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Company Registration No. 02275192 (England and Wales)
Promtek Limited Unaudited accounts for the year ended 30 April 2024
Promtek Limited Unaudited accounts Contents
Page
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Promtek Limited Company Information for the year ended 30 April 2024
Directors
Charles Williams Simon Williams
Company Number
02275192 (England and Wales)
Registered Office
Fisher Street Brindley Ford Stoke-on-Trent Staffordshire ST8 7QJ United Kingdom
Accountants
Elevate Accounting Solutions Limited 14 John Bradshaw Court Alexandria Way Congleton CW12 1LB
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Promtek Limited Statement of financial position as at 30 April 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
468,263 
398,246 
Tangible assets
45,957 
49,604 
Investments
6 
6 
514,226 
447,856 
Current assets
Inventories
201,958 
22,500 
Debtors
415,470 
432,420 
Cash at bank and in hand
171,439 
374,027 
788,867 
828,947 
Creditors: amounts falling due within one year
(403,493)
(321,974)
Net current assets
385,374 
506,973 
Total assets less current liabilities
899,600 
954,829 
Provisions for liabilities
Deferred tax
(12,822)
(9,425)
Net assets
886,778 
945,404 
Capital and reserves
Called up share capital
198 
198 
Capital redemption reserve
96 
96 
Profit and loss account
886,484 
945,110 
Shareholders' funds
886,778 
945,404 
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by
Charles Williams Director Company Registration No. 02275192
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Promtek Limited Notes to the Accounts for the year ended 30 April 2024
1
Statutory information
Promtek Limited is a private company, limited by shares, registered in England and Wales, registration number 02275192. The registered office is Fisher Street, Brindley Ford, Stoke-on-Trent, Staffordshire, ST8 7QJ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Intangible fixed assets
The company capitalises development expenditure as an intangible asset when it is able to demonstrate the following: (a) the technical feasibility of completing the development so the intangible asset will be available for use or sale; (b) its intention to complete the development and to use or sell the intangible asset; (c) its ability to use or sell the intangible asset; (d) how the intangible asset will generate probable future economic benefits; (e) the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; (f) its ability to measure reliably the expenditure attributable to the intangible asset during its development. Furthermore, as the development costs capitalised under this policy are expected to produce future economic benefits, the amortisation of such costs will be treated as a realised loss in accordance with section 844 of Companies Act 2006 rather than the initial expenditure. Amortisation 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: Development costs - 10 years straight line 10 years has been chosen as the useful life of the development costs as in the view of the directors this is the expected period to which probable future economic benefits will arise from the asset.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
3-10 years straight line
Motor vehicles
5 years straight line
Fixtures & fittings
3-5 years straight line
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Promtek Limited Notes to the Accounts for the year ended 30 April 2024
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Promtek Limited Notes to the Accounts for the year ended 30 April 2024
4
Intangible fixed assets
Other 
£ 
Cost
At 1 May 2023
473,409 
Additions
130,398 
At 30 April 2024
603,807 
Amortisation
At 1 May 2023
75,163 
Charge for the year
60,381 
At 30 April 2024
135,544 
Net book value
At 30 April 2024
468,263 
At 30 April 2023
398,246 
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 May 2023
44,021 
67,737 
14,893 
126,651 
Additions
- 
- 
12,569 
12,569 
At 30 April 2024
44,021 
67,737 
27,462 
139,220 
Depreciation
At 1 May 2023
24,806 
42,107 
10,134 
77,047 
Charge for the year
3,116 
8,718 
4,382 
16,216 
At 30 April 2024
27,922 
50,825 
14,516 
93,263 
Net book value
At 30 April 2024
16,099 
16,912 
12,946 
45,957 
At 30 April 2023
19,215 
25,630 
4,759 
49,604 
6
Investments
Subsidiary undertakings 
£ 
Valuation at 1 May 2023
6 
Valuation at 30 April 2024
6 
7
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
216,022 
263,870 
Amounts due from group undertakings etc.
147,631 
143,312 
Accrued income and prepayments
51,817 
24,142 
Other debtors
- 
1,096 
415,470 
432,420 
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Promtek Limited Notes to the Accounts for the year ended 30 April 2024
8
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
15,824 
9,634 
Trade creditors
120,598 
172,304 
Taxes and social security
(3,788)
(70,455)
Other creditors
14,697 
80,739 
Accruals
26,647 
18,869 
Deferred income
229,515 
110,883 
403,493 
321,974 
9
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
9,942 Ordinary shares of 1p each of £0.01 each
99.42 
99.42 
9,942 "A" Ordinary shares of 1p each of £0.01 each
99.42 
99.42 
198.84 
198.84 
10
Transactions with related parties
The directors and two shareholders of the company are also trustees and members of a pension scheme. Transactions between the scheme and the company during the year were as follows: - The pension scheme owns the property from which the company operates. Rent due to the pension scheme by the company during the year was £29,000 (2023 : £29,000). - Administration costs of £31,630 (2023 : £32,006) were recharged from the pension scheme. - At the year end there was £6,103 (2023 : £6,103) owing to the scheme.
11
Average number of employees
During the year the average number of employees was 25 (2023: 24).
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