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Financial Statements for the Year Ended 30 November 2017 |
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Prolight Design Limited |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 30 November 2017 |
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for |
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Prolight Design Limited |
Prolight Design Limited (Registered number: 02659194) |
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Contents of the Financial Statements |
for the Year Ended 30 November 2017 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Prolight Design Limited |
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Company Information |
for the Year Ended 30 November 2017 |
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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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AUDITORS: |
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Statutory Auditors |
Chartered Accountants |
29 Devizes Road |
Swindon |
Wiltshire |
SN1 4BG |
Prolight Design Limited (Registered number: 02659194) |
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Abridged Balance Sheet |
30 November 2017 |
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30.11.17 | 30.11.16 |
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 |
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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 |
Called up share capital | 7 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Prolight Design Limited (Registered number: 02659194) |
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Notes to the Financial Statements |
for the Year Ended 30 November 2017 |
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1. | STATUTORY INFORMATION |
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Prolight Design Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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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 the provisions of Section 1A "Small Entities" |
of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland" and the Companies Act 2006. |
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The financial statements have been prepared under the historical cost convention and are presented in £ sterling |
which is the the functional currency of the company. |
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First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 30 November 2017 are the first that are prepared in accordance |
with FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the |
date of transition to FRS 102 Section 1A is 1 December 2015. |
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Turnover |
Revenue is measured at the fair value of the consideration received or receivable and represents amounts |
receivable for goods and services provided in the normal course of business, net of discounts, rebates and value |
added tax. Revenue from the sales of goods is recognised when the significant risks and rewards of ownership |
have passed to the buyer, usually on despatch of the goods. |
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Depreciation of tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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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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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. |
Prolight Design Limited (Registered number: 02659194) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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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. |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 December 2016 |
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Additions |
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Disposals | ( |
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At 30 November 2017 |
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DEPRECIATION |
At 1 December 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 November 2017 |
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NET BOOK VALUE |
At 30 November 2017 |
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At 30 November 2016 |
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Prolight Design Limited (Registered number: 02659194) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2017 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Totals |
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COST |
At 1 December 2016 | 82,987 |
Transfer to ownership | (82,987 | ) |
At 30 November 2017 | - |
DEPRECIATION |
At 1 December 2016 | 34,578 |
Charge for year | 20,746 |
Transfer to ownership | (55,324 | ) |
At 30 November 2017 | - |
NET BOOK VALUE |
At 30 November 2017 | - |
At 30 November 2016 | 48,409 |
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5. |
DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.11.17 | 30.11.16 |
£ | £ |
Other debtors |
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6. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.11.17 | 30.11.16 |
£ | £ |
Hire purchase | - | 13,637 |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.17 | 30.11.16 |
value: | £ | £ |
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Ordinary | £1 | 5,000 | 5,000 |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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Prolight Design Limited (Registered number: 02659194) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2017 |
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9. | FINANCIAL COMMITMENTS |
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Total financial commitments amounted to £190,273 at the balance sheet date. |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The company had previously agreed a loan of £154,355 to P Binsted. Interest was charged at 4% per annum and |
the balance is repayable by 31 July 2020. The amount outstanding at the balance sheet date was £167,868 (2016: |
£161,411). |
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In addition, advances of £27,540 (2016 - £39,221) were made to P Binsted during the year. These were |
unsecured and repayable on demand. These amounts were repaid during the year. |
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Advances of £9,136 (2016 - £5,767) were made to S Gill during the year. These were unsecured and repayable |
on demand. These amounts were repaid during the year. |
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The directors have current accounts with the company on which interest at a rate of 5% is payable in respect of |
credit balances and is charged in respect of debit balances. |
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11. | RELATED PARTY DISCLOSURES |
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During the year the company paid £28,932 (2016: £28,000) in respect of a lease on a property owned jointly by |
the directors. The company also paid £34,600 (2016: £34,600) in respect of a lease on a property owned by a |
pension scheme, the beneficiaries of which are the directors. Rentals on these leases are at open market value |
under the terms of the leases. |
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is P Binsted. |