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REGISTERED NUMBER: 04492108 (England and Wales)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

PROFILE MANUFACTURING SOUTH WEST LIMITED

PROFILE MANUFACTURING SOUTH WEST LIMITED (REGISTERED NUMBER: 04492108)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


PROFILE MANUFACTURING SOUTH WEST LIMITED (REGISTERED NUMBER: 04492108)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 68,821 67,813

CURRENT ASSETS
Stocks 70,014 71,688
Debtors 5 249,801 205,371
Cash at bank 148,443 70,655
468,258 347,714
CREDITORS
Amounts falling due within one year 6 280,741 246,076
NET CURRENT ASSETS 187,517 101,638
TOTAL ASSETS LESS CURRENT
LIABILITIES

256,338

169,451

CREDITORS
Amounts falling due after more than one
year

7

(104,166

)

(155,869

)

PROVISIONS FOR LIABILITIES 8 (13,076 ) (12,884 )
NET ASSETS 139,096 698

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 138,996 598
SHAREHOLDERS' FUNDS 139,096 698

PROFILE MANUFACTURING SOUTH WEST LIMITED (REGISTERED NUMBER: 04492108)

BALANCE SHEET - continued
31 JULY 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Profit and loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 October 2023 and were signed by:





Mr M G Adcock - Director


PROFILE MANUFACTURING SOUTH WEST LIMITED (REGISTERED NUMBER: 04492108)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

Profile Manufacturing South West Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04492108

Registered office: Unit 3
Alverdiscott Road Industrial Estate
BIDEFORD
Devon
EX39 4LQ

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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% reducing balance and 25% cost
Motor vehicles - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 balance sheet date.


PROFILE MANUFACTURING SOUTH WEST LIMITED (REGISTERED NUMBER: 04492108)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 20 ) .

PROFILE MANUFACTURING SOUTH WEST LIMITED (REGISTERED NUMBER: 04492108)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 August 2022 83,503 68,148 25,862 177,513
Additions 835 12,980 - 13,815
At 31 July 2023 84,338 81,128 25,862 191,328
DEPRECIATION
At 1 August 2022 39,411 50,049 20,240 109,700
Charge for year 6,739 4,662 1,406 12,807
At 31 July 2023 46,150 54,711 21,646 122,507
NET BOOK VALUE
At 31 July 2023 38,188 26,417 4,216 68,821
At 31 July 2022 44,092 18,099 5,622 67,813

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 August 2022 38,160 10,888 49,048
Transfer to ownership (38,160 ) (10,888 ) (49,048 )
At 31 July 2023 - - -
DEPRECIATION
At 1 August 2022 21,230 6,295 27,525
Transfer to ownership (21,230 ) (6,295 ) (27,525 )
At 31 July 2023 - - -
NET BOOK VALUE
At 31 July 2023 - - -
At 31 July 2022 16,930 4,593 21,523

PROFILE MANUFACTURING SOUTH WEST LIMITED (REGISTERED NUMBER: 04492108)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 197,363 178,094
Other debtors 52,438 27,277
249,801 205,371

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 25,000 25,000
Hire purchase contracts - 7,611
Trade creditors 92,934 119,417
Taxation and social security 83,682 19,900
Other creditors 79,125 74,148
280,741 246,076

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 62,500 92,500
Hire purchase contracts - 1,703
Other creditors 41,666 61,666
104,166 155,869

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 13,076 12,884

Deferred
tax
£   
Balance at 1 August 2022 12,884
Provided during year 192
Balance at 31 July 2023 13,076

PROFILE MANUFACTURING SOUTH WEST LIMITED (REGISTERED NUMBER: 04492108)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
80 Ordinary £1 80 80
10 Ordinary A £1 10 10
2 Ordinary B £1 2 2
6 Ordinary C £1 6 6
2 Ordinary D £1 2 2
100 100

10. RESERVES
Retained
earnings
£   

At 1 August 2022 598
Profit for the year 258,398
Dividends (120,000 )
At 31 July 2023 138,996