Providential Limited 14682099 false 2023-02-22 2024-03-31 2024-03-31 The principal activity of the company is that of driving school activities. Digita Accounts Production Advanced 6.30.9574.0 true true 14682099 2023-02-22 2024-03-31 14682099 2024-03-31 14682099 core:CurrentFinancialInstruments 2024-03-31 14682099 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 14682099 core:Goodwill 2024-03-31 14682099 core:BetweenTwoFiveYears 2024-03-31 14682099 1 2024-03-31 14682099 bus:SmallEntities 2023-02-22 2024-03-31 14682099 bus:AuditExemptWithAccountantsReport 2023-02-22 2024-03-31 14682099 bus:FilletedAccounts 2023-02-22 2024-03-31 14682099 bus:SmallCompaniesRegimeForAccounts 2023-02-22 2024-03-31 14682099 bus:RegisteredOffice 2023-02-22 2024-03-31 14682099 bus:Director1 2023-02-22 2024-03-31 14682099 bus:Director2 2023-02-22 2024-03-31 14682099 bus:PrivateLimitedCompanyLtd 2023-02-22 2024-03-31 14682099 core:Goodwill 2023-02-22 2024-03-31 14682099 countries:EnglandWales 2023-02-22 2024-03-31 14682099 1 2023-02-22 2024-03-31 14682099 1 2023-02-21 iso4217:GBP xbrli:pure

Registration number: 14682099

Providential Limited

Annual Report and Unaudited Financial Statements

for the Period from 22 February 2023 to 31 March 2024

 

Providential Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Providential Limited

(Registration number: 14682099)
Balance Sheet as at 31 March 2024

Note

2024
£

Fixed assets

 

Intangible assets

4

4,800

Current assets

 

Debtors

5

310

Cash at bank and in hand

 

694

 

1,004

Creditors: Amounts falling due within one year

6

(5,752)

Net current liabilities

 

(4,748)

Net assets

 

52

Capital and reserves

 

Called up share capital

2

Retained earnings

50

Shareholders' funds

 

52

For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 November 2024 and signed on its behalf by:
 

 

Providential Limited

(Registration number: 14682099)
Balance Sheet as at 31 March 2024

.........................................
R N James-Steele
Director

.........................................
J James-Steele
Director

 

Providential Limited

Notes to the Unaudited Financial Statements for the Period from 22 February 2023 to 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7a King Street
Frome
Somerset
BA11 1BH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Providential Limited

Notes to the Unaudited Financial Statements for the Period from 22 February 2023 to 31 March 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Providential Limited

Notes to the Unaudited Financial Statements for the Period from 22 February 2023 to 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

6,000

6,000

At 31 March 2024

6,000

6,000

Amortisation

Amortisation charge

1,200

1,200

At 31 March 2024

1,200

1,200

Net book value

At 31 March 2024

4,800

4,800

5

Debtors

2024
£

Other debtors

310

310

6

Creditors

Amounts falling due within one year

2024
£

Due within one year

Taxation and social security

4,328

Accruals and deferred income

1,424

5,752

 

Providential Limited

Notes to the Unaudited Financial Statements for the Period from 22 February 2023 to 31 March 2024

7

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

Later than one year and not later than five years

3,180

The amount of non-cancellable operating lease payments recognised as an expense during the period was £5,993 .

8

Related party transactions

Transactions with directors

2024

At 22 February 2023
£

Advances to director
£

At 31 March 2024
£

Advanced to director

-

308

308