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REGISTERED NUMBER: 04292179 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

PROFESSIONAL RETAIL SYSTEMS LIMITED

PROFESSIONAL RETAIL SYSTEMS LIMITED (REGISTERED NUMBER: 04292179)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PROFESSIONAL RETAIL SYSTEMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTOR: G T Tierney





SECRETARY: S R Tierney





REGISTERED OFFICE: The Portal
Bridgewater Close
Network 65 Business Park
Burnley
Lancashire
BB11 5TT





REGISTERED NUMBER: 04292179 (England and Wales)





ACCOUNTANTS: Ainsworths Limited
Charter House
Stansfield Street
Nelson
Lancashire
BB9 9XY

PROFESSIONAL RETAIL SYSTEMS LIMITED (REGISTERED NUMBER: 04292179)

BALANCE SHEET
31ST MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,272 3,482

CURRENT ASSETS
Stocks 6,800 7,046
Debtors 5 111,603 114,506
118,403 121,552
CREDITORS
Amounts falling due within one year 6 91,191 72,524
NET CURRENT ASSETS 27,212 49,028
TOTAL ASSETS LESS CURRENT
LIABILITIES

30,484

52,510

CREDITORS
Amounts falling due after more than one
year

7

30,173

52,224
NET ASSETS 311 286

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 309 284
SHAREHOLDERS' FUNDS 311 286

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PROFESSIONAL RETAIL SYSTEMS LIMITED (REGISTERED NUMBER: 04292179)

BALANCE SHEET - continued
31ST MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5th November 2024 and were signed by:





G T Tierney - Director


PROFESSIONAL RETAIL SYSTEMS LIMITED (REGISTERED NUMBER: 04292179)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024


1. STATUTORY INFORMATION

Professional Retail Systems 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

PROFESSIONAL RETAIL SYSTEMS LIMITED (REGISTERED NUMBER: 04292179)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2023 49,882
Additions 710
At 31st March 2024 50,592
DEPRECIATION
At 1st April 2023 46,400
Charge for year 920
At 31st March 2024 47,320
NET BOOK VALUE
At 31st March 2024 3,272
At 31st March 2023 3,482

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 42,124 33,281
Other debtors 69,479 81,225
111,603 114,506

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 33,648 29,529
Trade creditors 2,699 5,453
Taxation and social security 14,634 21,087
Other creditors 40,210 16,455
91,191 72,524

PROFESSIONAL RETAIL SYSTEMS LIMITED (REGISTERED NUMBER: 04292179)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 9,368 16,200
Other creditors 20,805 36,024
30,173 52,224

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2024 and 31st March 2023:

31.3.24 31.3.23
£    £   
G T Tierney
Balance outstanding at start of year 64,402 49,060
Amounts advanced 29,750 35,338
Amounts repaid (41,496 ) (19,996 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 52,656 64,402