REGISTERED NUMBER:
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PROMAIN (UK) LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2021 |
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REGISTERED NUMBER:
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PROMAIN (UK) LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2021 |
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PROMAIN (UK) LIMITED (REGISTERED NUMBER: 05271223) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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PROMAIN (UK) LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants and |
Chartered Tax Advisers |
Broad House |
1 The Broadway |
Old Hatfield |
Hertfordshire |
AL9 5BG |
PROMAIN (UK) LIMITED (REGISTERED NUMBER: 05271223) |
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BALANCE SHEET |
31 OCTOBER 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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PROMAIN (UK) LIMITED (REGISTERED NUMBER: 05271223) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
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1. | STATUTORY INFORMATION |
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Promain (UK) Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied, other than where additional disclosure is required to show a true and fair view. |
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The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
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The directors have a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are again prepared on the going concern basis. |
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Significant judgements and estimates |
Estimates and judgements are periodically evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. |
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The company's significant accounting judgements and estimates are in respect of impairment of assets, depreciation and provision for doubtful debts. |
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Details of these judgements and estimates are described below: |
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- To determine whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and, where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. |
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- Tangible fixed assets are depreciated over their useful lives, taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
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- An estimate for doubtful debts is made when collection of the full amount is no longer probable. The directors' best estimate is based on debts being unpaid for prolonged periods and an assessment of the potential failure to recover the unpaid amount. |
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Turnover |
The company sells paint and recognises a sale when goods are despatched. Turnover represents net invoiced sales of goods during the year and is stated at the fair value of the consideration received or receivable in respect of those invoices; it excludes discounts, rebates and Vat. |
PROMAIN (UK) LIMITED (REGISTERED NUMBER: 05271223) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Improvements to property - 25% on reducing balance |
Plant and machinery - 25% on reducing balance |
Fixtures and fittings - 25% on reducing balance |
Motor vehicles - 25% on cost |
Computer equipment - 33% on reducing balance |
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Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any selling costs. |
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When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
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Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Basic financial assets, which include debtors, 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 rate of interest. Financial assets classified as receivable within one year are not amortised. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
PROMAIN (UK) LIMITED (REGISTERED NUMBER: 05271223) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Impairment of fixed assets |
At the end of each reporting period, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered impairment. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
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Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
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If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss. |
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Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the lower of: |
a. the revised estimate of its recoverable amount; and |
b. the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. |
A reversal of an impairment loss is recognised immediately in profit or loss. |
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Cash at bank and in hand |
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. |
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Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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PROMAIN (UK) LIMITED (REGISTERED NUMBER: 05271223) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
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4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 November 2020 |
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Additions |
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Disposals |
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At 31 October 2021 |
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DEPRECIATION |
At 1 November 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31 October 2021 |
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NET BOOK VALUE |
At 31 October 2021 |
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At 31 October 2020 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 November 2020 |
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Additions |
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Disposals | ( |
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At 31 October 2021 |
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DEPRECIATION |
At 1 November 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 October 2021 |
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NET BOOK VALUE |
At 31 October 2021 |
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At 31 October 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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PROMAIN (UK) LIMITED (REGISTERED NUMBER: 05271223) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Other creditors |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
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Between one and five years |
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9. | RELATED PARTY DISCLOSURES |
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During the year, the company: |
- paid pension contributions totalling £80,000 (2020: £80,000) for the benefit of the directors; |
- paid salaries totalling £17,600 (2020: £17,160) to the directors; |
- sold a vehicle to one of the directors for £1,500 (2020: £nil); |
- borrowed a net amount of £4,269 (2020: £129,423) from the directors; and |
- was charged interest at 10% per annum (2020: 10% pa) on the average amount owed to the directors during the year; this amounted to £45,071 (2020: £31,904). |
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At the balance sheet date, the company owed £431,021 (2020: £426,752) to the directors; this liability is included under 'Other creditors' in the balance sheet. No terms have been laid down as to repayment of capital, save that the directors have advised the company that they will not seek repayment of £150,000 (2020: £150,000) within one year of the balance sheet date. |