Profiles Personnel (Farnham) Limited Small abridged accounts

PROFILES PERSONNEL (FARNHAM) LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Profiles Personnel (Farnham) Limited have consented to the preparation of the statement of income and retained earnings and the abridged statement of financial position for the year ending 30 April 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 04177844

Profiles Personnel (Farnham) Limited

Unaudited Abridged Financial Statements

30 April 2017

Profiles Personnel (Farnham) Limited

Abridged Financial Statements

Year ended 30 April 2017

Contents	Page

Director's report	1

Statement of income and retained earnings	2

Abridged statement of financial position	3

Notes to the abridged financial statements	5

The following pages do not form part of the abridged financial statements

Detailed abridged income statement	10

Notes to the detailed abridged income statement	11

Profiles Personnel (Farnham) Limited

Director's Report

Year ended 30 April 2017

The director presents her report and the unaudited abridged financial statements of the company for the year ended 30 April 2017 .

Director

The director who served the company during the year was as follows:

Mrs N M Soutter

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 16 January 2018 and signed on behalf of the board by:

Mrs N M Soutter
Director

Registered office:

Exchange House

33 Station Road

Liphook

Hampshire

GU30 7DW

Profiles Personnel (Farnham) Limited

Statement of Income and Retained Earnings

Year ended 30 April 2017

	2017	2016
Note	£	£
Gross profit	502,810	442,632

Administrative expenses	409,133	309,613
	---------	---------
Operating profit	93,677	133,019

Other interest receivable and similar income		313	677
		---------	---------
Profit before taxation	5	93,990	133,696

Tax on profit	19,276	27,071
	--------	---------
Profit for the financial year and total comprehensive income	74,714	106,625
	--------	---------

Dividends paid and payable	( 82,000)	( 70,000)

Retained earnings at the start of the year	37,443	818
	--------	--------
Retained earnings at the end of the year	30,157	37,443
	--------	--------

All the activities of the company are from continuing operations.

Profiles Personnel (Farnham) Limited

Abridged Statement of Financial Position

30 April 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	6	1	1
Tangible assets	7	3,390	3,995
		-------	-------
		3,391	3,996

Current assets

Debtors	268,125	187,032
Cash at bank and in hand	203,877	248,715
	---------	---------
	472,002	435,747

Creditors: amounts falling due within one year	177,856		135,302
	---------		---------
Net current assets		294,146	300,445
		---------	---------
Total assets less current liabilities		297,537	304,441

Provisions

Pensions and similar obligations	382	–
	---------	---------
Net assets	297,155	304,441
	---------	---------

Capital and reserves

Called up share capital	100,000	100,000
Share premium account	166,998	166,998
Profit and loss account	30,157	37,443
	---------	---------
Members funds	297,155	304,441
	---------	---------

These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

Profiles Personnel (Farnham) Limited

Abridged Statement of Financial Position (continued)

30 April 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 16 January 2018 , and are signed on behalf of the board by:

Mrs N M Soutter
Director

Company registration number: 04177844

Profiles Personnel (Farnham) Limited

Notes to the Abridged Financial Statements

Year ended 30 April 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Exchange House, 33 Station Road, Liphook, Hampshire, GU30 7DW.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

		-	Over 10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

		-	25% reducing balance
		-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to 6 (2016: 6).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	1,056	949
	-------	----

6. Intangible assets

	£
Cost
At 1 May 2016 and 30 April 2017	266,998
	---------
Amortisation
At 1 May 2016 and 30 April 2017	266,997
	---------
Carrying amount
At 30 April 2017	1
	---------

7. Tangible assets

	£
Cost
At 1 May 2016	77,233
Additions	451
	--------
At 30 April 2017	77,684
	--------
Depreciation
At 1 May 2016	73,238
Charge for the year	1,056
	--------
At 30 April 2017	74,294
	--------
Carrying amount
At 30 April 2017	3,390
	--------
At 30 April 2016	3,995
	--------

8. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mrs N M Soutter	( 1,577)	85,128	( 84,603)	( 1,052)
	-------	--------	--------	-------

	2016
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mrs N M Soutter	34,217	37,591	( 73,385)	( 1,577)
	--------	--------	--------	-------

9. Related party transactions

The company was under the control of Mrs N M Soutter throughout the current and previous year. Mrs Soutter is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.

Profiles Personnel (Farnham) Limited

Management Information

Year ended 30 April 2017

The following pages do not form part of the abridged financial statements.

Profiles Personnel (Farnham) Limited

Detailed Abridged Income Statement

Year ended 30 April 2017

	2017	2016
	£	£
Turnover	1,626,254	1,204,109

Cost of sales

Opening holiday pay	22,000	–
Temp salaries	1,094,066	761,477
Catering Costs	7,378	–
	------------	---------
	1,123,444	761,477

	------------	---------
Gross profit	502,810	442,632

Overheads

Administrative expenses	409,133	309,613

	------------	---------
Operating profit	93,677	133,019

Other interest receivable and similar income	313	677

	--------	---------
Profit before taxation	93,990	133,696
	--------	---------

Profiles Personnel (Farnham) Limited

Notes to the Detailed Abridged Income Statement

Year ended 30 April 2017

	2017	2016
	£	£

Administrative expenses

Directors salaries	11,453	10,358
Wages and salaries	245,462	186,372
Staff pension contributions	1,964	2,109
Rent rates and water	11,051	9,988
Light and heat	1,704	1,762
Insurance	1,379	1,202
Repairs and maintenance (allowable)	15,997	3,653
Cleaning costs	1,450	1,142
Travel and subsistence	18,288	16,733
Telephone	20,152	8,799
Printing postage and stationery	5,378	3,863
Staff training & recruitment	5,506	6,127
Healthcare	2,166	1,677
Staff welfare	79	304
Sundry expenses	350	109
Charitable donations (allowable)	130	114
Computer and office expenses	16,910	23,196
Subscriptions	11,975	3,564
Uniforms for Temps	597	1,182
Consultancy fees	2,027	1,250
Advertising	26,663	18,893
Entertaining	2,182	1,812
Legal and professional fees (allowable)	705	222
Accountancy fees	2,500	2,600
Depreciation of tangible assets	1,056	949
Bank charges	2,009	1,633
	---------	---------
	409,133	309,613
	---------	---------

Other interest receivable and similar income

Interest on cash and cash equivalents	313	677
	----	----