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REGISTERED NUMBER: 00585157 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

C. L. PROSSER & CO. LIMITED

C. L. PROSSER & CO. LIMITED (REGISTERED NUMBER: 00585157)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


C. L. PROSSER & CO. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Mr R E Bainbridge
Mr R L Bainbridge
Mrs B S Sharpe





SECRETARY: Mrs B S Sharpe





REGISTERED OFFICE: 55 Loudoun Road
St John's Wood
London
NW8 0DL





REGISTERED NUMBER: 00585157 (England and Wales)





ACCOUNTANTS: MGR SD Limited
Chartered Accountants
55 Loudoun Road
St John's Wood
London
NW8 0DL

C. L. PROSSER & CO. LIMITED (REGISTERED NUMBER: 00585157)

BALANCE SHEET
31 MAY 2024

31.5.24 31.5.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,451,778 1,601,588

CURRENT ASSETS
Stock and work in progress 5 3,242,618 2,839,708
Debtors 6 456,831 643,704
Cash at bank 28 6,606
3,699,477 3,490,018
CREDITORS
Amounts falling due within one year 7 (3,042,144 ) (2,883,626 )
NET CURRENT ASSETS 657,333 606,392
TOTAL ASSETS LESS CURRENT LIABILITIES 2,109,111 2,207,980

CREDITORS
Amounts falling due after more than one
year

8

(62,506

)

(215,901

)

PROVISIONS FOR LIABILITIES 11 (218,096 ) (183,974 )
NET ASSETS 1,828,509 1,808,105

CAPITAL AND RESERVES
Called up share capital 12 2,000 2,000
Revaluation reserve 191,312 191,312
Retained earnings 1,635,197 1,614,793
SHAREHOLDERS' FUNDS 1,828,509 1,808,105

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

C. L. PROSSER & CO. LIMITED (REGISTERED NUMBER: 00585157)

BALANCE SHEET - continued
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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 June 2025 and were signed on its behalf by:




Mr R E Bainbridge - Director



Mr R L Bainbridge - Director


C. L. PROSSER & CO. LIMITED (REGISTERED NUMBER: 00585157)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

C. L. Prosser & Co. Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

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.

Freehold property- Nil
Improvements to property- over the estimated period of the lease
Plant and machinery- 15% on reducing balance
Fixtures and fittings- 25% on reducing balance
Motor vehicles- 25% on reducing balance

Depreciation is not provided on the freehold property as it consists of land and is included in the accounts at its revalued amount.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 tax
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 have been enacted or substantively enacted by the year end 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 probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

C. L. PROSSER & CO. LIMITED (REGISTERED NUMBER: 00585157)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2023 - 33 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 June 2023 200,000 687,528 3,992,164
Additions - - 62,018
Disposals - - -
At 31 May 2024 200,000 687,528 4,054,182
DEPRECIATION
At 1 June 2023 - 543,093 2,823,069
Charge for year - 24,930 184,667
Eliminated on disposal - - -
At 31 May 2024 - 568,023 3,007,736
NET BOOK VALUE
At 31 May 2024 200,000 119,505 1,046,446
At 31 May 2023 200,000 144,435 1,169,095

C. L. PROSSER & CO. LIMITED (REGISTERED NUMBER: 00585157)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 June 2023 148,662 500,678 5,529,032
Additions 33,878 - 95,896
Disposals - (10,000 ) (10,000 )
At 31 May 2024 182,540 490,678 5,614,928
DEPRECIATION
At 1 June 2023 130,230 431,052 3,927,444
Charge for year 13,078 15,531 238,206
Eliminated on disposal - (2,500 ) (2,500 )
At 31 May 2024 143,308 444,083 4,163,150
NET BOOK VALUE
At 31 May 2024 39,232 46,595 1,451,778
At 31 May 2023 18,432 69,626 1,601,588

The directors have valued the freehold property at market value.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 June 2023
and 31 May 2024 545,500
DEPRECIATION
At 1 June 2023 116,888
Charge for year 64,292
At 31 May 2024 181,180
NET BOOK VALUE
At 31 May 2024 364,320
At 31 May 2023 428,612

5. STOCK AND WORK IN PROGRESS
31.5.24 31.5.23
£    £   
Closing stock and
work in progress 3,242,618 2,839,708

C. L. PROSSER & CO. LIMITED (REGISTERED NUMBER: 00585157)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 448,283 545,786
Other debtors 8,548 97,918
456,831 643,704

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts (see note 9) 964,633 899,256
Hire purchase contracts 119,058 231,897
Trade creditors 1,289,159 1,495,651
Taxation and social security 308,510 88,076
Other creditors 360,784 168,746
3,042,144 2,883,626

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans (see note 9) 62,506 112,504
Hire purchase contracts - 103,397
62,506 215,901

9. LOANS

An analysis of the maturity of loans is given below:

31.5.24 31.5.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 914,633 849,256
Bank loans 50,000 50,000
964,633 899,256

Amounts falling due between one and two years:
Bank loans - 1-2 years 50,000 50,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 12,506 62,504

C. L. PROSSER & CO. LIMITED (REGISTERED NUMBER: 00585157)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


10. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank overdrafts 914,633 849,256
Hire purchase contracts 119,058 335,294
1,033,691 1,184,550

The bank overdraft is secured by a fixed charge over the freehold property, a debenture over the remaining assets and undertakings of the company and a personal guarantee given by the directors. Hire purchase liabilities are secured on the assets financed.

11. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax 218,096 183,974

Deferred
tax
£   
Balance at 1 June 2023 183,974
Provided during year 34,122
Balance at 31 May 2024 218,096

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
2,000 Ordinary £1 2,000 2,000

13. RELATED PARTY DISCLOSURES

The directors have given a personal guarantee amounting to £400,000 as additional security over the bank overdraft.

14. PENSION COMMITMENTS

The company makes payments to the defined contribution scheme. Amounts charged to the profit and loss account were £10,991 for the year (2023: £11,200). There were no outstanding or prepaid contributions at the balance sheet date.