Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31false2022-04-01No description of principal activity89truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC446822 2022-04-01 2023-03-31 SC446822 2021-04-01 2022-03-31 SC446822 2023-03-31 SC446822 2022-03-31 SC446822 c:Director1 2022-04-01 2023-03-31 SC446822 c:Director2 2022-04-01 2023-03-31 SC446822 c:Director3 2022-04-01 2023-03-31 SC446822 c:Director4 2022-04-01 2023-03-31 SC446822 c:RegisteredOffice 2022-04-01 2023-03-31 SC446822 d:Buildings d:LongLeaseholdAssets 2022-04-01 2023-03-31 SC446822 d:Buildings d:LongLeaseholdAssets 2023-03-31 SC446822 d:Buildings d:LongLeaseholdAssets 2022-03-31 SC446822 d:MotorVehicles 2022-04-01 2023-03-31 SC446822 d:MotorVehicles 2023-03-31 SC446822 d:MotorVehicles 2022-03-31 SC446822 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC446822 d:OfficeEquipment 2022-04-01 2023-03-31 SC446822 d:OfficeEquipment 2023-03-31 SC446822 d:OfficeEquipment 2022-03-31 SC446822 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC446822 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC446822 d:CurrentFinancialInstruments 2023-03-31 SC446822 d:CurrentFinancialInstruments 2022-03-31 SC446822 d:Non-currentFinancialInstruments 2023-03-31 SC446822 d:Non-currentFinancialInstruments 2022-03-31 SC446822 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 SC446822 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 SC446822 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 SC446822 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 SC446822 d:ShareCapital 2023-03-31 SC446822 d:ShareCapital 2022-03-31 SC446822 d:RetainedEarningsAccumulatedLosses 2023-03-31 SC446822 d:RetainedEarningsAccumulatedLosses 2022-03-31 SC446822 c:OrdinaryShareClass1 2022-04-01 2023-03-31 SC446822 c:OrdinaryShareClass1 2023-03-31 SC446822 c:OrdinaryShareClass1 2022-03-31 SC446822 c:OrdinaryShareClass2 2022-04-01 2023-03-31 SC446822 c:OrdinaryShareClass2 2023-03-31 SC446822 c:OrdinaryShareClass2 2022-03-31 SC446822 c:OrdinaryShareClass3 2022-04-01 2023-03-31 SC446822 c:OrdinaryShareClass3 2023-03-31 SC446822 c:OrdinaryShareClass3 2022-03-31 SC446822 c:FRS102 2022-04-01 2023-03-31 SC446822 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 SC446822 c:FullAccounts 2022-04-01 2023-03-31 SC446822 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC446822










PROFILE PROJECTS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 
PROFILE PROJECTS LTD
 

COMPANY INFORMATION


Directors
Mr N S Kinnell 
Mr M McGrath 
Mrs N Kinnell 
Mrs T A McGrath 




Registered number
SC446822



Registered office
Blairingone Church
Main Street

Blairingone

Dollar

FK14 7NY




Accountants
EQ Accountants LLP
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
PROFILE PROJECTS LTD
REGISTERED NUMBER: SC446822

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
 4 
10,563
10,913

  
10,563
10,913

Current assets
  

Stocks
  
683,764
498,889

Debtors: amounts falling due within one year
 5 
887,185
639,831

Cash at bank and in hand
  
40,407
-

  
1,611,356
1,138,720

Creditors: amounts falling due within one year
 6 
(884,201)
(765,360)

Net current assets
  
 
 
727,155
 
 
373,360

Total assets less current liabilities
  
737,718
384,273

Creditors: amounts falling due after more than one year
 7 
(117,000)
(169,000)

Provisions for liabilities
  

Deferred tax
  
(2,640)
(2,073)

  
 
 
(2,640)
 
 
(2,073)

Net assets
  
618,078
213,200


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
617,978
213,100

  
618,078
213,200


Page 1

 
PROFILE PROJECTS LTD
REGISTERED NUMBER: SC446822

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr N S Kinnell
Mr M McGrath
Director
Director


Date: 27 October 2023

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
PROFILE PROJECTS LTD
 

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

1.


General information

Profile Projects Ltd is a private company, limited by shares, incorporated in Scotland with registration number SC446822. The registered office is Blairingone Church, Blairingone, Dollar, FK14 7NY.
The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.  Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
PROFILE PROJECTS LTD
 

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

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

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

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Page 4

 
PROFILE PROJECTS LTD
 

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

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvement
-
10%
straight line
Motor vehicles
-
25%
straight line
Office equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Work in progress

Work in progress is valued at the lower of cost and net realisable value.

 
2.9

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 debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 9).

Page 5

 
PROFILE PROJECTS LTD
 

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

4.


Tangible fixed assets





Leasehold improvement
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2022
12,188
5,634
4,086
21,908


Additions
1,007
-
-
1,007



At 31 March 2023

13,195
5,634
4,086
22,915



Depreciation


At 1 April 2022
1,422
5,634
3,939
10,995


Charge for the year on owned assets
1,283
-
74
1,357



At 31 March 2023

2,705
5,634
4,013
12,352



Net book value



At 31 March 2023
10,490
-
73
10,563



At 31 March 2022
10,766
-
147
10,913


5.


Debtors

2023
2022
£
£


Other debtors
790,121
555,585

Prepayments and accrued income
11,656
13,887

Tax recoverable
85,408
70,359

887,185
639,831


Included in other debtors are loans due from the directors amounting to £658,190 (2022 - £540,797). Interest is charged at official rates and no repayment terms have been agreed.

Page 6

 
PROFILE PROJECTS LTD
 

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

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
162,126

Bank loans
52,000
52,000

Trade creditors
514,474
374,374

Other taxation and social security
307,975
164,766

Other creditors
5,332
4,463

Accruals and deferred income
4,420
7,631

884,201
765,360


The bank overdraft is secured.


7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
117,000
169,000

117,000
169,000



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



90 (2022 - 90) Ordinary Shares of £1.00 each
90
90
5 (2022 - 5) Ordinary A Shares of £1.00 each
5
5
5 (2022 - 5) Ordinary B Shares of £1.00 each
5
5

100

100



Page 7