Profin Partners Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06915047 (England and Wales)

PROFIN PARTNERS LTD

FINANCIAL STATEMENTS

FOR THE PERIOD

1 JUNE 2019 TO 31 DECEMBER 2019

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Ms M Deblanc

E Deblanc

REGISTERED OFFICE:

201 Haverstock Hill

London

NW3 4QG

REGISTERED NUMBER:

06915047 (England and Wales)

AUDITORS:

AEL Markhams Ltd

Chartered Accountants &

Statutory Auditors

201 Haverstock Hill

London

NW3 4QG

FIXED ASSETS

Tangible assets

4

11,426

7,630

CURRENT ASSETS

Debtors

5

130,054

124,140

Cash at bank

731,097

556,628

861,151

680,768

CREDITORS

Amounts falling due within one year

6

316,526

205,937

NET CURRENT ASSETS

544,625

474,831

TOTAL ASSETS LESS CURRENT LIABILITIES

556,051

482,461

PROVISIONS FOR LIABILITIES

1,784

888

NET ASSETS

554,267

481,573

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

504,267

431,573

SHAREHOLDERS' FUNDS

554,267

481,573

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 April 2020 and were signed on its behalf by:

Ms M Deblanc - Director

1.	STATUTORY INFORMATION

Profin Partners Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

As stated in note 12 , the directors have considered the effect of the Covid-19 outbreak. The directors consider

that the outbreak is likely to cause a significant disruption to the company's activities yet are confident that the

company can continue as a going concern for a period of at least twelve months from the date of approval of

these financial statements. The directors have a reasonable expectation that the company has adequate resources

to continue in operation for the foreseeable future.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax and trade discounts.

Where revenue exceeds amounts invoiced, the excess is classified as accrued income and included in other

debtors. Where amounts invoiced exceed revenue, the excess is classified as deferred income and included in

other creditors.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

Over the period of the lease

Computer equipment

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement,

as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that

evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation

Taxation for the period comprises current and deferred tax. 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

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the

timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the

operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Leases and hire purchase contracts

Rentals paid under operating leases are charged to income as incurred.

Trade debtors

Trade debtors are recognised and carried at original invoice amount less an allowance for any non-collectable

amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad

debts are written off when identified.

Trade creditors

Trade creditors are recognised and carried at original invoice amount.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a

result of a past event, it is probable that the company will be required to settle the obligation and the amount of

the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to

settle the obligation at the reporting date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 5 (2019 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Computer

and

leasehold

equipment

fittings

Totals

£

£

£

£

COST

At 1 June 2019

7,848

10,304

1,295

19,447

Additions

-

3,664

2,650

6,314

At 31 December 2019

7,848

13,968

3,945

25,761

DEPRECIATION

At 1 June 2019

4,894

5,675

1,248

11,817

Charge for period

916

1,209

393

2,518

At 31 December 2019

5,810

6,884

1,641

14,335

NET BOOK VALUE

At 31 December 2019

2,038

7,084

2,304

11,426

At 31 May 2019

2,954

4,629

47

7,630

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2019

£

£

Trade debtors

68,534

55,713

Amounts owed by related undertakings

9,786

9,786

Other debtors

27,180

27,180

Prepayments

24,554

31,461

130,054

124,140

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2019

£

£

Trade creditors

195,455

17,722

Accrued direct cost

-

75,913

Tax

17,778

30,570

Social security and other taxes

30,767

12,105

Other creditors

957

713

Director's current account

198

12,591

Accrued expenses

71,371

56,323

316,526

205,937

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2019

£

£

Within one year

58,539

58,539

Between one and five years

19,512

53,661

78,051

112,200

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Marc Jason (Senior Statutory Auditor)

for and on behalf of AEL Markhams Ltd

9.	RELATED PARTY DISCLOSURES

During the period the company paid a dividend of £6,000 (2019: £46,000) to Ms M Deblanc who is a director of

the company.

Other creditors includes an amount which is owed to Ms M Deblanc of £198 (2019: £12,591), who is a director

of the company.

Included in amounts owed by related undertakings is an amount of £9,786 (2019: £9,786), that relates to an

amount due by The Entrepreneur Office LLP, of which Ms M Deblanc is a partner.

10.	POST BALANCE SHEET EVENTS

The directors have considered the effect of the Covid-19 outbreak, that has been spreading throughout the world

in early 2020, on the company's activities. This outbreak is likely to cause a significant disruption to the

company's income and continuing activities but at the date of approval of these financial statements, the extent

and quantum of the disruption remains uncertain.