Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31true8false2023-04-01falseNo description of principal activity8trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC446822 2023-04-01 2024-03-31 SC446822 2022-04-01 2023-03-31 SC446822 2024-03-31 SC446822 2023-03-31 SC446822 c:Director1 2023-04-01 2024-03-31 SC446822 c:Director2 2023-04-01 2024-03-31 SC446822 c:Director3 2023-04-01 2024-03-31 SC446822 c:Director4 2023-04-01 2024-03-31 SC446822 c:RegisteredOffice 2023-04-01 2024-03-31 SC446822 d:Buildings 2023-04-01 2024-03-31 SC446822 d:Buildings 2024-03-31 SC446822 d:Buildings 2023-03-31 SC446822 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC446822 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 SC446822 d:Buildings d:LongLeaseholdAssets 2024-03-31 SC446822 d:Buildings d:LongLeaseholdAssets 2023-03-31 SC446822 d:MotorVehicles 2023-04-01 2024-03-31 SC446822 d:MotorVehicles 2024-03-31 SC446822 d:MotorVehicles 2023-03-31 SC446822 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC446822 d:OfficeEquipment 2023-04-01 2024-03-31 SC446822 d:OfficeEquipment 2024-03-31 SC446822 d:OfficeEquipment 2023-03-31 SC446822 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC446822 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC446822 d:CurrentFinancialInstruments 2024-03-31 SC446822 d:CurrentFinancialInstruments 2023-03-31 SC446822 d:Non-currentFinancialInstruments 2024-03-31 SC446822 d:Non-currentFinancialInstruments 2023-03-31 SC446822 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 SC446822 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 SC446822 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 SC446822 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 SC446822 d:ShareCapital 2024-03-31 SC446822 d:ShareCapital 2023-03-31 SC446822 d:RetainedEarningsAccumulatedLosses 2024-03-31 SC446822 d:RetainedEarningsAccumulatedLosses 2023-03-31 SC446822 c:OrdinaryShareClass1 2023-04-01 2024-03-31 SC446822 c:OrdinaryShareClass1 2024-03-31 SC446822 c:OrdinaryShareClass1 2023-03-31 SC446822 c:OrdinaryShareClass2 2023-04-01 2024-03-31 SC446822 c:OrdinaryShareClass2 2024-03-31 SC446822 c:OrdinaryShareClass2 2023-03-31 SC446822 c:OrdinaryShareClass3 2023-04-01 2024-03-31 SC446822 c:OrdinaryShareClass3 2024-03-31 SC446822 c:OrdinaryShareClass3 2023-03-31 SC446822 c:FRS102 2023-04-01 2024-03-31 SC446822 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 SC446822 c:FullAccounts 2023-04-01 2024-03-31 SC446822 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC446822 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC446822










PROFILE PROJECTS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
PROFILE PROJECTS LTD
 

COMPANY INFORMATION


Directors
Mr N S Kinnell 
Mr M McGrath 
Mrs N Kinnell 
Mrs T A McGrath 




Registered number
SC446822



Registered office
Blairingone Church
Main Street

Blairingone

Dollar

FK14 7NY




Accountants
EQ Accountants Limited
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
PROFILE PROJECTS LTD
REGISTERED NUMBER: SC446822

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 4 
555,498
10,563

  
555,498
10,563

Current assets
  

Stocks
  
754,203
683,764

Debtors: amounts falling due within one year
 5 
882,087
887,185

Cash at bank and in hand
  
58,461
40,407

  
1,694,751
1,611,356

Creditors: amounts falling due within one year
 6 
(1,110,649)
(884,201)

Net current assets
  
 
 
584,102
 
 
727,155

Total assets less current liabilities
  
1,139,600
737,718

Creditors: amounts falling due after more than one year
 7 
(251,224)
(117,000)

Provisions for liabilities
  

Deferred tax
  
(42)
(2,640)

  
 
 
(42)
 
 
(2,640)

Net assets
  
888,334
618,078


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
888,234
617,978

  
888,334
618,078


Page 1

 
PROFILE PROJECTS LTD
REGISTERED NUMBER: SC446822

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr N S Kinnell
Mr M McGrath
Director
Director


Date: 17 September 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
PROFILE PROJECTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Profile Projects Ltd is a private company, limited by shares, incorporated in Scotland with registration number SC446822. The registered office is Blairingone Church, Blairingone, Dollar, FK14 7NY.
The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 
PROFILE PROJECTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Page 4

 
PROFILE PROJECTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Nil
Leasehold improvement
-
10%
straight line
Motor vehicles
-
25%
straight line
Office equipment
-
25%
straight line

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 profit or loss.

 
2.7

Work in progress

Work in progress is valued at the lower of cost and net realisable value.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 8).

Page 5

 
PROFILE PROJECTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Freehold property
Leasehold improvement
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
-
13,195
5,634
4,086
22,915


Additions
555,498
-
-
-
555,498


Disposals
-
(13,195)
-
-
(13,195)



At 31 March 2024

555,498
-
5,634
4,086
565,218



Depreciation


At 1 April 2023
-
2,705
5,634
4,013
12,352


Charge for the year on owned assets
-
1,231
-
73
1,304


Disposals
-
(3,936)
-
-
(3,936)



At 31 March 2024

-
-
5,634
4,086
9,720



Net book value



At 31 March 2024
555,498
-
-
-
555,498



At 31 March 2023
-
10,490
-
73
10,563


5.


Debtors

2024
2023
£
£


Other debtors
772,407
790,121

Prepayments and accrued income
1,527
11,656

Tax recoverable
108,153
85,408

882,087
887,185


Included in other debtors are loans due from the directors amounting to £539,165 (2023 - £658,190). Interest is charged at official rates and no repayment terms have been agreed.

Page 6

 
PROFILE PROJECTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
78,926
52,000

Trade creditors
571,369
514,474

Other taxation and social security
446,098
307,975

Other creditors
11,928
5,332

Accruals and deferred income
2,328
4,420

1,110,649
884,201


Bank loans of £26,926 are secured.


7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
251,224
117,000

251,224
117,000


Bank loans of £186,224 are secured with £78,522 falling due in more than 5 years. 


8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



90 (2023 - 90) Ordinary Shares of £1.00 each
90
90
5 (2023 - 5) Ordinary A Shares of £1.00 each
5
5
5 (2023 - 5) Ordinary B Shares of £1.00 each
5
5

100

100



Page 7