Registration number:
P.R.O.V.E. Systems Limited
for the Year Ended 31 October 2025
P.R.O.V.E. Systems Limited
Contents
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Company Information |
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Statement of Directors' Responsibilities |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
P.R.O.V.E. Systems Limited
Company Information
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Directors |
PC Hubert Mrs F L Hubert |
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Registered office |
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Bankers |
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Accountants |
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P.R.O.V.E. Systems Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
P.R.O.V.E. Systems Limited
for the Year Ended 31 October 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of P.R.O.V.E. Systems Limited for the year ended 31 October 2025 as set out on pages 4 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of The Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance.
This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of P.R.O.V.E. Systems Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.
It is your duty to ensure that P.R.O.V.E. Systems Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of P.R.O.V.E. Systems Limited. You consider that P.R.O.V.E. Systems Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of P.R.O.V.E. Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
Kirkcaldy
Fife
KY1 1HB
P.R.O.V.E. Systems Limited
(Registration number: SC114256)
Balance Sheet as at 31 October 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stock |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Retained earnings |
77,045 |
112,745 |
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Shareholders' funds |
77,047 |
112,747 |
For the financial year ending 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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P.R.O.V.E. Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025
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General information |
The company is a private company limited by share capital, incorporated in Scotland. Its registration number and registered office address can be found on the Company information page.
The principal place of business is:
Unit 1 Mill Court
Mill Lane
Tayport
Fife
DD6 9EL
United Kingdom
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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.
The presentation currency is sterling.
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic Financial Assets
Basic financial assets, which include stock, debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market value rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic Financial Liabilities
Basic financial liabilities, including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective rate of interest.
Revenue recognition
Turnover represents the value of goods supplied and consultancy services provided during the year, principally to the oil and gas sector. There were no export sales or consultancy services in the year to 31 October 2025 (2024 - nil).
Other operating income comprises royalties from the sale of underwater equipment of £11,550 (2024 £32,025)
P.R.O.V.E. Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025
Tangible assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.
Depreciation
Depreciation is charged so as to write off the cost less residual value of the asset over its useful life at the following rates:
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Asset class |
Depreciation method and rate |
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Plant and equipment |
20% per annum on the straight line basis |
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Fixtures and fittings |
10% per annum on the straight line basis |
Impairment of fixed assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Stock
Stock is stated at the lower of cost and net realisable value and comprises components for underwater cameras and other electronic equipment.
Government grants
Grants that are received in respect of expenditure incurred by the entity are recognised in profit and loss in the period when the grant becomes receivable.
Tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign currency transactions and balances
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
P.R.O.V.E. Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025
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Loss before tax |
Arrived at after charging/(crediting)
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2025 |
2024 |
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Depreciation expense |
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Directors remuneration |
19,200 |
19,200 |
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Taxation |
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Analysis of the tax (credit)/charge on the profit for the year was as follows: |
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2025 |
2024 |
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£ |
£ |
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UK corporation tax |
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(1,981) |
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Deferred tax (credit) / charge to P&L |
(892) |
(138) |
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Tax on profit |
(892) |
(2,119) |
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Tangible assets |
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Equipment |
Total |
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Cost |
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At 1 November 2024 |
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At 31 October 2025 |
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Depreciation |
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At 1 November 2024 |
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Charge for the year |
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At 31 October 2025 |
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Carrying amount |
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At 31 October 2025 |
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At 31 October 2024 |
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Stock |
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2025 |
2024 |
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Other inventories |
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P.R.O.V.E. Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025
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Debtors |
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Current |
2025 |
2024 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Provisions for liabilities |
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2025 |
2024 |
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£ |
£ |
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Deferred tax: accelerated capital allowances |
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892 |
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Deferred tax |
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Balance at 1 November 2024 |
892 |
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Charge / (credit) to P&L during the year |
(892) |
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Balance at 31 October 2025 |
- |
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Leasing agreements |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
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2025 |
2024 |
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£ |
£ |
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Within one year |
1,487 |
5,000 |
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Creditors |
Creditors: amounts falling due within one year
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2025 |
2024 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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