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Company registration number: 03165027
Aurora Profiles Limited
Unaudited filleted financial statements
31 December 2023
Aurora Profiles Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Aurora Profiles Limited
Directors and other information
Directors D Beaumont
Company number 03165027
Registered office Evanston Avenue
Kirkstall Road
Leeds
LS4 2HR
Accountants Turner and Brown Limited
105 Garstang Road
Preston
Lancashire
PR1 1LD
Aurora Profiles Limited
Statement of financial position
31 December 2023
31/12/23 31/03/23
Note £ £ £ £
Fixed assets
Tangible assets 5 488,240 510,932
_______ _______
488,240 510,932
Current assets
Stocks 175,175 103,156
Debtors 6 1,860,286 1,889,994
Cash at bank and in hand 36,971 47,823
_______ _______
2,072,432 2,040,973
Creditors: amounts falling due
within one year 7 ( 679,213) ( 729,484)
_______ _______
Net current assets 1,393,219 1,311,489
_______ _______
Total assets less current liabilities 1,881,459 1,822,421
Creditors: amounts falling due
after more than one year 8 ( 227,494) ( 243,303)
Provisions for liabilities ( 34,580) ( 39,198)
_______ _______
Net assets 1,619,385 1,539,920
_______ _______
Capital and reserves
Called up share capital 27,222 27,222
Share premium account 11,110 11,110
Revaluation reserve 147,638 149,461
Capital redemption reserve 25,000 25,000
Profit and loss account 1,408,415 1,327,127
_______ _______
Shareholders funds 1,619,385 1,539,920
_______ _______
For the period ending 31 December 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 financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 September 2024 , and are signed on behalf of the board by:
D Beaumont
Director
Company registration number: 03165027
Aurora Profiles Limited
Notes to the financial statements
Period ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Evanston Avenue, Kirkstall Road, Leeds, LS4 2HR.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is recorded as the fair value of consideration receivable for goods sold and services rendered net of any applicable discounts and VAT. Income for both goods and services is recognised at the point the company becomes legally entitled to the income. In the case of goods this is usually on dispatch. In the case of services this is usually on completion of the requested services.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - Straight line over the remaining lease period to October 2084
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 10 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 13 (2023: 13 ).
5. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2023 360,000 693,340 57,379 51,864 1,162,583
Additions - 5,089 4,629 - 9,718
_______ _______ _______ _______ _______
At 31 December 2023 360,000 698,429 62,008 51,864 1,172,301
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 5,760 549,441 57,379 39,072 651,652
Charge for the year 2,497 23,306 814 3,969 30,586
Revaluation reserve 1,823 - - - 1,823
_______ _______ _______ _______ _______
At 31 December 2023 10,080 572,747 58,193 43,041 684,061
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2023 349,920 125,682 3,815 8,823 488,240
_______ _______ _______ _______ _______
At 31 March 2023 354,240 143,899 - 12,792 510,931
_______ _______ _______ _______ _______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Long leasehold property Total
£ £
At 31 December 2023
Aggregate cost 208,109 208,109
Aggregate depreciation (65,255) (65,255)
_______ _______
Carrying amount 142,854 142,854
_______ _______
At 31 March 2023
Aggregate cost 208,109 208,109
Aggregate depreciation (63,491) (63,491)
_______ _______
Carrying amount 144,618 144,618
_______ _______
6. Debtors
31/12/23 31/03/23
£ £
Trade debtors 539,134 675,076
Other debtors 1,321,152 1,214,918
_______ _______
1,860,286 1,889,994
_______ _______
7. Creditors: amounts falling due within one year
31/12/23 31/03/23
£ £
Bank loans and overdrafts 224,747 130,970
Trade creditors 410,103 485,315
Social security and other taxes 33,691 107,055
Other creditors 10,672 6,144
_______ _______
679,213 729,484
_______ _______
8. Creditors: amounts falling due after more than one year
31/12/23 31/03/23
£ £
Bank loans and overdrafts 227,494 243,303
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 10,323 9,911
Later than 1 year and not later than 5 years 10,719 4,331
_______ _______
21,042 14,242
_______ _______
10. Other financial commitments
The company operates from premises held a lease which expires in October 2084. The total lease payments due under that lease at current rental payments on an undiscounted basis are £547,500 (March 2023: £554,250).
11. Related party transactions
Throughout the period the company has advanced a loan of £1,300,000 to its parent company. This loan is interest free and repayable on demand and is recorded within other debtors within these accounts. Separately in the year tax losses equal to the company's taxable trading profits were surrendered to this company by a fellow group company for which no payment was made. Credit Corporation Tax is shown in the current period due to the fact that group losses were also surrendered for the prior year which had not previously been shown in the accounts. Again, no payment was made for these losses.