Company registration number: 11345581
Unaudited financial statements
for the year ended 31 May 2024
for
Prolec East Anglia Ltd
Pages for filing with the Registrar
Company registration number: 11345581
Prolec East Anglia Ltd
Balance sheet
as at 31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 651,010 678,884
651,010 678,884
Current assets
Stocks 6,780 100,000
Debtors 215,602 540,703
Cash at bank and in hand 57,212 18,163
279,594 658,866
Creditors: amounts falling due within one
year
(290,934) (456,364)
Net current (liabilities)/assets (11,340) 202,502
Total assets less current liabilities 639,670 881,386
Creditors: Amounts falling due after more
than one year
5 (305,437) (464,190)
Provisions for liabilities (42,734) (47,149)
NET ASSETS 291,499 370,047
Capital and reserves
Called up share capital 300 300
Profit and loss account 291,199 369,747
TOTAL EQUITY 291,499 370,047
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 31 May 2024.
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 to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 11345581
Prolec East Anglia Ltd
Balance sheet - continued
as at 31 May 2024
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 17 February 2025 and signed on its behalf by:
R Mccune, Director L Slatter, Director
17 February 2025 17 February 2025
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Prolec East Anglia Ltd
Notes to the financial statements
for the year ended 31 May 2024
1 Company information
Prolec East Anglia Ltd is a private company registered in England and Wales. Its registered number is 11345581. The company is limited by shares. Its registered office is Communications House, Unit D10 Pinetrees Road, Norwich, NR7 9BB.
2 Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” including the provisions of Section 1A “Small Entities” and the Companies Act 2006. The financial statements have been prepared under the historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings:
Freehold property - 25% straight line
Plant and machinery etc.:
Motor vehicles - 25% reducing balance
Office equipment - 25% reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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Prolec East Anglia Ltd
Notes to the financial statements - continued
for the year ended 31 May 2024
2 Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred taxation. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that been enacted or substantively enacted by the balance sheet date and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or lossover the relevant period. The capital element of the future payments is treated as a liability.
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3 Average number of employees
During the year the average number of employees was 16 (2023 - 16).
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Prolec East Anglia Ltd
Notes to the financial statements - continued
for the year ended 31 May 2024
4 Tangible fixed assets
Land and
buildings
Plant and
machinery
etc.
Totals
£ £ £
Cost
At 1 June 2023 510,715 355,067 865,782
Additions - 41,217 41,217
Disposals - (8,000) (8,000)
At 31 May 2024 510,715 388,284 898,999
Depreciation
At 1 June 2023 20,428 166,470 186,898
Charge for year 10,214 56,979 67,193
Eliminated on disposal - (6,102) (6,102)
At 31 May 2024 30,642 217,347 247,989
Net book value
At 31 May 2024 480,073 170,937 651,010
At 31 May 2023 490,287 188,597 678,884
5 Creditors: amounts falling due after more than five years
2024 2023
£ £
Repayable otherwise than by instalments
Bank loans 245,687 344,852
245,687 344,852
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