Procum Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03257433

Procum Limited

Filleted Unaudited Financial Statements

30 September 2024

Procum Limited

Financial Statements

Year ended 30 September 2024

CONTENTS	PAGE

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Procum Limited

Officers and Professional Advisers

The board of directors	Mr R Jones
	Mrs J H Howells (Resigned 17 November 2023)
	Mrs S Jones
	Mr DM Howells (Resigned 17 November 2023)

Company secretary	Mrs R J Poucher (Resigned 17 November 2023)

Registered office	19 Dolgoy Close
	West Cross
	Swansea
	SA3 5LT

Accountants	James & Uzzell Ltd
	Chartered Certified Accountants
	Axis 15, Axis Court
	Mallard Way
	Riverside Business Park
	Swansea
	SA7 0AJ

Procum Limited

Statement of Financial Position

30 September 2024

	2024	2023
Note	£	£

FIXED ASSETS

Tangible assets	5	2,570,006	3,197,167
Investments	6	16,398	23,041
		------------	------------
		2,586,404	3,220,208

CURRENT ASSETS

Debtors	7	140,660	233,341
Cash at bank and in hand		53,303	96,814
		---------	---------
		193,963	330,155

CREDITORS: amounts falling due within one year	8	824,838	449,205
		---------	---------
NET CURRENT LIABILITIES		630,875	119,050
		------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES		1,955,529	3,101,158

CREDITORS: amounts falling due after more than one year	9	801,920	1,113,002

PROVISIONS

Taxation including deferred tax	268,695	201,177
	------------	------------
NET ASSETS	884,914	1,786,979
	------------	------------

CAPITAL AND RESERVES

Called up share capital	10	21	21
Share premium account		55,993	55,993
Revaluation reserve		426,694	718,803
Other reserves		62,073	62,073
Profit and loss account		340,133	950,089
		---------	------------
SHAREHOLDERS FUNDS		884,914	1,786,979
		---------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 September 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Procum Limited

Statement of Financial Position (continued)

30 September 2024

These financial statements were approved by the board of directors and authorised for issue on 16 June 2025 , and are signed on behalf of the board by:

Mr R Jones

Director

Company registration number: 03257433

Procum Limited

Notes to the Financial Statements

Year ended 30 September 2024

1. GENERAL INFORMATION

Procum Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities is that of property rental.

2. STATEMENT OF COMPLIANCE

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 30 September 2024. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Leases

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Judgements and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes. Going Concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard.

Investment properties

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

The methods and significant assumptions used to ascertain the fair value of £2,567,105 and fair value movement of £185,000 included in the profit/loss for the year are as follows:

Properties were valued at 30th September 2024. The valuation was undertaken by one of the directors based on his extensive knowledge of the areas the properties are located and with use of a valuation report undertaken in January 2023.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Rental income Income from rentals is recognised in accordance with the terms of the relevant lease. Other income Other income is recorded on receipt of the transaction. Interest and dividends receivable Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures & Fittings	-	20% straight line

Land & Building - Not Depreciated

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

The methods and significant assumptions used to ascertain the fair value of £16,398 and fair value movement of £4,878 included in the profit/loss for the year are as follows:

The investments have been valued based on their stock exchange value at the year end.

Investments in associates are measured at cost less impairment.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Going concern

The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements.

4. EMPLOYEES

The average number of employees, including directors, during the year was as follows: 2 (2023: 4).

5. TANGIBLE ASSETS

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 October 2023	3,197,167	15,171	3,212,338
Additions	764,438	3,732	768,170
Disposals	( 1,579,500)	( 571)	( 1,580,071)
Revaluations	185,000	–	185,000
	------------	--------	------------
At 30 September 2024	2,567,105	18,332	2,585,437
	------------	--------	------------
Depreciation
At 1 October 2023	–	15,171	15,171
Charge for the year	–	260	260
	------------	--------	------------
At 30 September 2024	–	15,431	15,431
	------------	--------	------------
Carrying amount
At 30 September 2024	2,567,105	2,901	2,570,006
	------------	--------	------------
At 30 September 2023	3,197,167	–	3,197,167
	------------	--------	------------

Net book value of land and buildings at the year end comprised:

	2024	2023
	£	£
Investment Properties	2,567,105	3,197,167
	------------	------------

Cost or valuation of investment properties comprises:

		2024
		£
	Cost	1,482,385
	Revaluations	1,084,720
		------------
		2,567,105
		------------

The comparable amounts determined according to the historical cost convention are as follows:

		2024
		£
	Cost & Net Book Value at 30th September 2024	1,482,384
	Accumulated Depreciation	–
		------------
	Net Book Value at 30th September 2024	1,482,384
		------------

		2023
		£
	Cost & Net Book Value at 30th September 2023	2,380,212
		------------

Properties were valued at 30th September 2024. The valuation was undertaken by one of the directors based on his extensive knowledge of the areas the properties are located and with use of a valuation report undertaken in January 2023.

6. INVESTMENTS

	Shares in group undertakings	Other investments other than loans	Total
	£	£	£
Cost
At 1 October 2023	2	23,039	23,041
Disposals	( 1)	( 11,520)	( 11,521)
Revaluations	–	4,878	4,878
	----	--------	--------
At 30 September 2024	1	16,397	16,398
	----	--------	--------
Impairment
At 1 October 2023 and 30 September 2024	–	–	–
	----	--------	--------

Carrying amount
At 30 September 2024	1	16,397	16,398
	----	--------	--------
At 30 September 2023	2	23,039	23,041
	----	--------	--------

7. DEBTORS

	2024	2023
	£	£
Trade debtors	15,751	3,285
Amounts owed by group undertakings and undertakings in which the company has a participating interest	6	11
Other debtors	124,903	230,045
	---------	---------
	140,660	233,341
	---------	---------

8. CREDITORS: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	74,484	54,096
Trade creditors	6,757	5,095
Amounts owed to group undertakings and undertakings in which the company has a participating interest	585,801	34,937
Corporation tax	–	9,911
Social security and other taxes	3,831	9,807
Other creditors	153,965	335,359
	---------	---------
	824,838	449,205
	---------	---------

The bank loans are secured by a mortgage over the properties. The amount of secured liabilities is £876,404 (2023: £1,167,098).

9. CREDITORS: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	801,920	1,113,002
	---------	------------

The amount included in bank loans due greater than 5 years is £503,983 (2023: £200,000).

10. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary A shares of £ 0.01 each	1,050	11	1,050	11
Ordinary B shares of £ 0.01 each	1,050	11	1,022	10
Ordinary C shares of £– (2023 - £0.01) each	–	–	14	–
Ordinary D shares of £– (2023 - £0.01) each	–	–	14	–
	------	----	------	----
	2,100	21	2,100	21
	------	----	------	----

On the 17th November 2023, the Ordinary C & Ordinary D Shares were reclassified to Ordinary B Shares.

11. RELATED PARTY TRANSACTIONS

The company took part in the following related party transactions during the year: Entities with control over the entity

	2024	2023
	£	£
Balance due (to)/from	(585,801)	–

Key Management Personnel of the entity

	2024	2023
	£	£
Balance due (to)/from key management personnel of the entity:	(12,033)	(148,256)

Other related parties

	2024	2023
	£	£
Balance due (to) related parties:	–	(34,937)
Balance due from related parties:	105,772	223,067

No interest was charged in relation to these balances.

12. PARENT COMPANY

The immediate parent company is Joxen Limited, a company registered in England & Wales, registered office is the same as that on page 1.

The ultimate parent company is Trawscoed Limited, a company registered in England & Wales, registered office is the same as that on page 1.