Promiston Limited - Period Ending 2019-04-30

Registration number: 09819371

Promiston Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2019

Whitnalls
Chartered Certified Accountants
Cotton House
Old Hall Street
Liverpool
L3 9TX

Promiston Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

Promiston Limited

Company Information for the Year Ended 30 April 2019

Directors

D Hiles T Hiles

Registered office

1st Floor Cotton House Old Hall Street Liverpool Merseyside L3 9TX

Accountants

Whitnalls Chartered Certified Accountants Cotton House Old Hall Street Liverpool L3 9TX

Page 1

Promiston Limited

(Registration number: 09819371)
Balance Sheet as at 30 April 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	2	9,404	-
Current assets
Debtors	3	2,180	-
Cash at bank and in hand		21,317	1,395
		23,497	1,395
Creditors: Amounts falling due within one year	4	(54,824)	(6,540)
Net current liabilities		(31,327)	(5,145)
Net liabilities		(21,923)	(5,145)
Capital and reserves
Called up share capital		2	2
Profit and loss account		(21,925)	(5,147)
Total equity		(21,923)	(5,145)

For the financial year ending 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 Board on 26 September 2019 and signed on its behalf by:
 

.........................................

D Hiles

Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Promiston Limited

Notes to the Financial Statements for the Year Ended 30 April 2019

1	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.

Going concern

Due to the ongoing support of the company's director and shareholder, the director believes that it is appropriate to prepare the financial statements on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future.

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 sales/value added tax, returns, rebates and discounts.

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.

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
Plant and machinery	25% reducing balance basis

Page 3

Promiston Limited

Notes to the Financial Statements for the Year Ended 30 April 2019

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Funding

Due to the continuing availability of banking facilities and the on-going support of the company's principle shareholders, the directors believe that it is appropriate to prepare the financial statements on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future.

Page 4

Promiston Limited

Notes to the Financial Statements for the Year Ended 30 April 2019

2	Tangible assets

	Other tangible assets £	Total £
Cost or valuation
Additions	11,759	11,759
At 30 April 2019	11,759	11,759
Depreciation
Charge for the year	2,355	2,355
At 30 April 2019	2,355	2,355
Carrying amount
At 30 April 2019	9,404	9,404

3

Debtors

	2019 £	2018 £
Prepayments	2,180	-
	2,180	-

4

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Loans and borrowings	5	6,000	6,000
Accruals and deferred income		1,296	540
Other creditors		47,528	-
		54,824	6,540

5	Loans and borrowings

	2019 £	2018 £
Current loans and borrowings
Other borrowings	6,000	6,000

Page 5

Promiston Limited

Notes to the Financial Statements for the Year Ended 30 April 2019

6	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £1 each	2	2	2	2

Page 6