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REGISTERED NUMBER: NI054412 (Northern Ireland)












Profile Publishing & Design Limited

Unaudited Financial Statements for the Year Ended 31 December 2021






Profile Publishing & Design Limited (Registered number: NI054412)






Contents of the Financial Statements
for the year ended 31 December 2021




Page

Company information 1

Statement of financial position 2

Notes to the financial statements 4


Profile Publishing & Design Limited

Company Information
for the year ended 31 December 2021







Directors: Mr J H Andrews
Mrs G Andrews
Mrs M A Delaney
Mr B N Delaney



Registered office: 608 Shore Road
Whiteabbey
Co. Antrim
BT37 0SN



Registered number: NI054412 (Northern Ireland)



Accountants: Exchange Accountants Limited
Chartered Certified Accountants
Oakmont House
2 Queens Road
Lisburn
BT27 4TZ



Bankers: Bank of Ireland
28 University Road
Belfast
BT7 1NH

Profile Publishing & Design Limited (Registered number: NI054412)

Statement of Financial Position
31 December 2021

2021 2020
Notes £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 75,573 77,987
Investment property 6 262,472 262,472
338,045 340,459

Current assets
Debtors 7 219,296 227,061
Cash at bank and in hand 58,161 109,725
277,457 336,786
Creditors
Amounts falling due within one year 8 (309,540 ) (336,642 )
Net current (liabilities)/assets (32,083 ) 144
Total assets less current liabilities 305,962 340,603

Creditors
Amounts falling due after more than one year 9 182,011 214,271

Capital and reserves
Called up share capital 11 116 116
Share premium 100,000 100,000
Revaluation reserve 21,707 21,707
Retained earnings 2,128 4,509
Shareholders' funds 123,951 126,332
305,962 340,603

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing 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.

Profile Publishing & Design Limited (Registered number: NI054412)

Statement of Financial Position - continued
31 December 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 August 2022 and were signed on its behalf by:




Mr J H Andrews - Director



Mrs M A Delaney - Director


Profile Publishing & Design Limited (Registered number: NI054412)

Notes to the Financial Statements
for the year ended 31 December 2021

1. Statutory information

Profile Publishing & Design Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans form banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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.

Profile Publishing & Design Limited (Registered number: NI054412)

Notes to the Financial Statements - continued
for the year ended 31 December 2021

2. Accounting policies - continued

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.

3. Employees and directors

The average number of employees during the year was 6 (2020 - 6 ) .

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 January 2021
and 31 December 2021 440,000
Amortisation
At 1 January 2021
and 31 December 2021 440,000
Net book value
At 31 December 2021 -
At 31 December 2020 -

Profile Publishing & Design Limited (Registered number: NI054412)

Notes to the Financial Statements - continued
for the year ended 31 December 2021

5. Tangible fixed assets
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
Cost
At 1 January 2021
and 31 December 2021 68,333 66,947 30,250 165,530
Depreciation
At 1 January 2021 - 63,724 23,819 87,543
Charge for year - 806 1,608 2,414
At 31 December 2021 - 64,530 25,427 89,957
Net book value
At 31 December 2021 68,333 2,417 4,823 75,573
At 31 December 2020 68,333 3,223 6,431 77,987

Included in cost of land and buildings is freehold land of £ 68,333 (2020 - £ 68,333 ) which is not depreciated.

6. Investment property
Total
£   
Fair value
At 1 January 2021
and 31 December 2021 262,472
Net book value
At 31 December 2021 262,472
At 31 December 2020 262,472

Included in fair value of investment property is freehold land of £ 262,472 (2020 - £ 262,472 ) which is not depreciated.

Fair value at 31 December 2021 is represented by:
£   
Valuation in 2020 262,472

If the investment properties had not been revalued they would have been included at the following historical cost:

2021 2020
£    £   
Cost 248,001 248,001

The investment properties were valued on an open market basis on 31 December 2019 by the Directors .

Profile Publishing & Design Limited (Registered number: NI054412)

Notes to the Financial Statements - continued
for the year ended 31 December 2021

7. Debtors: amounts falling due within one year
2021 2020
£    £   
Trade debtors 97,820 100,105
Other debtors 19,060 -
Directors' current accounts 102,206 126,956
Prepayments and accrued income 210 -
219,296 227,061

8. Creditors: amounts falling due within one year
2021 2020
£    £   
Bank loans and overdrafts 28,513 9,542
Trade creditors 51,585 5,545
Corporation tax 34,857 34,269
Social security and other taxes (340 ) -
Pension commitments 218 264
VAT 36,760 93,939
Other creditors 1,263 14,133
Accruals and deferred income 129,109 174,750
Accrued expenses 27,575 4,200
309,540 336,642

9. Creditors: amounts falling due after more than one year
2021 2020
£    £   
Bank loans - 1-2 years 28,513 28,713
Bank loans - 2-5 years 79,314 79,314
Bank loans more than 5 yrs 74,184 106,244
182,011 214,271

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 yrs 74,184 106,244

10. Secured debts

The following secured debts are included within creditors:

2021 2020
£    £   
Bank loans 210,524 223,813

Bank loans are secured by mortgages on the assets to which the loan relates.

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
116 Ordinary £1 116 116

Profile Publishing & Design Limited (Registered number: NI054412)

Notes to the Financial Statements - continued
for the year ended 31 December 2021

12. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020:

2021 2020
£    £   
Mr J H Andrews
Balance outstanding at start of year 35,654 31,352
Amounts advanced 21,991 34,302
Amounts repaid (29,000 ) (30,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 28,645 35,654

Mrs G Andrews
Balance outstanding at start of year 34,851 30,525
Amounts advanced 22,489 34,326
Amounts repaid (29,000 ) (30,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 28,340 34,851

Mrs M A Delaney
Balance outstanding at start of year 26,884 28,743
Amounts advanced 23,329 29,287
Amounts repaid (29,000 ) (31,146 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 21,213 26,884

Mr B N Delaney
Balance outstanding at start of year 29,567 30,608
Amounts advanced 23,440 30,105
Amounts repaid (29,000 ) (31,146 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 24,007 29,567