Profit Counts Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC257932 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

PROFIT COUNTS LIMITED

Page

Company Information

1

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

3,103

4,590

CURRENT ASSETS

Debtors

5

74,086

181,936

Cash at bank and in hand

20,696

2

94,782

181,938

CREDITORS

Amounts falling due within one year

6

(86,052

)

(159,981

)

NET CURRENT ASSETS

8,730

21,957

TOTAL ASSETS LESS CURRENT LIABILITIES

11,833

26,547

CREDITORS

Amounts falling due after more than one year

7

(9,677

)

(16,904

)

NET ASSETS

2,156

9,643

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

2,154

9,641

SHAREHOLDERS' FUNDS

2,156

9,643

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the director on 19 December 2017 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

52,576

Additions

495

Disposals

(22,521

)

At 31 March 2017

30,550

DEPRECIATION

At 1 April 2016

47,986

Charge for year

1,981

Eliminated on disposal

(22,520

)

At 31 March 2017

27,447

NET BOOK VALUE

At 31 March 2017

3,103

At 31 March 2016

4,590

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2016

36,627

Disposals

(22,521

)

At 31 March 2017

14,106

DEPRECIATION

At 1 April 2016

36,625

Eliminated on disposal

(22,520

)

At 31 March 2017

14,105

NET BOOK VALUE

At 31 March 2017

1

At 31 March 2016

2

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Debtors

74,086

181,936

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

7,227

21,011

Hire purchase contracts

-

10,754

Trade creditors

11,515

18,766

Taxation and social security

67,310

99,450

Other creditors

-

10,000

86,052

159,981

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

9,677

16,904

8.	RELATED PARTY DISCLOSURES

During the year, total dividends of £32,000 were paid to the director .

At the year end Barral Sheppard Financial Services, a partnership in which the director is a partner, was owed

£154 by the company (2016 £56,526 owed to the company).