Registered number
09608493
PROFEN COMMUNICATIONS LTD
Filleted Accounts
31 December 2022
PROFEN COMMUNICATIONS LTD
Registered number: 09608493
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Current assets
Debtors 3 2,069,040 1,649,490
Cash at bank and in hand 14,723 2,957
2,083,763 1,652,447
Creditors: amounts falling due within one year 4 (172,881) (124,590)
Net current assets 1,910,882 1,527,857
Net assets 1,910,882 1,527,857
Capital and reserves
Called up share capital 650 650
Profit and loss account 1,910,232 1,527,207
Shareholders' funds 1,910,882 1,527,857
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Metin ERGUL
Director
Approved by the board on 29 September 2023
PROFEN COMMUNICATIONS LTD
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A corporation tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A corporation tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Corporation tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 0 0
3 Debtors 2022 2021
£ £
Trade debtors 745,427 745,427
Amounts owed by related parties 1,323,413 903,863
Other debtors 200 200
2,069,040 1,649,490
4 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 73,718 72,612
Taxation and social security costs 97,166 49,978
Accruals and deferred income 1,000 1,000
Other creditors 997 1,000
172,881 124,590
5 Related party transactions
During the year the company made net payments of £469,542 to Profen Iletisim Teknolojileri Ve Hiz.A.S., a company registered in Turkey. Both companies are controilled by the same persons with significant control. At December 2022 there was £1,323,413 owing to company ( 2021 - £ 903,863).
At 31 December 2022 there was also a £ a £745,089 sales debtor (2021 - £745,089) owing to the company from Profen Savunma Ve Guvenlik Teknolojileri A.S., a company registrered in Turkey. Both companies ar econtrolled by the same personswith significant control.
6 Other information
PROFEN COMMUNICATIONS LTD is a private company limited by shares and incorporated in England. Its registered office is:
C/o Unit 4, Kinetica
13 Ramsgate Street
London
E8 2FD
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