Registration number:
Pr2us Limited
for the Year Ended 31 October 2019
Pr2us Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Pr2us Limited
Company Information
Director |
Dr J Walker |
Registered office |
|
Pr2us Limited
(Registration number: SC548830)
Balance Sheet as at 31 October 2019
Note |
2019 |
2018 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Cash at bank and in hand |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
- |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Profit and loss account |
584 |
(90) |
|
Shareholders' funds |
684 |
10 |
For the financial year ending 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges her responsibilities for complying with the Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the 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. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Pr2us Limited
(Registration number: SC548830)
Balance Sheet as at 31 October 2019
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Pr2us Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2019
General information |
The company is a private company limited by share capital, incorporated in Scotland.
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 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. There were no material departures from that standard.
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.
The presentation currency of the financial statements is the Pound Sterling (£).
Revenue recognition
Turnover comprises the fair value of the consideration derived from developing leading edge computer science and artificial intelligence to create artistic images.
Pr2us Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2019
Tax
The tax expense for the period 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.
The current income 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet 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.
At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.
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 |
Computer equipment |
33% Straight line |
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:
Pr2us Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2019
Asset class |
Amortisation method and rate |
Other intangible assets |
10% straight line |
Financial instruments
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Pr2us Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2019
Intangible assets |
Other intangible assets |
Total |
|
Cost or valuation |
||
Additions acquired separately |
|
|
At 31 October 2019 |
|
|
Amortisation |
||
At 1 November 2018 |
|
|
Amortisation charge |
|
|
At 31 October 2019 |
|
|
Carrying amount |
||
At 31 October 2019 |
|
|
At 31 October 2018 |
|
|
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
Additions |
|
|
At 31 October 2019 |
|
|
Depreciation |
||
At 1 November 2018 |
|
|
Charge for the year |
|
|
At 31 October 2019 |
|
|
Carrying amount |
||
At 31 October 2019 |
|
|
At 31 October 2018 |
|
|
Pr2us Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2019
Debtors |
2019 |
2018 |
|
- |
- |
Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
|
Due within one year |
||
Taxation and social security |
|
- |
Accruals and deferred income |
- |
|
Other creditors |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Related party transactions |
During the year, the company repaid loans totalling £7,350 to the director. At the year end, the balance due to the director was £46 (2018 - £7,396). This loan is unsecured, interest free and has no fixed repayment terms.