Registered number
06516686
Profile Enterprises Limited
Filleted Accounts
31 March 2024
Profile Enterprises Limited
Registered number: 06516686
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 30,000 37,500
Tangible assets 4 1,393,933 1,265,327
Investments 5 49,450 49,450
1,473,383 1,352,277
Current assets
Debtors 6 958,212 1,207,359
Cash at bank and in hand 867,476 1,092,081
1,825,688 2,299,440
Creditors: amounts falling due within one year 7 (379,632) (574,899)
Net current assets 1,446,056 1,724,541
Total assets less current liabilities 2,919,439 3,076,818
Creditors: amounts falling due after more than one year 8 (81,115) (356,437)
Provisions for liabilities (204,692) (150,149)
Net assets 2,633,632 2,570,232
Capital and reserves
Called up share capital 2 2
Profit and loss account 2,633,630 2,570,230
Shareholders' funds 2,633,632 2,570,232
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.
S Richardson
Director
Approved by the board on 14 November 2024
Profile Enterprises Limited
Notes to the Accounts
for the year ended 31 March 2024
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 and value added taxes. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. 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
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 30 37
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 150,000
At 31 March 2024 150,000
Amortisation
At 1 April 2023 112,500
Provided during the year 7,500
At 31 March 2024 120,000
Net book value
At 31 March 2024 30,000
At 31 March 2023 37,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 2,001,153 1,895,810 3,896,963
Additions 393,581 70,000 463,581
Disposals - (215,327) (215,327)
At 31 March 2024 2,394,734 1,750,483 4,145,217
Depreciation
At 1 April 2023 1,131,322 1,500,314 2,631,636
Charge for the year 191,395 104,186 295,581
On disposals - (175,933) (175,933)
At 31 March 2024 1,322,717 1,428,567 2,751,284
Net book value
At 31 March 2024 1,072,017 321,916 1,393,933
At 31 March 2023 869,831 395,496 1,265,327
5 Investments
Other
investments
£
Cost
At 1 April 2023 49,450
At 31 March 2024 49,450
6 Debtors 2024 2023
£ £
Trade debtors 845,753 1,006,997
Other debtors 112,459 200,362
958,212 1,207,359
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 84,000
Obligations under finance lease and hire purchase contracts 97,538 140,767
Trade creditors 49,138 58,373
Taxation and social security costs 229,020 273,715
Other creditors 3,936 18,044
379,632 574,899
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 182,000
Obligations under finance lease and hire purchase contracts 81,115 174,437
81,115 356,437
9 Other information
Profile Enterprises Limited is a private company limited by shares and incorporated in England. Its registered office is:
Frith House Farm
Rogues Lane
Hinckley
Leicestershire
LE67 3DX
Profile Enterprises Limited 06516686 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts April 2024 S Richardson No description of principal activity 06516686 2022-04-01 2023-03-31 06516686 core:WithinOneYear 2023-03-31 06516686 core:AfterOneYear 2023-03-31 06516686 core:ShareCapital 2023-03-31 06516686 core:RetainedEarningsAccumulatedLosses 2023-03-31 06516686 2023-04-01 2024-03-31 06516686 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06516686 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06516686 bus:Director40 2023-04-01 2024-03-31 06516686 1 2023-04-01 2024-03-31 06516686 2 2023-04-01 2024-03-31 06516686 core:Goodwill 2023-04-01 2024-03-31 06516686 core:PlantMachinery 2023-04-01 2024-03-31 06516686 core:Vehicles 2023-04-01 2024-03-31 06516686 countries:England 2023-04-01 2024-03-31 06516686 bus:FRS102 2023-04-01 2024-03-31 06516686 bus:FilletedAccounts 2023-04-01 2024-03-31 06516686 2024-03-31 06516686 core:WithinOneYear 2024-03-31 06516686 core:AfterOneYear 2024-03-31 06516686 core:ShareCapital 2024-03-31 06516686 core:RetainedEarningsAccumulatedLosses 2024-03-31 06516686 core:Goodwill 2024-03-31 06516686 core:PlantMachinery 2024-03-31 06516686 core:Vehicles 2024-03-31 06516686 2023-03-31 06516686 core:Goodwill 2023-03-31 06516686 core:PlantMachinery 2023-03-31 06516686 core:Vehicles 2023-03-31 iso4217:GBP xbrli:pure