REGISTERED NUMBER: |
Profile Publishing & Design Limited |
Unaudited Financial Statements for the Year Ended 31 December 2021 |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Accountants: |
Chartered Certified Accountants |
Oakmont House |
2 Queens Road |
Lisburn |
BT27 4TZ |
Bankers: |
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 |
Investment property | 6 |
Current assets |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
Net current (liabilities)/assets | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 9 |
Capital and reserves |
Called up share capital | 11 |
Share premium |
Revaluation reserve |
Retained earnings |
Shareholders' funds |
305,962 | 340,603 |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
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 |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 January 2021 |
and 31 December 2021 |
Amortisation |
At 1 January 2021 |
and 31 December 2021 |
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 |
Depreciation |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
Net book value |
At 31 December 2021 |
At 31 December 2020 |
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 |
Net book value |
At 31 December 2021 |
At 31 December 2020 |
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 |
Other debtors |
Directors' current accounts | 102,206 | 126,956 |
Prepayments and accrued income |
8. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Corporation tax |
Social security and other taxes | ( |
) |
Pension commitments | 218 | 264 |
VAT | 36,760 | 93,939 |
Other creditors |
Accruals and deferred income |
Accrued expenses |
9. | Creditors: amounts falling due after more than one year |
2021 | 2020 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more than 5 yrs |
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 |
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: | £ | £ |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |