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Registered number: 10026597
The Profitable Firm Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
MAP ACCOUNTANTS LTD
16 Blackfriars Street
Manchester
M3 5BQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10026597
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 70,065 78,379
Tangible Assets 5 8,183 5,743
78,248 84,122
CURRENT ASSETS
Debtors 6 210,240 103,310
Cash at bank and in hand 199,780 209,349
410,020 312,659
Creditors: Amounts Falling Due Within One Year 7 (63,292 ) (76,910 )
NET CURRENT ASSETS (LIABILITIES) 346,728 235,749
TOTAL ASSETS LESS CURRENT LIABILITIES 424,976 319,871
PROVISIONS FOR LIABILITIES
Deferred Taxation (17,558 ) (17,558 )
NET ASSETS 407,418 302,313
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 407,318 302,213
SHAREHOLDERS' FUNDS 407,418 302,313
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss Karen Reyburn
Director
30th July 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
The Profitable Firm Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10026597 . The registered office is 16 Blackfriars Street, Manchester, M3 5BQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets is the development of software. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 20% Straight Line
Computer Equipment 20% Straight Line
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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2.6. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 11)
13 11
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 April 2023 83,918 37,550 121,468
As at 31 March 2024 83,918 37,550 121,468
Amortisation
As at 1 April 2023 29,494 13,595 43,089
Provided during the period 4,214 4,100 8,314
As at 31 March 2024 33,708 17,695 51,403
Net Book Value
As at 31 March 2024 50,210 19,855 70,065
As at 1 April 2023 54,424 23,955 78,379
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 6,654 5,342 11,996
Additions 1,710 2,744 4,454
As at 31 March 2024 8,364 8,086 16,450
Depreciation
As at 1 April 2023 5,561 692 6,253
Provided during the period 753 1,261 2,014
As at 31 March 2024 6,314 1,953 8,267
Net Book Value
As at 31 March 2024 2,050 6,133 8,183
As at 1 April 2023 1,093 4,650 5,743
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Page 5
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 12,223 8,598
Prepayments and accrued income 15,488 3,489
Other debtors 172,994 77,011
Director's loan account 9,535 14,212
210,240 103,310
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,698 3,201
Bank loans and overdrafts 2,859 537
Corporation tax 20,339 18,030
Other taxes and social security 10,602 8,071
VAT 11,565 21,281
Other creditors 2,097 1,340
Accruals and deferred income 13,132 24,450
63,292 76,910
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Miss Karen Reyburn 14,211 33,961 38,638 - 9,535
The above loan is unsecured, interest free and repayable on demand.
10. Related Party Transactions
Profitable Firm Inc.A company under the common control of the directors.At the balance sheet date Profitable Firm Inc. owed an amount of £171,058.20 to Profitable Firm Ltd.

Profitable Firm Inc.

A company under the common control of the directors.

At the balance sheet date Profitable Firm Inc. owed an amount of £171,058.20 to Profitable Firm Ltd.

The Profitable Firm HoldingsA company under the common control of the directors.At the balance sheet date Profitablle Firm Holdings owed an amount of £1,935.60 to Profitable Firm Ltd.

The Profitable Firm Holdings

A company under the common control of the directors.

At the balance sheet date Profitablle Firm Holdings owed an amount of £1,935.60 to Profitable Firm Ltd.

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