Profold Limited - Period Ending 2014-03-31

Registration number: 03724404

Profold Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2014
 

Profold Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Profold Limited
(Registration number: 03724404)
Abbreviated Balance Sheet at 31 March 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		2			14,415			28,931
Current assets
Stocks					44,998			61,162
Debtors					242,948			210,197
Cash at bank and in hand					168,297			105,823
					456,243			377,182
Creditors: Amounts falling due within one year					(125,729)			(93,754)
Net current assets					330,514			283,428
Total assets less current liabilities					344,929			312,359
Capital and reserves
Called up share capital		3			4			4
Profit and loss account					344,925			312,355
Shareholders' funds					344,929			312,359

For the year ending 31 March 2014 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 9 September 2014 and signed on its behalf by:

.........................................
Mr M D J Coxhead
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Profold Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Improvements to Property	15% Straight Line Basis
Plant and Machinery	15% Straight Line Basis
Fixtures and Fittings	15% Straight Line Basis
Motor Vehicles	25% Straight Line Basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

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Profold Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2013		210,953			210,953
Additions		1,082			1,082
Disposals		(2,692)			(2,692)
At 31 March 2014		209,343			209,343
Depreciation
At 1 April 2013		182,022			182,022
Charge for the year		15,598			15,598
Eliminated on disposals		(2,692)			(2,692)
At 31 March 2014		194,928			194,928
Net book value
At 31 March 2014		14,415			14,415
At 31 March 2013		28,931			28,931

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		4			4			4			4

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