Registered number
07763741
Profit Centre Limited
Filleted Accounts
30 September 2023
Profit Centre Limited
Registered number: 07763741
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 57,500 77,500
Current assets
Cash at bank and in hand 16,287 3,430
Creditors: amounts falling due within one year 4 (25,377) (30,742)
Net current liabilities (9,090) (27,312)
Total assets less current liabilities 48,410 50,188
Creditors: amounts falling due after more than one year 5 (36,497) (41,748)
Net assets 11,913 8,440
Capital and reserves
Called up share capital 100 100
Profit and loss account 11,813 8,340
Shareholders' funds 11,913 8,440
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Deepika Chechani
Director
Approved by the board on 25 June 2024
Profit Centre Limited
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Investments
Other
investments
£
Cost
At 1 October 2022 77,500
Disposals (20,000)
At 30 September 2023 57,500
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,070 4,920
Corporation tax 5,628 8,034
Other creditors 14,679 17,788
25,377 30,742
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 36,497 41,748
6 Other information
Profit Centre Limited is a private company limited by shares and incorporated in England. Its registered office is:
52 Jellicoe Gardens
Stanmore
Middlesex
HA7 3NS
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