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Registration number: 03861147

Profile (Brighton) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Profile (Brighton) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Profile (Brighton) Limited

Company Information

Directors

L Ajoodanpour

B Ajoodanpour

Company secretary

B Ajoodanpour

Registered office

Maria House
35 Millers Road
Brighton
BN1 5NP

Accountants

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
BN1 5NP

 

Profile (Brighton) Limited

(Registration number: 03861147)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,062,880

1,072,818

Current assets

 

Stocks

5

429,917

700,273

Debtors

6

148,377

167,371

Cash at bank and in hand

 

461,419

570,562

 

1,039,713

1,438,206

Creditors: Amounts falling due within one year

7

(451,479)

(843,812)

Net current assets

 

588,234

594,394

Total assets less current liabilities

 

1,651,114

1,667,212

Provisions for liabilities

(4,245)

(5,193)

Net assets

 

1,646,869

1,662,019

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

1,646,867

1,662,017

Shareholders' funds

 

1,646,869

1,662,019

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Profile (Brighton) Limited

(Registration number: 03861147)
Balance Sheet as at 31 January 2023

Approved and authorised by the Board on 21 November 2023 and signed on its behalf by:



 

.........................................

L Ajoodanpour

Director

 

Profile (Brighton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Maria House
35 Millers Road
Brighton
BN1 5NP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Profile (Brighton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Tax

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

The current income 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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

10% Straight line

Fixtures and fittings

15% Reducing balance

Office equipment

33% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Profile (Brighton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 11).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2022

1,246,880

259,395

1,506,275

At 31 January 2023

1,246,880

259,395

1,506,275

Depreciation

At 1 February 2022

201,219

232,238

433,457

Charge for the year

5,122

4,816

9,938

At 31 January 2023

206,341

237,054

443,395

Carrying amount

At 31 January 2023

1,040,539

22,341

1,062,880

At 31 January 2022

1,045,661

27,157

1,072,818

Included within the net book value of land and buildings above is £861,726 (2022 - £861,726) in respect of freehold land and buildings, £178,813 (2022 - £183,922) in respect of long leasehold land and buildings and £Nil (2022 - £13) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

429,917

700,273

6

Debtors

Current

2023
£

2022
£

Trade debtors

15,635

14,225

Prepayments

16,932

20,461

Other debtors

115,810

132,685

 

148,377

167,371

 

Profile (Brighton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

256,666

585,501

Taxation and social security

178,886

235,303

Accruals and deferred income

11,716

7,240

Other creditors

4,211

15,768

451,479

843,812

8

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £109,100.00 (2022 - £100,750.00) per ordinary share

 

218,200

 

201,500

         

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share capital of £1 each

2

2

2

2