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Registration number: 04815578

Pro-E-Con Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Pro-E-Con Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

Pro-E-Con Limited

(Registration number: 04815578)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

21,116

20,733

Current assets

 

Stocks

6

314,621

315,465

Debtors

7

219,806

153,190

Cash at bank and in hand

 

46,209

43,527

 

580,636

512,182

Creditors: Amounts falling due within one year

8

(247,149)

(193,028)

Net current assets

 

333,487

319,154

Total assets less current liabilities

 

354,603

339,887

Creditors: Amounts falling due after more than one year

8

(187,020)

(198,336)

Provisions for liabilities

(4,012)

(3,939)

Net assets

 

163,571

137,612

Capital and reserves

 

Called up share capital

120

120

Share premium reserve

49,976

49,976

Retained earnings

113,475

87,516

Shareholders' funds

 

163,571

137,612

 

Pro-E-Con Limited

(Registration number: 04815578)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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 delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 March 2025 and signed on its behalf by:
 

.........................................
D C R Livingstone
Director

 

Pro-E-Con Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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 manufacturing and assembling of hydraulic components. in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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.

 

Pro-E-Con Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Office Equipment

25% Reducing Balance Basis

Plant & Machinery

25% Reducing Balance Basis

25% Reducing Balance Basis

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 the manufacturing and assembling of hydraulic components

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

 

Pro-E-Con Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

 

Pro-E-Con Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

3

Taxation

2024

2023

£

£

Corporation tax

695

(7,772)

Deferred tax

73

(1,235)

768

(9,007)

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 11).

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

11,029

52,650

14,719

78,398

Additions

2,106

4,094

298

6,498

At 31 March 2024

13,135

56,744

15,017

84,896

Depreciation

At 1 April 2023

5,101

40,965

11,599

57,665

Charge for the year

1,856

3,292

967

6,115

At 31 March 2024

6,957

44,257

12,566

63,780

Carrying amount

At 31 March 2024

6,178

12,487

2,451

21,116

At 31 March 2023

5,928

11,685

3,120

20,733

 

Pro-E-Con Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

6

Stocks

2024
£

2023
£

Other inventories

314,621

315,465

7

Debtors

Current

2024
£

2023
£

Trade debtors

209,345

152,433

Prepayments

10,344

757

Other debtors

117

-

 

219,806

153,190

 

Pro-E-Con Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

177,550

131,621

Taxation and social security

34,392

25,330

Other creditors

35,207

36,077

247,149

193,028

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

187,020

198,336

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

25,248

30,487

Other borrowings

161,772

167,849

187,020

198,336

 

Pro-E-Con Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

10

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Repayments by director
£

At 31 March 2024
£

D C R Livingstone

(1,489)

(312)

(1,801)

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

D C R Livingstone

(7,677)

6,500

(312)

(1,489)