Architectural Profiles Limited
Architectural Profiles Limited
Registered number: 01640903
Unaudited Financial Statements
For The Year Ended
31 March 2022
Inchmead Accountants Limited
61/63 Crockhamwell Road
Woodley
Reading
RG5 3JP
Architectural Profiles Limited
Unaudited Financial Statements
For The Year Ended
31 March 2022
Unaudited Financial Statements
Contents | |
Page | |
---|---|
Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—7 |
Architectural Profiles Limited
Balance Sheet
As at
31 March 2022
Balance Sheet
Registered number:
01640903
For the year ending 31 March 2022 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 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.
2022 | 2021 | ||||
---|---|---|---|---|---|
Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Intangible Assets | 3 |
|
|
||
Tangible Assets | 4 |
|
|
||
|
|
||||
CURRENT ASSETS | |||||
Stocks | 5 |
|
|
||
Debtors | 6 |
|
|
||
Investments | 7 |
|
|
||
Cash at bank and in hand |
|
|
|||
|
|
||||
Creditors: Amounts Falling Due Within One Year | 8 |
( |
( |
||
NET CURRENT ASSETS (LIABILITIES) |
|
|
|||
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
Creditors: Amounts Falling Due After More Than One Year | 9 |
( |
( |
||
NET ASSETS |
|
|
|||
CAPITAL AND RESERVES | |||||
Called up share capital | 10 |
|
|
||
Revaluation reserve | 11 |
|
|
||
Capital redemption reserve |
|
|
|||
Profit and Loss Account |
|
|
|||
SHAREHOLDERS' FUNDS | 8,245,666 | 6,505,617 | |||
Architectural Profiles Limited
Balance Sheet (continued)
As at
31 March 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
|
|
The notes on pages 3 to 7 form part of these financial statements.
Architectural Profiles Limited
Notes to the Financial Statements
For The Year Ended
31 March 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4.
Research and Development
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful live. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed 10 years.
Amortisation is provided on the following bases:
Development costs - 10% straight line
1.5.
Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are set out below:
- Trademarks
- Acoustic Performance Reports
- Fire Performance Assessments
Amounts are amortised to the profit and loss account over the estimated economic life of 10 years. No amortisation is provided for in the first year.
1.6.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold |
|
Plant & Machinery |
|
Motor Vehicles |
|
Fixtures & Fittings |
|
1.7.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Architectural Profiles Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
1.8.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.9.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.10.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.11.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
1.12.
Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives.
If it is not possible to distinguish between the research and development phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
1.13.
Coronavirus
The directors has considered the effect, both short-term and long-term, of Coronavirus on the business. Where possible the directors have mitigated the financial and operational impact on the business. Where possible, the business has applied for and received government grants which are disclosed in these financial statements.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 8 (2021: 8)
Architectural Profiles Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
3.
Intangible Assets
Development Costs | Intellectual Property | Total | |
---|---|---|---|
£ | £ | £ | |
Cost | |||
As at
|
|
|
|
Additions |
|
|
|
Disposals | - |
( |
( |
As at
|
|
|
|
Amortisation | |||
As at
|
|
|
|
Provided during the period |
|
|
|
As at
|
|
|
|
Net Book Value | |||
As at
|
|
|
|
As at
|
|
|
|
4.
Tangible Assets
Land & Property | |||||
---|---|---|---|---|---|
Leasehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total | |
£ | £ | £ | £ | £ | |
Cost | |||||
As at
|
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
|
( |
( |
|
( |
As at
|
|
|
|
|
|
Depreciation | |||||
As at
|
|
|
|
|
|
Provided during the period |
|
|
|
|
|
Disposals |
|
( |
( |
|
( |
As at
|
|
|
|
|
|
Net Book Value | |||||
As at
|
|
|
|
|
|
As at
|
|
|
|
|
|
5.
Stocks
2022 | 2021 | ||
---|---|---|---|
£ | £ | ||
Stock - materials and work in progress | 805,394 | 515,906 | |
|
|
||
Architectural Profiles Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
6.
Debtors
2022 | 2021 | ||
---|---|---|---|
£ | £ | ||
Due within one year | |||
Trade debtors |
|
|
|
Prepayments and accrued income |
|
|
|
Other debtors |
|
|
|
Pension scheme prepayments |
|
|
|
Amounts owed by group undertakings |
|
|
|
|
|
||
7.
Current Asset Investments
2022 | 2021 | ||
---|---|---|---|
£ | £ | ||
Shares in subsidiaries |
|
|
|
|
|
||
8.
Creditors: Amounts Falling Due Within One Year
2022 | 2021 | ||
---|---|---|---|
£ | £ | ||
Trade creditors |
|
|
|
Bank loans and overdrafts |
|
|
|
Corporation tax |
|
|
|
Other taxes and social security |
|
|
|
VAT |
|
|
|
Factoring facility |
|
|
|
Accruals and deferred income |
|
|
|
|
|
||
9.
Creditors: Amounts Falling Due After More Than One Year
2022 | 2021 | ||
---|---|---|---|
£ | £ | ||
Bank loans |
|
|
|
Directors loan account |
|
|
|
|
|
||
Architectural Profiles Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
11.
Reserves
Revaluation Reserve | |
---|---|
£ | |
As at
|
|
Surplus on revaluation |
|
As at
|
|
12.
Related Party Transactions
The company owes the directors and related parties to directors a total sum of £197,368 (2021: £447,368) at the date the financial statements were prepared in the form of a directors loan account.
Secondary to the loans to directors, the company is financially supporting two of its subsidiaries. The total group undertakings at the date the financial statements were prepared were £4,801,155 (2021: £4,401,018) and disclosed under current debtors.
13.
Ultimate Controlling Party
The company's ultimate controlling party is
Andrew Peter Jerrard-Dunne
by virtue of his ownership as the majority shareholder in the company.
14.
General Information
Architectural Profiles Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
01640903
. The registered office is 53b Crockhamwell Road, Woodley, Reading, Berkshire, RG5 3JP.