Registered number
01668551
Proudcastle Solutions Ltd
Filleted Accounts
30 November 2024
Proudcastle Solutions Ltd
Registered number: 01668551
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 268,955 319,273
Current assets
Stocks 84,550 69,550
Debtors 4 451,315 535,690
Cash at bank and in hand 263,322 162,279
799,187 767,519
Creditors: amounts falling due within one year 5 (374,574) (393,257)
Net current assets 424,613 374,262
Total assets less current liabilities 693,568 693,535
Creditors: amounts falling due after more than one year 6 (44,286) (81,705)
Provisions for liabilities (67,239) (72,504)
Net assets 582,043 539,326
Capital and reserves
Called up share capital 100 100
Profit and loss account 581,943 539,226
Shareholders' funds 582,043 539,326
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J Morris
Director
Approved by the board on 7 August 2025
Proudcastle Solutions Ltd
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements over 50 years
Computer equipment over 3 years
Plant and machinery 25% RBM
Fixtures & fittings 25% RBM
Motor vehicles 25% RBM
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 18 16
3 Tangible fixed assets
Leasehold improvements Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2023 32,775 202,544 431,759 667,078
Additions - - 29,403 29,403
Disposals - (3,391) (5,400) (8,791)
At 30 November 2024 32,775 199,153 455,762 687,690
Depreciation
At 1 December 2023 5,248 180,628 161,929 347,805
Charge for the year 656 7,231 70,804 78,691
On disposals - (3,375) (4,386) (7,761)
At 30 November 2024 5,904 184,484 228,347 418,735
Net book value
At 30 November 2024 26,871 14,669 227,415 268,955
At 30 November 2023 27,527 21,916 269,830 319,273
4 Debtors 2024 2023
£ £
Trade debtors 441,862 525,383
Other debtors 9,453 10,307
451,315 535,690
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 37,419 34,193
Trade creditors 100,869 106,907
Taxation and social security costs 220,415 236,367
Other creditors 15,871 15,790
374,574 393,257
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 44,286 81,705
7 Loans from directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr J Morris
Directors Loan Account 330 (503) 815 642
Mr J Walker
Directors Loan Account 318 - 312 630
648 (503) 1,127 1,272
8 Controlling party
The company is controlled by Mr J Morris and Mr J Walker by virtue of their shareholdings
9 Other information
Proudcastle Solutions Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1
Brookside Industrial Park
Ibstock
Leicestershire
LE67 6LR
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