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Company registration number: 06987547
Proctor Holdings Limited
Unaudited filleted financial statements
31 October 2024
Proctor Holdings Limited
Contents
Statement of financial position
Notes to the financial statements
Proctor Holdings Limited
Statement of financial position
31st October 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 53,564 99,379
Investments 6 100 100
_______ _______
53,664 99,479
Current assets
Debtors 7 1,170,505 1,176,040
_______ _______
1,170,505 1,176,040
Creditors: amounts falling due
within one year 8 ( 18) ( 50)
_______ _______
Net current assets 1,170,487 1,175,990
_______ _______
Total assets less current liabilities 1,224,151 1,275,469
Provisions for liabilities ( 13,391) ( 24,844)
_______ _______
Net assets 1,210,760 1,250,625
_______ _______
Capital and reserves
Called up share capital 200 200
Profit and loss account 1,210,560 1,250,425
_______ _______
Shareholders funds 1,210,760 1,250,625
_______ _______
For the year ending 31 October 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 17 July 2025 , and are signed on behalf of the board by:
Mr J B Proctor
Director
Company registration number: 06987547
Proctor Holdings Limited
Notes to the financial statements
Year ended 31st October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Jamage Road Ind Estate, Pit Lane, Talke, Stoke on Trent, Staffordshire, ST7 1XW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 15% & 20% reducing balance
Motor vehicles - 25% % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1st November 2023 442,854 489,385 932,239
Disposals ( 92,780) ( 198,940) ( 291,720)
_______ _______ _______
At 31st October 2024 350,074 290,445 640,519
_______ _______ _______
Depreciation
At 1st November 2023 387,100 445,760 832,860
Charge for the year 10,130 9,604 19,734
Disposals ( 80,740) ( 184,899) ( 265,639)
_______ _______ _______
At 31st October 2024 316,490 270,465 586,955
_______ _______ _______
Carrying amount
At 31st October 2024 33,584 19,980 53,564
_______ _______ _______
At 31st October 2023 55,754 43,625 99,379
_______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1st November 2023 and 31st October 2024 100 100
_______ _______
Impairment
At 1st November 2023 and 31st October 2024 - -
_______ _______
Carrying amount
At 31st October 2024 100 100
_______ _______
At 31st October 2023 100 100
_______ _______
7. Debtors
2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,170,505 1,174,040
Other debtors - 2,000
_______ _______
1,170,505 1,176,040
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Other creditors 18 50
_______ _______
9. Controlling party
The ultimate controlling party is Mr J B Proctor by virtue of his 89% shareholding in the company.