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Registration number: 06377334

Profirst UK Ltd

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Profirst UK Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Profirst UK Ltd

Company Information

Directors

B Pani

B Stas

J Maes

Company secretary

Myukoffice Limited

Registered office

Myukoffice Limited,
Westwood House Annie Med Lane
South Cave
Brough
North Humberside
HU15 2HG

Auditors

Bourner Bullock
Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

 

Profirst UK Ltd

(Registration number: 06377334)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Debtors

6

56,739

9,824

Cash at bank and in hand

 

477

672

 

57,216

10,496

Creditors: Amounts falling due within one year

7

(88,602)

(43,395)

Net liabilities

 

(31,386)

(32,899)

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

(41,386)

(42,899)

Shareholders' deficit

 

(31,386)

(32,899)

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.

Approved and authorised by the Board on 28 June 2024 and signed on its behalf by:
 

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

B Pani
Director

 

Profirst UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

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

Principal activity

The principal activity of the Company is that of events management and strategic consulting on brand development, brand activation, brand animation and brand relationship

The address of its registered office is:
Myukoffice Ltd
Westwood House Annie Med Lane
South Cave
Brough
North Humberside
HU15 2HG
United Kingdom

These financial statements were authorised for issue by the Board on 28 June 2024.

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 company is dependent on the support of its parent company to continue as a going concern. Confirmation of this support has been provided and the directors consider it appropriate to prepare the accounts on a going concern basis.

Should the support not continue, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

 

Profirst UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

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 rates prevailing on the initial transaction dates.

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

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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

Depreciation

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% straight line

 

Profirst UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Financial instruments

The Company only enters into basic financial instruments 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 non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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.

 

Profirst UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

3

Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4

Summary audit opinion

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 28 June 2024 was David Wheeler, who signed for and on behalf of Bourner Bullock.

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

5

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 0 (2022 - 0).

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

2,197

9,682

Amounts owed by related parties

9

26,263

-

Prepayments

 

1,150

-

Other debtors

 

27,129

142

   

56,739

9,824

7

Creditors

Creditors: amounts falling due within one year

 

Profirst UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

13,421

22,437

Trade creditors

 

48,159

6,116

Taxation and social security

 

55

7,473

Accruals and deferred income

 

26,967

7,369

 

88,602

43,395

8

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

13,421

22,437

9

Related party transactions

Transactions with Directors

B. Stas (Director)
During the year the company made payments on behalf of B. Stas amounting to £22 (2022 - £0) and received repayments of £0 (2022 - £0). As at the year end the balance owed from B. Stas was £163 (2022 - from B. Stas was £141).

10

Parent and ultimate parent undertaking

The company's immediate parent is Profirst International SA, incorporated in Belgium.

 The ultimate parent is Profirst International SA, incorporated in Belgium.

 The most senior parent entity producing publicly available financial statements is Profirst International SA. These financial statements are available upon request from Chaussée de Lasne 42, 1330 Rixensart, Belgium.