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PRAg Limited

Registered Number
04581131
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2024

PRAg Limited
Company Information
for the year from 1 December 2023 to 30 November 2024

Directors

Mr P J Rees
Mrs A M Rees

Company Secretary

Mrs A M Rees

Registered Address

Mountain Farm, Broadway, Broad
Haven, Haverfordwest
Pembrokeshire
SA62 3HU

Registered Number

04581131 (England and Wales)
PRAg Limited
Balance Sheet as at
30 November 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3396,202378,324
Investments4214,000214,000
610,202592,324
Current assets
Stocks5140,839252,453
Debtors6690,825593,046
Cash at bank and on hand187,96183,495
1,019,625928,994
Creditors amounts falling due within one year7(486,008)(391,923)
Net current assets (liabilities)533,617537,071
Total assets less current liabilities1,143,8191,129,395
Creditors amounts falling due after one year8(73,992)(93,808)
Provisions for liabilities10(48,951)(61,471)
Net assets1,020,876974,116
Capital and reserves
Called up share capital1,6001,600
Profit and loss account1,019,276972,516
Shareholders' funds1,020,876974,116
The financial statements were approved and authorised for issue by the Board of Directors on 22 August 2025, and are signed on its behalf by:
Mr P J Rees
Director
Registered Company No. 04581131
PRAg Limited
Notes to the Financial Statements
for the year ended 30 November 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery-10
Vehicles25-
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year77
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 December 23759,818
Additions81,402
At 30 November 24841,219
Depreciation and impairment
At 01 December 23381,494
Charge for year63,524
At 30 November 24445,017
Net book value
At 30 November 24396,202
At 30 November 23378,324
4.Fixed asset investments

Total

£
Cost or valuation
At 01 December 23214,000
At 30 November 24214,000
Net book value
At 30 November 24214,000
At 30 November 23214,000
5.Stocks

2024

2023

££
Raw materials and consumables140,839252,453
Total140,839252,453
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables584,569456,645
Other debtors69,99998,125
Prepayments and accrued income36,25738,276
Total690,825593,046
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables362,750262,813
Bank borrowings and overdrafts53,62868,918
Taxation and social security42,45549,400
Finance lease and HP contracts21,6006,100
Other creditors1,4551,442
Accrued liabilities and deferred income4,1203,250
Total486,008391,923
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.
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts29,88383,641
Other creditors44,10910,167
Total73,99293,808
9.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts65,70816,267
10.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)48,95161,471
Total48,95161,471
11.Related party transactions
On 21 July 2016 PRAg Limited purchased an annuity contract from Mr P Rees for £200,000. Under the terms of the contract the company will receive annual payments of £613 commencing on the anniversary of the purchase of the annuity and then annually increasing on an annual basis in line with changes in the Retail Price Index for the lifetime of Mr P Rees.