Registered number
12593797
Promech Systems Limited
Filleted Accounts
31 May 2024
Promech Systems Limited
Registered number: 12593797
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 13,573 2,102
Current assets
Debtors 4 5,917 89,499
Cash at bank and in hand 6,799 38,372
12,716 127,871
Creditors: amounts falling due within one year 5 (20,195) (129,822)
Net current liabilities (7,479) (1,951)
Total assets less current liabilities 6,094 151
Creditors: amounts falling due after more than one year 6 (5,972) -
Net assets 122 151
Capital and reserves
Share premium 2 2
Profit and loss account 120 149
Shareholders' funds 122 151
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Benjamin Goren
Director
Approved by the board on 12 February 2025
Promech Systems Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset using the reducing balance method, as follows:
Plant and machinery 20%
Motor Vehicles 20%
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 2,717 - 2,717
Additions - 13,990 13,990
At 31 May 2024 2,717 13,990 16,707
Depreciation
At 1 June 2023 615 - 615
Charge for the year 420 2,099 2,519
At 31 May 2024 1,035 2,099 3,134
Net book value
At 31 May 2024 1,682 11,891 13,573
At 31 May 2023 2,102 - 2,102
4 Debtors 2024 2023
£ £
Trade debtors 2,000 89,499
Other debtors 3,917 -
5,917 89,499
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 2,000 -
Trade creditors 10,000 118,486
Taxation and social security costs 637 10,636
Other creditors 7,558 700
20,195 129,822
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 5,972 -
7 Related party transactions
During the period ended 31st May 2024, Promech Systems Limited incurred Subcontractor costs of £ 415,894 (2023: £385,883) from Plumbing Solutions U.K Limited . Plumbing Solutions U.K Limited and Promech Systems Limited are related due to Mr A Roberts being a director and 50% shareholder of both companies. The balance due to Plumbing Solutions U.K Limited included in trade creditors as at 31st May 2024 amounts to £10,000 (2023: £101,176).

During the period ended 31st May 2024, Promech Systems Limited incurred Subcontractor costs of £334,542 (2023: £230,420) from JBG Group Limited . JBG Group Limited and Promech Systems Limited are related due to Mr B Goren being a director and shareholder of both companies. The balance due to JBG Group limited included in trade creditors as at 31st May 2024 amounts to £nil (2023: £17,310). The balance due to JBG Group Ltd of £6,788, included in other creditors, relates to a loan to partially fund the purchase of a motor vehicle during the year.
8 Other information
Promech Systems Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 8, 24 Norbury Road
Cardiff
CF5 3AU
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