Profit Counts Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC257932 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2022

for

PROFIT COUNTS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

B H Sheppard BAcc CA

REGISTERED OFFICE:

13 Glasgow Road

Paisley

Renfrewshire

PA1 3QS

REGISTERED NUMBER:

SC257932 (Scotland)

ACCOUNTANTS:

Profit Counts Limited

13 Glasgow Road

Paisley

Renfrewshire

PA1 3QS

FIXED ASSETS

Tangible assets

4

25

797

CURRENT ASSETS

Debtors

71,893

88,463

Cash at bank

52,933

29,011

124,826

117,474

CREDITORS

Amounts falling due within one year

(66,816

)

(59,188

)

NET CURRENT ASSETS

58,010

58,286

TOTAL ASSETS LESS CURRENT LIABILITIES

58,035

59,083

CREDITORS

Amounts falling due after more than one year

(31,667

)

(40,000

)

NET ASSETS

26,368

19,083

CAPITAL AND RESERVES

Called up share capital

5

2

2

Retained earnings

26,366

19,081

SHAREHOLDERS' FUNDS

26,368

19,083

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 23 December 2022 and were signed by:

B H Sheppard BAcc CA - Director

1.	STATUTORY INFORMATION

Profit Counts Limited is a private company, limited by shares , registered in Scotland. 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.

Turnover

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

Tangible fixed assets

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

Computer equipment

-

25% on cost

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2021 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2021

and 31 March 2022

33,705

DEPRECIATION

At 1 April 2021

32,908

Charge for year

772

At 31 March 2022

33,680

NET BOOK VALUE

At 31 March 2022

25

At 31 March 2021

797

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

2

Ordinary

£1

2

2

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the financial year end the Company owed the director £1981. The previous year the director owed the company £21,796. Interest is charged at 3% per annum on any balance outstanding to the company.