PROFUSION MEDIA LTD.

Company Registration Number:
06947442 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 April 2023

End date: 31 March 2024

PROFUSION MEDIA LTD.

Contents of the Financial Statements

for the Period Ended 31 March 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

PROFUSION MEDIA LTD.

Directors' report period ended 31 March 2024

The directors present their report with the financial statements of the company for the period ended 31 March 2024

Principal activities of the company

The principal activities of the company are business and domestic software development, information technology consultancy and data processing, hosting and related activities.

Additional information

Business progress During this financial year, we undertook a strategic realignment to position the business for sustainable growth. This initiative concentrated on enhancing our core competencies, improving operational efficiency, and implementing a clearly defined growth strategy. As part of this transformation, we completed a comprehensive restructuring process by the end of the financial year, redirecting investment towards diversifying our client base and driving accelerated growth. The substantial benefits arising from these changes are expected to become evident in future accounting periods. Prior year The prior year balance sheet has been adjusted to improve clarity and ensure compliance with accounting standards. Specifically: 1. Accruals and Deferred Income have been separately disclosed, with Deferred Income being reclassified to its correct position. 2. Accrued Income has been reclassified to its correct position. These changes are presentational only and do not affect the previously reported financial position or performance. Directors' interest The company is limited by shares. Directors' responsibilities Company Law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing those financial statements, the Directors are required to: 1. Select suitable accounting policies and then apply them consistently. 2. Make judgements and estimates that are reasonable and prudent. 3. Prepare the financial statements on the going concern basis unless it is appropriate to presume that the company will continue in business. The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with Companies Act 1985. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement of disclosure to the Accountant 1. So far as the Directors are aware, there is no relevant information of which the company's accountant are unaware, and 2. They have taken all steps that they ought to have taken as Directors in order to make themselves aware of any relevant information and to establish that the company's accountant is aware of that information.



Directors

The directors shown below have held office during the period of
5 September 2023 to 31 March 2024

Guy Marson
Russell Parsons


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
19 December 2024

And signed on behalf of the board by:
Name: Guy Marson
Status: Director

PROFUSION MEDIA LTD.

Profit And Loss Account

for the Period Ended 31 March 2024

2024 2023


£

£
Turnover: 5,619,457 6,114,498
Cost of sales: ( 4,717,038 ) ( 5,486,341 )
Gross profit(or loss): 902,419 628,157
Administrative expenses: ( 898,390 ) ( 871,583 )
Operating profit(or loss): 4,029 (243,426)
Profit(or loss) before tax: 4,029 (243,426)
Tax: ( 6,836 )
Profit(or loss) for the financial year: (2,807) (243,426)

PROFUSION MEDIA LTD.

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Current assets
Debtors: 3 1,197,271 1,329,111
Cash at bank and in hand: 60,628 272,718
Total current assets: 1,257,899 1,601,829
Creditors: amounts falling due within one year: 4 ( 537,017 ) ( 878,410 )
Net current assets (liabilities): 720,882 723,419
Total assets less current liabilities: 720,882 723,419
Total net assets (liabilities): 720,882 723,419
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 720,782 723,319
Total Shareholders' funds: 720,882 723,419

The notes form part of these financial statements

PROFUSION MEDIA LTD.

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 19 December 2024
and signed on behalf of the board by:

Name: Guy Marson
Status: Director

The notes form part of these financial statements

PROFUSION MEDIA LTD.

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. When cash inflows are deferred and represent a financial arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

    Other accounting policies

    Cash and Cash Equivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Financial Instruments The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Equity Instruments Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. Derivatives Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. Taxation The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. Deferred tax Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

PROFUSION MEDIA LTD.

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 52 61

PROFUSION MEDIA LTD.

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Debtors

2024 2023
£ £
Trade debtors 922,735 1,082,436
Prepayments and accrued income 274,536 246,675
Total 1,197,271 1,329,111

PROFUSION MEDIA LTD.

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 143,733 284,119
Taxation and social security 227,330 290,460
Accruals and deferred income 137,684 259,320
Other creditors 28,270 44,511
Total 537,017 878,410