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REGISTERED NUMBER: 10152041 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

FOR

PROFIRE ENGINEERING LIMITED

PROFIRE ENGINEERING LIMITED (REGISTERED NUMBER: 10152041)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PROFIRE ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: R E Stapleton
O K A Mukahal
A K A Makahal
K A Mukahal
N D Bolton





REGISTERED OFFICE: Eagle House
28 Billing Road
Northampton
Northamptonshire
NN1 5AJ





REGISTERED NUMBER: 10152041 (England and Wales)





ACCOUNTANTS: DNG Dove Naish LLP
Chartered Accountants
Eagle House
28 Billing Road
Northampton
NN1 5AJ

PROFIRE ENGINEERING LIMITED (REGISTERED NUMBER: 10152041)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 17,133 24,342

CURRENT ASSETS
Stocks 5,077 4,450
Debtors 5 32,609 56,604
Cash at bank and in hand 51,222 40,925
88,908 101,979
CREDITORS
Amounts falling due within one year 6 254,899 266,344
NET CURRENT LIABILITIES (165,991 ) (164,365 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(148,858

)

(140,023

)

CREDITORS
Amounts falling due after more than one
year

7

29,798

43,990
NET LIABILITIES (178,656 ) (184,013 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings (178,756 ) (184,113 )
SHAREHOLDERS' FUNDS (178,656 ) (184,013 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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.

PROFIRE ENGINEERING LIMITED (REGISTERED NUMBER: 10152041)

STATEMENT OF FINANCIAL POSITION - continued
30 APRIL 2023


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 29 September 2023 and were signed on its behalf by:





R E Stapleton - Director


PROFIRE ENGINEERING LIMITED (REGISTERED NUMBER: 10152041)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023


1. STATUTORY INFORMATION

ProFire Engineering Limited is a private company, limited by shares , registered in England and Wales. 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 (£).


The company's place of business is Bragborough Hall Business Centre, Welton Rd, Braunston, NN11 7JG.

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.

The accounts have been prepared on the going concern basis not withstanding the negative position shown in the balance sheet. The shareholders will continue to support the company through shareholder loans which will not be repaid until funds allow.

Significant judgements and estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

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.
Motor vehicles - 33% on cost
Computer equipment - 33% on cost

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

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

PROFIRE ENGINEERING LIMITED (REGISTERED NUMBER: 10152041)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity."

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

PROFIRE ENGINEERING LIMITED (REGISTERED NUMBER: 10152041)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


4. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2022 28,479 9,552 38,031
Additions 176 1,474 1,650
Disposals - (833 ) (833 )
At 30 April 2023 28,655 10,193 38,848
DEPRECIATION
At 1 May 2022 8,212 5,477 13,689
Charge for year 6,771 1,655 8,426
Eliminated on disposal - (400 ) (400 )
At 30 April 2023 14,983 6,732 21,715
NET BOOK VALUE
At 30 April 2023 13,672 3,461 17,133
At 30 April 2022 20,267 4,075 24,342

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 32,463 55,353
Provision for doubtful debts (2,258 ) -
Other debtors 51 -
Directors' current accounts 9 -
Prepayments and accrued income 2,344 1,251
32,609 56,604

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,000 9,000
Hire purchase contracts 5,202 4,796
Trade creditors 12,823 12,618
Social security and other taxes 5,721 4,604
VAT 25,609 26,275
Wages control 61 -
Loan from associated company 194,654 199,904
Directors' current accounts 1,254 8,135
Accruals and deferred income 575 1,012
254,899 266,344

PROFIRE ENGINEERING LIMITED (REGISTERED NUMBER: 10152041)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 9,000 9,000
Bank loans - 2-5 years 9,750 18,750
Hire purchase contracts 11,048 16,240
29,798 43,990

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 16,250 21,036

Obligations under hire purchase agreement are secured upon the asset to which they relate.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1.00 100 100

10. RELATED PARTY DISCLOSURES

At the balance sheet date the company had a loan of £194,654 (2022:£199,904) from a company associated with the directors.