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Registered number: 00558626
Professional Services (Midlands) Limited
Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 00558626
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 249,091 249,174
Investments 5 108,499 98,800
357,590 347,974
CURRENT ASSETS
Debtors 6 6,837 285
Cash at bank and in hand 60,703 62,111
67,540 62,396
Creditors: Amounts Falling Due Within One Year 7 (51,247 ) (42,381 )
NET CURRENT ASSETS (LIABILITIES) 16,293 20,015
TOTAL ASSETS LESS CURRENT LIABILITIES 373,883 367,989
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (109 ) (125 )
NET ASSETS 373,774 367,864
CAPITAL AND RESERVES
Called up share capital 9 100 100
Income Statement 373,674 367,764
SHAREHOLDERS' FUNDS 373,774 367,864
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Michael Myles-White
Director
14/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Professional Services (Midlands) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00558626 . The registered office is The Greenhouse, 106-108 Ashbourne Road, Derby, Derbyshire, DE22 3AG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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 the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold not depreciated
Fixtures & Fittings 10% on reducing balance
Computer Equipment 15% on reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 July 2023 248,515 9,137 507 258,159
As at 30 June 2024 248,515 9,137 507 258,159
Depreciation
As at 1 July 2023 - 8,833 152 8,985
Provided during the period - 30 53 83
As at 30 June 2024 - 8,863 205 9,068
...CONTINUED
Page 3
Page 4
Net Book Value
As at 30 June 2024 248,515 274 302 249,091
As at 1 July 2023 248,515 304 355 249,174
5. Investments
Listed
£
Cost
As at 1 July 2023 98,800
Revaluations 9,699
As at 30 June 2024 108,499
Provision
As at 1 July 2023 -
As at 30 June 2024 -
Net Book Value
As at 30 June 2024 108,499
As at 1 July 2023 98,800
The investments are included at fair value and the movements are recognised in the profit or loss.
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 6,837 285
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 51,247 42,381
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 109 125
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 4
Page 5
10. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from the directors:
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 30 June 2024
£ £ £ £ £
Mr Michael Myles-White 40,961 (2,576 ) 5,202 - 43,587
The above loan is unsecured, interest free and repayable on demand.
Page 5