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Registration number: 09608493

Profen Communications Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Profen Communications Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Profen Communications Ltd

Company Information

Directors

M Ergul

O Havuzlu

Registered office

Basepoint Business Centre
Oakfield Close
Tewkesbury
Glos
GL20 8SD

Accountants

Devereux & Hunt Ltd
Certified Accountants
51 Basepoint Business Centre
Oakfield Close
Tewkesbury
Glos
GL20 8SD

 

Profen Communications Ltd

(Registration number: 09608493)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Current assets

 

Debtors

4

1,649,490

1,341,189

Cash at bank and in hand

 

2,957

55,618

 

1,652,447

1,396,807

Creditors: Amounts falling due within one year

5

(124,590)

(82,014)

Net assets

 

1,527,857

1,314,793

Capital and reserves

 

Called up share capital

6

650

650

Retained earnings

1,527,207

1,314,143

Shareholders' funds

 

1,527,857

1,314,793

For the financial year ending 31 December 2021 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 9 September 2022 and signed on its behalf by:
 

.........................................
M Ergul
Director

 

Profen Communications Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Basepoint Business Centre
Oakfield Close
Tewkesbury
Glos
GL20 8SD

These financial statements were authorised for issue by the Board on 9 September 2022.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

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.

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.

 

Profen Communications Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2020 - 0).

4

Debtors

Current

Note

2021
£

2020
£

Trade debtors

 

745,427

745,089

Amounts owed by related parties

7

903,863

595,673

Prepayments

 

139

139

Other debtors

 

61

288

   

1,649,490

1,341,189

 

Profen Communications Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

5

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Trade creditors

72,612

1,467

Taxation and social security

49,978

78,547

Accruals and deferred income

1,000

1,000

Other creditors

1,000

1,000

124,590

82,014

6

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £0.65 each

1,000

650

1,000

650

         

7

Related party transactions

During the year the company made net payments of £257,198 to Profen Iletisim Teknolojileri Ve Hiz, a company registered in Turkey. Both companies are controlled by the same persons with significant control. At 31 December 2020 there was £853,3871 owing to the company (2020 - £596,673).

At 31 December 2021 there was also a £745,089 sales debtor (2020 - £745,089) owing to the company from Profen Savunma Ve Guvenlik Teknolojiler, a company registered in Turkey. Both companies are controlled by the same persons with significant control. There was also £48,224 owing to the company - (2020 - nil)