary B of £1 each
205
205
205
205
Ordinary C of £1 each
200
200
200
200
Ordinary D of £1 each
1
1
1
1
Ordinary A Growth of £1 each
29
29
29
29
Ordinary B Growth of £1 each
57
57
57
57
Ordinary C Growth of £1 each
57
57
57
57
649
649
649
649
8
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
9
Control
Ultimate parent company
The ultimate parent company is New Horizon Holdings Limited.
Ultimate controlling party
There is no ultimate controlling party by virtue of no controlling interest in the ultimate parent company.