The Profit Partnership (UK) Ltd 02945501 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Consultancy Digita Accounts Production Advanced 6.30.9574.0 true 02945501 2023-04-01 2024-03-31 02945501 2024-03-31 02945501 core:RetainedEarningsAccumulatedLosses 2024-03-31 02945501 core:ShareCapital 2024-03-31 02945501 core:CurrentFinancialInstruments 2024-03-31 02945501 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 02945501 core:FurnitureFittings 2024-03-31 02945501 core:PlantMachinery 2024-03-31 02945501 bus:SmallEntities 2023-04-01 2024-03-31 02945501 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02945501 bus:FilletedAccounts 2023-04-01 2024-03-31 02945501 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02945501 bus:RegisteredOffice 2023-04-01 2024-03-31 02945501 bus:Director1 2023-04-01 2024-03-31 02945501 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02945501 core:FurnitureFittings 2023-04-01 2024-03-31 02945501 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 02945501 core:PlantMachinery 2023-04-01 2024-03-31 02945501 countries:EnglandWales 2023-04-01 2024-03-31 02945501 2023-03-31 02945501 core:FurnitureFittings 2023-03-31 02945501 core:PlantMachinery 2023-03-31 02945501 2022-04-01 2023-03-31 02945501 2023-03-31 02945501 core:RetainedEarningsAccumulatedLosses 2023-03-31 02945501 core:ShareCapital 2023-03-31 02945501 core:CurrentFinancialInstruments 2023-03-31 02945501 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 02945501 core:FurnitureFittings 2023-03-31 02945501 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 02945501

The Profit Partnership (UK) Ltd
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2024

 

The Profit Partnership (UK) Ltd

(Registration number: 02945501)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

611

724

Current assets

 

Debtors

5

8,240

8,780

Cash at bank and in hand

 

3,540

8,886

 

11,780

17,666

Creditors: Amounts falling due within one year

6

(8,738)

(12,302)

Net current assets

 

3,042

5,364

Total assets less current liabilities

 

3,653

6,088

Provisions for liabilities

(115)

(138)

Net assets

 

3,538

5,950

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

2,538

4,950

Shareholders' funds

 

3,538

5,950

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 28 November 2024 and signed on its behalf by:
 

.........................................
Mr D Sequeria
Director

 

The Profit Partnership (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Sweet Orchard House, Fleet Hill, Wokingham, Berkshire, RG40 4LJ.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax and discounts.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Tax

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

The current income 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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

The Profit Partnership (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Fixtures, fittings and equipment

33.33% reducing balance

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

The Profit Partnership (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

750

3,744

4,494

At 31 March 2024

750

3,744

4,494

Depreciation

At 1 April 2023

699

3,071

3,770

Charge for the year

11

102

113

At 31 March 2024

710

3,173

3,883

Carrying amount

At 31 March 2024

40

571

611

At 31 March 2023

51

673

724

5

Debtors

2024
£

2023
£

Trade debtors

7,740

8,280

Other debtors

500

500

8,240

8,780

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

9

17

Taxation and social security

3,870

5,725

Accruals and deferred income

958

1,538

Other creditors

3,901

5,022

8,738

12,302