Profoil Systems Ltd 31/12/2024 iXBRL

Company registration number: 07252946

Profoil Systems Ltd

Unaudited filleted financial statements

31 December 2024

Profoil Systems Ltd

Contents

Directors and other information

Accountants report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Profoil Systems Ltd

Directors and other information


	Directors	Mr B J Corbett
		Mr W R Caslon


	Company number	07252946


	Registered office	Lyon Way
		Hatfield Road
		St. Albans
		Herts
		AL4 0AB


	Accountants	Hicks and Company
		Chartered Accountants
		First Floor
		99 Bancroft
		Hitchin
		Herts
		SG5 1NQ

Profoil Systems Ltd

Chartered accountants report to the board of directors on the preparation of the

unaudited statutory financial statements of Profoil Systems Ltd

Year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Profoil Systems Ltd for the year ended 31 December 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.

This report is made solely to the board of directors of Profoil Systems Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Profoil Systems Ltd and state those matters that we have agreed to state to the board of directors of Profoil Systems Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Profoil Systems Ltd and its board of directors as a body for our work or for this report.

It is your duty to ensure that Profoil Systems Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Profoil Systems Ltd. You consider that Profoil Systems Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Profoil Systems Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hicks and Company

Chartered Accountants

First Floor

99 Bancroft

Hitchin

Herts

SG5 1NQ

29 September 2025

Profoil Systems Ltd

Statement of financial position

31 December 2024

		31/12/24		31/12/23
	Note	£	£	£	£

Fixed assets
Tangible assets	4	329		1,253
		_______		_______
			329		1,253

Current assets
Stocks		48,604		70,206
Debtors	5	123,171		70,485
Cash at bank and in hand		7,465		22,193
		_______		_______
		179,240		162,884
Creditors: amounts falling due
within one year	6	( 169,334)		( 118,430)
		_______		_______
Net current assets			9,906		44,454
			_______		_______
Total assets less current liabilities			10,235		45,707

Creditors: amounts falling due
after more than one year	7		( 3,273)		( 13,922)

Provisions for liabilities			( 313)		( 313)

			_______		_______
Net assets			6,649		31,472
			_______		_______

Capital and reserves
Called up share capital			11,350		11,350
Share premium account			3,758		3,758
Capital redemption reserve			400		400
Reserve for own shares			( 9,988)		( 9,988)
Profit and loss account			1,129		25,952
			_______		_______
Shareholders funds			6,649		31,472
			_______		_______

For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 29 September 2025 , and are signed on behalf of the board by:

Mr W R Caslon

Director

Company registration number: 07252946

Profoil Systems Ltd

Statement of changes in equity

Year ended 31 December 2024

	Called up share capital	Share premium account	Capital redemption reserve	Reserve for own shares	Profit and loss account	Total
	£	£	£	£	£	£


At 1 April 2023	11,350	3,758	400	( 9,988)	26,660	32,180

Profit for the year					12,373	12,373
	_______	_______	_______	_______	_______	_______
Total comprehensive income for the year	-	-	-	-	12,373	12,373

Dividends paid and payable					( 13,081)	( 13,081)
	_______	_______	_______	_______	_______	_______
Total investments by and distributions to owners	-	-	-	-	( 13,081)	( 13,081)

	_______	_______	_______	_______	_______	_______
At 31 December 2023 and 1 January 2024	11,350	3,758	400	( 9,988)	25,952	31,472

Profit for the year					17,625	17,625
	_______	_______	_______	_______	_______	_______
Total comprehensive income for the year	-	-	-	-	17,625	17,625

Dividends paid and payable					( 42,448)	( 42,448)
	_______	_______	_______	_______	_______	_______
Total investments by and distributions to owners	-	-	-	-	( 42,448)	( 42,448)

	_______	_______	_______	_______	_______	_______
At 31 December 2024	11,350	3,758	400	( 9,988)	1,129	6,649
	_______	_______	_______	_______	_______	_______

Profoil Systems Ltd

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Caslon House, Lyon Way, Hatfield Road, St. Albans, Herts, AL4 0AB.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	Straight line over 3 years

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised retrospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.

4. Tangible assets

	Fixtures, fittings and equipment	Total
	£	£
Cost
At 1 January 2024 and 31 December 2024	6,124	6,124
	_______	_______
Depreciation
At 1 January 2024	4,871	4,871
Charge for the year	924	924
	_______	_______
At 31 December 2024	5,795	5,795
	_______	_______
Carrying amount
At 31 December 2024	329	329
	_______	_______
At 31 December 2023	1,253	1,253
	_______	_______

5. Debtors

	31/12/24	31/12/23
	£	£
Trade debtors	93,217	34,671
Other debtors	29,954	35,814
	_______	_______
	123,171	70,485
	_______	_______

6. Creditors: amounts falling due within one year

	31/12/24	31/12/23
	£	£
Bank loans and overdrafts	10,648	10,648
Trade creditors	57,936	59,974
Amounts owed to group undertakings and undertakings in which the company has a participating interest	20,000	-
Corporation tax	-	3,943
Other creditors	80,750	43,865
	_______	_______
	169,334	118,430
	_______	_______

7. Creditors: amounts falling due after more than one year

	31/12/24	31/12/23
	£	£
Bank loans and overdrafts	3,273	13,922
	_______	_______