Pro-Sim Technologies Ltd - Period Ending 2017-06-30
Pro-Sim Technologies Ltd - Period Ending 2017-06-30
Registration number:
FINANCIAL PERIOD DATA REFRESH REQUIRED
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Pro-Sim Technologies Ltd
for the Period from 29 June 2016 to 30 June 2017
Chartered Accountants & Tax Advisers
The Mill
Pury Hill Business Park
Alderton Road
Towcester
NN12 7LS
Pro-Sim Technologies Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Pro-Sim Technologies Ltd
Company Information
Directors |
Mr Adrian Rodney Quaife-Hobbs Mr John M Beeson |
Registered office |
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Accountants |
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Pro-Sim Technologies Ltd
(Registration number: 10257340)
Balance Sheet as at 30 June 2017
Note |
2017 |
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Current assets |
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Stocks |
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Debtors |
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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 assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial period ending 30 June 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 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
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Director
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Pro-Sim Technologies Ltd
Notes to the Financial Statements for the Period from 29 June 2016 to 30 June 2017
General information |
The company registration number is 10257340
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The principal place of business is:
Beech House
Yardley Park Road
Tonbridge
Kent
TN9 1NF
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.
Going concern
The company ceased trading shortly after the year end and this has been reflected in the preparation of the financial statements.
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.
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Pro-Sim Technologies Ltd
Notes to the Financial Statements for the Period from 29 June 2016 to 30 June 2017
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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.
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 |
Office equipment |
25% Straight line |
Furniture & fittings |
25% Straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
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 inventories 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.
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Pro-Sim Technologies Ltd
Notes to the Financial Statements for the Period from 29 June 2016 to 30 June 2017
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
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Pro-Sim Technologies Ltd
Notes to the Financial Statements for the Period from 29 June 2016 to 30 June 2017
Tangible assets |
Fixtures and fittings |
Office equipment |
Total |
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Cost or valuation |
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Additions |
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Disposals |
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( |
( |
At 30 June 2017 |
- |
- |
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Depreciation |
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Carrying amount |
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At 30 June 2017 |
- |
- |
- |
Stocks |
2017 |
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Other inventories |
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Debtors |
2017 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2017 |
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Due within one year |
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Accruals and deferred income |
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Other creditors |
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Pro-Sim Technologies Ltd
Notes to the Financial Statements for the Period from 29 June 2016 to 30 June 2017
Share capital |
Allotted, called up and fully paid shares
2017 |
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No. |
£ |
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50 |
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50 |
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Dividends |
Interim dividends paid
2017 |
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Interim dividend of £ |
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Interim dividend of £Nil per each |
- |
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Related party transactions |
Transactions with directors |
2017 |
Advances to directors |
At 30 June 2017 |
Mr Adrian Rodney Quaife-Hobbs |
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Overdrawn directors loan account |
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