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Filleted

Registration number: 08434120

Pragmatic HR Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Pragmatic HR Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Pragmatic HR Limited

Company Information

Directors

Mr M C Timbrell

Mrs S E Timbrell

Company secretary

Mrs S E Timbrell

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

Pragmatic HR Limited

(Registration number: 08434120)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

4,864

5,615

Current assets

 

Debtors

6

17,412

15,879

Cash at bank and in hand

 

2,848

3,049

 

20,260

18,928

Creditors: Amounts falling due within one year

7

(16,155)

(11,339)

Net current assets

 

4,105

7,589

Total assets less current liabilities

 

8,969

13,204

Creditors: Amounts falling due after more than one year

7

(7,547)

(11,041)

Provisions for liabilities

(924)

(942)

Net assets

 

498

1,221

Capital and reserves

 

Share premium reserve

100

100

Profit and loss account

398

1,121

Total equity

 

498

1,221

For the financial year ending 29 February 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 year 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 and the option not to file the Profit and Loss Account has been taken.

 

Pragmatic HR Limited

(Registration number: 08434120)
Balance Sheet as at 29 February 2024

Approved and authorised by the Board on 10 January 2025 and signed on its behalf by:
 

.........................................
Mrs S E Timbrell
Company secretary and director

   
     
 

Pragmatic HR Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

The principal place of business is:
1 Coed y Crwys
Three Crosses
Swansea
SA4 3PW

These financial statements were authorised for issue by the Board on 10 January 2025.

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.

 

Pragmatic HR Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

25% reducing balance

Motor Vehicles

20% reducing balance

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.

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.

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.

 

Pragmatic HR Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,301

1,226

 

Pragmatic HR Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

5

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

3,801

15,000

18,801

Additions

550

-

550

At 29 February 2024

4,351

15,000

19,351

Depreciation

At 1 March 2023

2,200

10,986

13,186

Charge for the year

498

803

1,301

At 29 February 2024

2,698

11,789

14,487

Carrying amount

At 29 February 2024

1,653

3,211

4,864

At 28 February 2023

1,601

4,014

5,615

6

Debtors

2024
£

2023
£

Trade debtors

7,375

10,698

Other debtors

10,037

5,181

17,412

15,879

 

Pragmatic HR Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

3,877

4,259

Taxation and social security

 

677

906

Corporation tax liability

 

11,469

6,138

Other creditors

 

132

36

 

16,155

11,339

Due after one year

 

Loans and borrowings

9

7,547

11,041

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

7,547

11,041

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         
 

Pragmatic HR Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

7,547

11,041

2024
£

2023
£

Current loans and borrowings

Bank borrowings

3,877

4,259

10

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

At 29 February 2024
£

Mrs S E Timbrell

Interest free loan repayable on demand

5,182

11,128

16,310

       
     

 

2023

At 1 April 2022
£

Advances to director
£

At 28 February 2023
£

Mrs S E Timbrell

Interest free loan repayable on demand

(1,066)

6,249

5,182