Year Ended
Registration number:
Proslope Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Proslope Ltd
Company Information
Directors |
C A C O'Connell T C Iseard C P Iseard A B Halstead N Warne |
Registered office |
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Accountants |
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Page 1 |
Proslope Ltd
Balance Sheet
31 March 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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- |
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Debtors |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
( |
( |
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Total equity |
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Page 2 |
Proslope Ltd
Balance Sheet
31 March 2017
For the financial year ending 31 March 2017 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. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 06826834
Page 3 |
Proslope Ltd
Notes to the Financial Statements
Year Ended 31 March 2017
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Change in basis of accounting
The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 April 2015. There is no material impact on the reported financial position and financial performance.
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 value added tax, returns, rebates and discounts and after eliminating sales within the company.
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.
Tax
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 4 |
Proslope Ltd
Notes to the Financial Statements
Year Ended 31 March 2017
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Vehicles |
20% Reducing Balance |
Fixtures and Fittings |
25% Straight line |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
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 |
Patent |
Straight line over 20 years |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Page 5 |
Proslope Ltd
Notes to the Financial Statements
Year Ended 31 March 2017
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Page 6 |
Proslope Ltd
Notes to the Financial Statements
Year Ended 31 March 2017
Intangible assets |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 April 2016 |
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At 31 March 2017 |
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Amortisation |
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At 1 April 2016 |
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Amortisation charge |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Page 7 |
Proslope Ltd
Notes to the Financial Statements
Year Ended 31 March 2017
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 April 2016 |
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Additions |
- |
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- |
- |
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Disposals |
- |
( |
( |
( |
( |
At 31 March 2017 |
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- |
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Depreciation |
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At 1 April 2016 |
- |
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Charge for the year |
- |
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- |
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Eliminated on disposal |
- |
( |
( |
( |
( |
At 31 March 2017 |
- |
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- |
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Carrying amount |
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At 31 March 2017 |
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- |
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At 31 March 2016 |
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Page 8 |
Proslope Ltd
Notes to the Financial Statements
Year Ended 31 March 2017
Debtors |
2017 |
2016 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Corporation tax |
18,725 |
- |
Social security and other taxes |
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Other creditors |
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- |
Accrued expenses |
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Related party transactions |
Advances to directors |
2017 |
At 1 April 2016 |
Advances to director |
Repayments by director |
At 31 March 2017 |
C A C O'Connell |
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Director's interest free loan |
20,415 |
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( |
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2016 |
At 1 April 2015 |
Advances to director |
Repayments by director |
At 31 March 2016 |
C A C O'Connell |
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Director's interest free loan |
26,055 |
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( |
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Page 9 |
Proslope Ltd
Notes to the Financial Statements
Year Ended 31 March 2017
Transition to FRS 102 |
There were no changes to the previously stated equity as at 1 April 2015 and 31 March 2016 or in the profit for the year ended 31 March 2016 as a result of the transition to FRS102.
Page 10 |