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Registration number: 05898244

Prolec Refurbishments Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 October 2024

Prolec Refurbishments Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 3 to 9

Prolec Refurbishments Limited

Company Information

Director | Mr Philip Ian Chance

Registered office | Silver Rose Unit 21 East Lodge Village East Lodge Lane Enfield EN2 8AS

Accountants | Paul Winston Limited Chartered AccountantsSilver Rose Unit 21 East Lodge Village East Lodge Lane Enfield EN2 8AS

Prolec Refurbishments Limited

(Registration number: 05898244)
Balance Sheet as at 31 October 2024

| Note | 2024 £ | 2023 £
fixed assets |  |  |
tangible assets | 5 | 21,980 | 22,142
Current assets |  |  |
Debtors | 6 | 21,345 | 32,164
Cash at bank and in hand |  | 1,663 | 3,387
|  | 23,008 | 35,551
Creditors: Amounts falling due within one year | 7 | (93,337) | (57,315)
Net current liabilities |  | (70,329) | (21,764)
Net (liabilities)/assets |  | (48,349) | 378
capital and reserves |  |  |
Called up share capital | 8 | 100 | 100
Profit and loss account |  | (48,449) | 278
Shareholders' (deficit)/funds |  | (48,349) | 378

For the financial 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 July 2025

......................................... Mr Philip Ian Chance Director

Prolec Refurbishments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1 | General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

These financial statements were authorised for issue by the director on 17 July 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Leasehold improvements | 5% on cost
Plant and machinery | 25% net book value

Prolec Refurbishments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Office equipment | 25% net book value
Motor vehicles | 25% net book value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 20% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Prolec Refurbishments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

Prolec Refurbishments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4 | Intangible assets

| Goodwill £ | Total £
Cost or valuation
At 1 November 2023 | 36,000 | 36,000
At 31 October 2024 | 36,000 | 36,000
Amortisation
At 1 November 2023 | 36,000 | 36,000
At 31 October 2024 | 36,000 | 36,000
Carrying amount
At 31 October 2024 | - | -

5 | Tangible assets

| Furniture, fittings and equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 November 2023 | 25,930 | 5,940 | 31,870
At 31 October 2024 | 25,930 | 5,940 | 31,870
Depreciation
At 1 November 2023 | 4,234 | 5,494 | 9,728
Charge for the year | 50 | 112 | 162
At 31 October 2024 | 4,284 | 5,606 | 9,890
Carrying amount
At 31 October 2024 | 21,646 | 334 | 21,980
At 31 October 2023 | 21,696 | 446 | 22,142

6 | Debtors

Current | 2024 £ | 2023 £
Trade debtors | 7,840 | 26,361
Other debtors | 13,505 | 5,803
| 21,345 | 32,164

Prolec Refurbishments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Bank loans and overdrafts | 9 | 69,573 | 38,749
trade creditors |  | 13,104 | 3,989
Taxation and social security |  | 578 | 2,639
Other creditors |  | 10,082 | 11,938
|  | 93,337 | 57,315

Prolec Refurbishments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

8 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary P of £1 each | 50 | 50 | 50 | 50
Ordinary H of £1 each | 50 | 50 | 50 | 50
| 100 | 100 | 100 | 100

9 | Loans and borrowings

Current loans and borrowings

| 2024 £ | 2023 £
Bank overdrafts | 4,642 | -
Other borrowings | 64,931 | 38,749
| 69,573 | 38,749

10 | Dividends

Interim dividends paid

|  | 2024 £ |  | 2023 £
Interim dividend of £Nil per each Ordinary P |  | - |  | -
Interim dividend of £Nil per each Ordinary H |  | - |  | -
Interim dividend of Nil per each |  | - |  | -
|  | - |  | -

11 | Related party transactions

Prolec Refurbishments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Director's remuneration

The director's remuneration for the year was as follows:

| 2024 £ | 2023 £
Remuneration | 10,304 | 10,487