Company Registration No. 02275192 (England and Wales)
Promtek Limited
Unaudited accounts
for the year ended 30 April 2024
Promtek Limited
Unaudited accounts
Contents
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
Promtek Limited
Statement of financial position
as at 30 April 2024
Intangible assets
468,263
398,246
Tangible assets
45,957
49,604
Inventories
201,958
22,500
Cash at bank and in hand
171,439
374,027
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
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
Promtek Limited
Notes to the Accounts
for the year ended 30 April 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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
Promtek Limited
Notes to the Accounts
for the year ended 30 April 2024
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 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.
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.
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.
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 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.
Promtek Limited
Notes to the Accounts
for the year ended 30 April 2024
4
Intangible fixed assets
Other
Charge for the year
60,381
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
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
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 30 April 2024
6
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
Promtek Limited
Notes to the Accounts
for the year ended 30 April 2024
8
Creditors: amounts falling due within one year
2024
2023
Trade creditors
120,598
172,304
Taxes and social security
(3,788)
(70,455)
Other creditors
14,697
80,739
Deferred income
229,515
110,883
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
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).