Profoil Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07252946 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

PROFOIL SYSTEMS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

B J Corbett

P A Starling

SECRETARY:

P A Starling

REGISTERED OFFICE:

Unit 29 Maitland Road

Lion Barn Industrial Estate

Needham Market

Ipswich

Suffolk

IP6 8NZ

REGISTERED NUMBER:

07252946 (England and Wales)

ACCOUNTANTS:

Ballams

Chartered Accountants

Crane Court

302 London Road

Ipswich

Suffolk

IP2 0AJ

FIXED ASSETS

Tangible assets

4

44

574

CURRENT ASSETS

Stocks

77,875

70,482

Debtors

5

54,070

73,055

Cash at bank

76,262

28,034

208,207

171,571

CREDITORS

Amounts falling due within one year

6

71,360

92,427

NET CURRENT ASSETS

136,847

79,144

TOTAL ASSETS LESS CURRENT LIABILITIES

136,891

79,718

CREDITORS

Amounts falling due after more than one year

7

42,109

-

NET ASSETS

94,782

79,718

CAPITAL AND RESERVES

Called up share capital

9

11,750

11,750

Share premium

3,758

3,758

Retained earnings

79,274

64,210

SHAREHOLDERS' FUNDS

94,782

79,718

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 7 July 2021 and were signed on its behalf by:

B J Corbett - Director

1.	STATUTORY INFORMATION

Profoil Systems Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised on despatch or, when appropriate, once the customer has been notified that goods are ready for collection.

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

- Straight line over 3 years

Bike2Work asset

- Straight line over 1 year

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans with related parties.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 year 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern

The directors have considered the impact of the COVID-19 pandemic on the company. As anticipated by the directors last year there has been some reduction in demand for its products during the year to 31 March 2021, although COVID-19 has not had a direct impact upon its marketplace. Budgets have been prepared and after reviewing these the directors consider the going concern basis in preparing the company's financial statements to still be appropriate.

Government grants

Grants are accounted for using the accrual model.

Grants relating to revenue are recognised in the Statement of Comprehensive Income in the same period as the related costs for which the grant is intended to compensate. Where there are no related costs the grant is recognised in the period in which it becomes receivable.

Grants relating to assets are recognised in the Statement of Comprehensive Income over the expected useful life of the asset.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Bike2Work

Computer

asset

equipment

Totals

£

£

£

COST

At 1 April 2020

833

3,187

4,020

Disposals

(833

)

-

(833

)

At 31 March 2021

-

3,187

3,187

DEPRECIATION

At 1 April 2020

833

2,613

3,446

Charge for year

-

530

530

Eliminated on disposal

(833

)

-

(833

)

At 31 March 2021

-

3,143

3,143

NET BOOK VALUE

At 31 March 2021

-

44

44

At 31 March 2020

-

574

574

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

40,795

58,126

Other debtors

13,275

14,929

54,070

73,055

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts (see note 8)

7,890

-

Trade creditors

53,960

67,189

Taxation and social security

3,855

10,015

Other creditors

5,655

15,223

71,360

92,427

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans (see note 8)

42,109

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years by instalments

1,769

-

8.

LOANS

An analysis of the maturity of loans is given below:

2021

2020

£

£

Amounts falling due within one year or on demand:

Bank loans

7,890

-

Amounts falling due between one and two years:

Bank loans - 1-2 years

9,702

-

Amounts falling due between two and five years:

Bank loans - 2-5 years

30,638

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years by instalments

1,769

-

The bank loan is a government guaranteed Coronavirus Bounce Back loan from the company's bankers.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

11,750

Ordinary

£1

11,750

11,750