Registered number
04718765
Proflex Limited
Filleted Accounts
31 May 2024
Proflex Limited
Registered number: 04718765
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 34,808 46,978
Current assets
Debtors 4 939,847 659,856
Cash at bank and in hand 873,581 791,541
1,813,428 1,451,397
Creditors: amounts falling due within one year 5 (343,146) (280,988)
Net current assets 1,470,282 1,170,409
Total assets less current liabilities 1,505,090 1,217,387
Provisions for liabilities (8,408) (5,622)
Net assets 1,496,682 1,211,765
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 1,495,682 1,210,765
Shareholders' funds 1,496,682 1,211,765
The director is 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 director acknowledges his 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 and director's report have not been delivered to the Registrar of Companies.
G G Collacott
Director
Approved by the board on 11 October 2024
Proflex Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention, 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) and the Companies Act 2006.
Turnover
Turnover represents the value, net of value added tax, of work carried out in respect of services provided to customers. It is recognised on the provision of services on a percentage degree of completion basis calculated by reference to the time expended compared to the total anticipated time.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10%-33.2% reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised 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.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
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. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable for the year by the company to the fund.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 38 42
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 87,071 2,000 89,071
Disposals - (2,000) (2,000)
At 31 May 2024 87,071 - 87,071
Depreciation
At 1 June 2023 40,660 1,433 42,093
Charge for the year 11,603 71 11,674
On disposals - (1,504) (1,504)
At 31 May 2024 52,263 - 52,263
Net book value
At 31 May 2024 34,808 - 34,808
At 31 May 2023 46,411 567 46,978
4 Debtors 2024 2023
£ £
Trade debtors 543,975 442,087
Other debtors 395,872 217,769
939,847 659,856
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 4,990 13,714
Corporation tax 112,673 66,666
Other taxes and social security costs 151,801 141,351
Other creditors 73,682 59,257
343,146 280,988
6 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases - 4,510
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
G.G.Collacott
The outstanding loan is interest free and repayable on demand.The amounts paid/repaid represent the total of such items during the year. The balance due from the director at the year end is shown under Other Debtors in the Balance Sheet. 106,003 100,000 (1,260) 204,743
106,003 100,000 (1,260) 204,743
8 Other information
Proflex Limited is a private company limited by shares and incorporated in England. Its registered office is:
HCH House
Horton Road
Slough
Berkshire
SL3 0AT
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