1 01/11/2023 31/10/2024 2024-10-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-11-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 00697444 2023-11-01 2024-10-31 00697444 2024-10-31 00697444 2023-10-31 00697444 2022-11-01 2023-10-31 00697444 2023-10-31 00697444 2022-10-31 00697444 core:PlantMachinery 2023-11-01 2024-10-31 00697444 core:FurnitureFittingsToolsEquipment 2023-11-01 2024-10-31 00697444 bus:Director2 2023-11-01 2024-10-31 00697444 core:PlantMachinery 2023-10-31 00697444 core:FurnitureFittingsToolsEquipment 2023-10-31 00697444 core:PlantMachinery 2024-10-31 00697444 core:FurnitureFittingsToolsEquipment 2024-10-31 00697444 core:WithinOneYear 2024-10-31 00697444 core:WithinOneYear 2023-10-31 00697444 core:ShareCapital 2024-10-31 00697444 core:ShareCapital 2023-10-31 00697444 core:RetainedEarningsAccumulatedLosses 2024-10-31 00697444 core:RetainedEarningsAccumulatedLosses 2023-10-31 00697444 core:PlantMachinery 2023-10-31 00697444 core:FurnitureFittingsToolsEquipment 2023-10-31 00697444 bus:SmallEntities 2023-11-01 2024-10-31 00697444 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 00697444 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 00697444 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 00697444 bus:FullAccounts 2023-11-01 2024-10-31
Company registration number: 00697444
PROOPS BROTHERS LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 October 2024
Cottons Specialist Services Limited
21 High Street
Lutterworth
Leicestershire
LE17 4AT
PROOPS BROTHERS LIMITED
CONTENTS
Statement of financial position
Notes to the financial statements
PROOPS BROTHERS LIMITED
STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 1,586 1,867
_______ _______
1,586 1,867
Current assets
Stocks 6 100,000 183,981
Debtors 7 954,433 209,512
Cash at bank and in hand 2,027 1,100
_______ _______
1,056,460 394,593
Creditors: amounts falling due
within one year 8 ( 823,333) ( 35,783)
_______ _______
Net current assets 233,127 358,810
_______ _______
Total assets less current liabilities 234,713 360,677
Provisions for liabilities ( 129) ( 355)
_______ _______
Net assets 234,584 360,322
_______ _______
Capital and reserves
Called up share capital 5,002 5,002
Profit and loss account 229,582 355,320
_______ _______
Shareholder funds 234,584 360,322
_______ _______
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.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 July 2025 , and are signed on behalf of the board by:
L I Burdett
Director
Company registration number: 00697444
PROOPS BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 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 Victoria Works, 24 Saddington Road, Fleckney, Leics, LE8 8AW.
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 'and the Companies Act 2006.
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 measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity and are presented in round pounds.
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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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 % reducing balance
Fittings fixtures and equipment - 15 % 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.
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 .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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 company 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. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 2 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 November 2023 and 31 October 2024 5,685 752 6,437
_______ _______ _______
Depreciation
At 1 November 2023 4,068 502 4,570
Charge for the year 243 38 281
_______ _______ _______
At 31 October 2024 4,311 540 4,851
_______ _______ _______
Carrying amount
At 31 October 2024 1,374 212 1,586
_______ _______ _______
At 31 October 2023 1,617 250 1,867
_______ _______ _______
6. Stocks
2024 2023
£ £
Raw materials and consumables 100,000 -
Finished goods and goods for resale - 183,981
_______ _______
100,000 183,981
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 15,114 14,662
Amounts owed by group undertakings and undertakings in which the company has a participating interest 939,319 194,645
Other debtors - 205
_______ _______
954,433 209,512
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts - 1,910
Trade creditors 5,059 9,744
Amounts owed to group undertakings and undertakings in which the company has a participating interest 795,412 -
Social security and other taxes 6,325 7,528
Other creditors 16,537 16,601
_______ _______
823,333 35,783
_______ _______
9. Commitments, guarantees and contingencies
There is a contingent liability in respect of an unlimited guarantee by Proops Brothers Limited with HSBC Bank plc in respect of group companies .