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Company registration number:
06457536
Pro-Shore Limited
Unaudited filleted financial statements
31 December 2022
THE BARKER PARTNERSHIP
Chartered Accountants and Statutory Auditors
Thirsk
Pro-Shore Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Pro-Shore Limited
Directors and other information
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Directors |
Mr C Kirk |
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Mr C Parkin |
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Company number |
06457536 |
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Registered office |
Brinkburn House Brookside |
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Hovingham |
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York |
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YO62 4LG |
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Accountants |
The Barker Partnership |
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17 Central Buildings |
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Market Place |
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Thirsk |
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North Yorkshire |
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YO7 1HD |
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Pro-Shore Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Pro-Shore Limited
Year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pro-Shore Limited for the year ended 31 December 2022 which comprise the Balance sheet, statement of changes in equity and related notes 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Pro-Shore Limited, as a body, in accordance with the terms of our engagement letter dated 8 January 2008. Our work has been undertaken solely to prepare for your approval the financial statements of Pro-Shore Limited and state those matters that we have agreed to state to the board of directors of Pro-Shore Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pro-Shore Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Pro-Shore Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pro-Shore Limited. You consider that Pro-Shore 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 financial statements of Pro-Shore 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 financial statements.
The Barker Partnership
Chartered Accountants
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
22 June 2023
Pro-Shore Limited
Balance sheet
31 December 2022
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2022 |
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2021 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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5 |
3,014,293 |
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1,907,615 |
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|
_______ |
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_______ |
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3,014,293 |
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1,907,615 |
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Current assets |
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Stocks |
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822 |
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3,769 |
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Debtors |
|
6 |
430,905 |
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|
347,185 |
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Cash at bank and in hand |
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|
100 |
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64,843 |
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_______ |
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_______ |
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431,827 |
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415,797 |
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Creditors: amounts falling due |
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within one year |
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7 |
(
903,615) |
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(
452,329) |
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_______ |
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_______ |
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Net current liabilities |
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(
471,788) |
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(
36,532) |
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_______ |
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_______ |
Total assets less current liabilities |
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2,542,505 |
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1,871,083 |
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Creditors: amounts falling due |
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after more than one year |
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8 |
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(
1,109,139) |
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(
589,480) |
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Provisions for liabilities |
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(
146,338) |
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(
205,131) |
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_______ |
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_______ |
Net assets |
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1,287,028 |
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1,076,472 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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125 |
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125 |
Share premium account |
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2,249 |
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2,249 |
Profit and loss account |
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1,284,654 |
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1,074,098 |
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_______ |
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_______ |
Shareholders funds |
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1,287,028 |
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1,076,472 |
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_______ |
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_______ |
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For the year ending 31 December 2022 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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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 financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
22 June 2023
, and are signed on behalf of the board by:
Mr C Kirk
Director
Company registration number:
06457536
Pro-Shore Limited
Notes to the financial statements
Year ended 31 December 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Brinkburn House Brookside, Hovingham, York, YO62 4LG. The principal activity of the company is that of non mechanical plant hire.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods hired out, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Long leasehold property |
- |
straight line over 15 years
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Plant and machinery |
- |
straight line over 3,4,5 and 10 years depending on classification |
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Motor vehicles |
- |
25 % |
reducing balance |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
19
(2021:
15
).
5.
Tangible assets
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Long leasehold property |
Plant and machinery |
Motor vehicles |
Total |
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£ |
£ |
£ |
£ |
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Cost |
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At 1 January 2022 |
137,887 |
2,561,496 |
140,535 |
2,839,918 |
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Additions |
- |
1,479,022 |
84,200 |
1,563,222 |
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Disposals |
- |
(
123,262) |
(
34,205) |
(
157,467) |
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_______ |
_______ |
_______ |
_______ |
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At 31 December 2022 |
137,887 |
3,917,256 |
190,530 |
4,245,673 |
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_______ |
_______ |
_______ |
_______ |
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Depreciation |
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At 1 January 2022 |
35,192 |
844,181 |
52,930 |
932,303 |
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Charge for the year |
9,193 |
344,920 |
29,741 |
383,854 |
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Disposals |
- |
(
60,950) |
(
23,827) |
(
84,777) |
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_______ |
_______ |
_______ |
_______ |
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At 31 December 2022 |
44,385 |
1,128,151 |
58,844 |
1,231,380 |
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_______ |
_______ |
_______ |
_______ |
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Carrying amount |
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At 31 December 2022 |
93,502 |
2,789,105 |
131,686 |
3,014,293 |
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|
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_______ |
_______ |
_______ |
_______ |
|
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At 31 December 2021 |
102,695 |
1,717,315 |
87,605 |
1,907,615 |
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_______ |
_______ |
_______ |
_______ |
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6.
Debtors
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2022 |
2021 |
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£ |
£ |
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Trade debtors |
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367,612 |
297,091 |
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Other debtors |
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63,293 |
50,094 |
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|
_______ |
_______ |
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430,905 |
347,185 |
|
|
|
_______ |
_______ |
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7.
Creditors: amounts falling due within one year
|
|
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2022 |
2021 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
68,982 |
- |
|
Trade creditors |
|
381,453 |
225,866 |
|
Social security and other taxes |
|
66,538 |
40,470 |
|
Other creditors |
|
386,642 |
185,993 |
|
|
|
_______ |
_______ |
|
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|
903,615 |
452,329 |
|
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|
_______ |
_______ |
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£361,727 of the above amount is secured by fixed and floating charges over the company's assets (2021 - £117,558).
8.
Creditors: amounts falling due after more than one year
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2022 |
2021 |
|
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|
£ |
£ |
|
Bank loans and overdrafts |
|
159,815 |
250,000 |
|
Other creditors |
|
949,324 |
339,480 |
|
|
|
_______ |
_______ |
|
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|
1,109,139 |
589,480 |
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_______ |
_______ |
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£827,393 of the above amount is secured by fixed and floating charges over the company's assets (2021 - £221,922).
9.
Related party transactions
The company is a subsidiary of Seagrove DC Ltd. At the year end date an amount of £121,931 was owed to that company (2021: £117,558). Ryde Services Limited is a company connected to C Kirk. During the year the company was charged £30,060 by Ryde Services Ltd in respect of management fees.