Company registration number 07743120 (England and Wales)
THE PROFESSIONAL FUNDRAISER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
THE PROFESSIONAL FUNDRAISER LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
THE PROFESSIONAL FUNDRAISER LIMITED
BALANCE SHEET
AS AT
29 MARCH 2024
29 March 2024
- 1 -
29 March 2024
30 March 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
235,912
283,474
Tangible assets
5
36,441
66,685
272,353
350,159
Current assets
Debtors
6
1,819,182
977,904
Creditors: amounts falling due within one year
7
(2,027,678)
(1,246,698)
Net current liabilities
(208,496)
(268,794)
Total assets less current liabilities
63,857
81,365
Creditors: amounts falling due after more than one year
8
(84,375)
(206,875)
Provisions for liabilities
10
(67,168)
(73,767)
Net liabilities
(87,686)
(199,277)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(87,687)
(199,278)
Total equity
(87,686)
(199,277)

The notes on pages 3 to 9 form part of these financial statements.

THE PROFESSIONAL FUNDRAISER LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 MARCH 2024
29 March 2024
- 2 -

For the financial period ended 29 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 28 January 2025
Mr K R Hopkins
Director
Company registration number 07743120 (England and Wales)
THE PROFESSIONAL FUNDRAISER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2024
- 3 -
1
Accounting policies
Company information

The Professional Fundraiser Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Dutch Barn, Church Farm, Astwick Road, Astwick, Stotfold, SG5 4BH.

1.1
Reporting period

The company shortened its accounting period from 31 March 2022 to 30 March 2022. The accounting year 30 March 2023 is for a full year.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

The company continues to grow, reporting increased turnover year-on-year, and has made steady progress in its recovery and payment of its creditors following the restrictions imposed on it during and after the pandemic. The company has fully recovered its infrastructure that is enabling this growth, and has embarked on a new three-year strategy.true

 

The director has a reasonable expectation that the company, with the continued support of its clients, creditors and bankers, will have adequate resources in order to continue in operational existence for the foreseeable future.

 

In making this assessment the director has considered the impact of the current economic climate as well as the interest rates on the company, its personnel, clients, and suppliers.

 

The director has confidence that, as long as the company continues to be supported by its clients, and creditors and, whilst the bank continues to support the company through the provision of its banking facilities then it is appropriate to continue to use the going concern basis in the preparation of the financial statements.

 

Should the going concern basis not be applicable then adjustments would have to be made to restate the financial statements on a break-up basis.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of discounts and VAT.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately are initially measured at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

THE PROFESSIONAL FUNDRAISER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software development
10 years
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to property
20% straight line
Exhibition equipment
33% straight line
Office equipment
25% & 33% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.9
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.

1.10
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.

THE PROFESSIONAL FUNDRAISER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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 and bank loans 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.

1.11
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.

1.12
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.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of sales or fixed assets.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

THE PROFESSIONAL FUNDRAISER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.16
Government grants

 

CBILS loan

Coronavirus business interruption loan schemes (CBILS) which are backed and guaranteed by UK Government are initially recognised at fair value and held as a financial liability. Interest is payable for the initial 12 months of the loan and is recognised using an effective interest rate and recorded in the income statement as an interest expense. After this period the loan adopts the same accounting treatment of that followed as a basic debt instrument under the financial instrument definition. During the period, the company received £Nil (2023: £403) in government assistance.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Depreciation and amortisation charge

The annual depreciation and amortisation charge for all assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually.

 

Key sources of estimation uncertainty

There are no estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
46
42
THE PROFESSIONAL FUNDRAISER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2024
- 7 -
4
Intangible fixed assets
Other
£
Cost
At 31 March 2023
496,383
Additions
6,394
At 29 March 2024
502,777
Amortisation and impairment
At 31 March 2023
212,909
Amortisation charged for the period
53,956
At 29 March 2024
266,865
Carrying amount
At 29 March 2024
235,912
At 30 March 2023
283,474
5
Tangible fixed assets
Improvements to property
Exhibition equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 31 March 2023 and 29 March 2024
42,203
56,232
173,255
166,099
437,789
Depreciation and impairment
At 31 March 2023
30,083
56,232
162,184
122,605
371,104
Depreciation charged in the period
8,441
-
0
10,952
10,851
30,244
At 29 March 2024
38,524
56,232
173,136
133,456
401,348
Carrying amount
At 29 March 2024
3,679
-
0
119
32,643
36,441
At 30 March 2023
12,120
-
0
11,071
43,494
66,685
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
371,061
172,106
Corporation tax recoverable
267,147
147,283
Other debtors
807,456
460,630
Prepayments and accrued income
373,518
197,885
1,819,182
977,904
THE PROFESSIONAL FUNDRAISER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2024
- 8 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9
250,328
210,206
Trade creditors
136,218
66,120
Corporation tax
270,072
111,250
Other taxation and social security
692,726
499,783
Other creditors
541,717
266,689
Accruals and deferred income
136,617
92,650
2,027,678
1,246,698
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
9
84,375
206,875
9
Loans and overdrafts
2024
2023
£
£
Bank loans
206,875
329,375
Bank overdrafts
127,828
87,706
334,703
417,081
Payable within one year
250,328
210,206
Payable after one year
84,375
206,875

The bank loans are secured by a fixed and floating charge, dated 15 January 2020, over the assets of the company.

10
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
11
67,168
73,767
THE PROFESSIONAL FUNDRAISER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2024
- 9 -
11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
67,168
73,767
2024
Movements in the period:
£
Liability at 31 March 2023
73,767
Credit to profit or loss
(6,599)
Liability at 29 March 2024
67,168

The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances.

12
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of intangible assets
-
6,779
13
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Total
23,961
96,126
14
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr K R Hopkins - Loan
2.00
446,198
413,638
14,514
(73,000)
801,350
446,198
413,638
14,514
(73,000)
801,350
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