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Acorah Software Products - Accounts Production 12.0.007 false 1 April 2020 31 March 2021 31 March 2021 04181336 Mr Andrew Garfield Mr Conrad Porter Miss Kellie Horne iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04181336 2020-03-31 04181336 2021-03-31 04181336 2020-04-01 2021-03-31 04181336 frs-core:CurrentFinancialInstruments 2021-03-31 04181336 frs-core:CurrentFinancialInstruments 2020-04-01 2021-03-31 04181336 frs-core:Non-currentFinancialInstruments 2021-03-31 04181336 frs-core:Non-currentFinancialInstruments 2020-04-01 2021-03-31 04181336 frs-core:CurrentFinancialInstruments 2020-04-01 2021-03-31 04181336 frs-core:CurrentFinancialInstruments 2021-03-31 04181336 frs-core:AfterOneYear 2020-04-01 2021-03-31 04181336 frs-core:BetweenOneFiveYears 2020-04-01 2021-03-31 04181336 frs-core:BetweenOneFiveYears 2021-03-31 04181336 frs-core:ComputerEquipment 2021-03-31 04181336 frs-core:ComputerEquipment 2020-04-01 2021-03-31 04181336 frs-core:ComputerEquipment 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Registered number: 04181336
Profile Covers Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2021
Solid Rock Accountancy Ltd

Page 1
Unaudited Financial Statements
Contents
Page
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Page 2
Balance Sheet
Registered number: 04181336
2021 2020
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 3 50,000 50,000
Tangible Assets 4 111,590 86,038
161,590 136,038
CURRENT ASSETS
Stocks 5 66,312 58,066
Debtors 6 195,091 210,286
Cash at bank and in hand 146,366 116,050
407,769 384,402
Creditors: Amounts Falling Due Within One Year 7 (214,995 ) (204,798 )
NET CURRENT ASSETS (LIABILITIES) 192,774 179,604
TOTAL ASSETS LESS CURRENT LIABILITIES 354,364 315,642
Creditors: Amounts Falling Due After More Than One Year 8 (23,941 ) (41,249 )
NET ASSETS 330,423 274,393
CAPITAL AND RESERVES
Called up share capital 10 153 153
Profit and Loss Account 330,270 274,240
SHAREHOLDERS' FUNDS 330,423 274,393
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For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
  • The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Conrad Porter
Director
10/08/2021
The notes on pages 4 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
1.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15%
Motor Vehicles 25%
1.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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1.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 17 (2020: 18)
17 18
3. Intangible Assets
Goodwill
£
Cost
As at 1 April 2020 50,000
As at 31 March 2021 50,000
Net Book Value
As at 31 March 2021 50,000
As at 1 April 2020 50,000
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4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 April 2020 191,354 56,032 247,386
Additions 43,391 - 43,391
As at 31 March 2021 234,745 56,032 290,777
Depreciation
As at 1 April 2020 141,151 20,197 161,348
Provided during the period 8,880 8,959 17,839
As at 31 March 2021 150,031 29,156 179,187
Net Book Value
As at 31 March 2021 84,714 26,876 111,590
As at 1 April 2020 50,203 35,835 86,038
5. Stocks
2021 2020
£ £
Stock - materials and work in progress 66,312 58,066
66,312 58,066
6. Debtors
2021 2020
£ £
Due within one year
Trade debtors 880 1,000
Debtor C&S 22,747 22,747
Sales Ledger 171,148 186,539
Other debtors (3) 316 -
195,091 210,286
7. Creditors: Amounts Falling Due Within One Year
2021 2020
£ £
Net obligations under finance lease and hire purchase contracts 19,240 7,891
Trade creditors (1 ) -
Corporation tax 45,772 47,329
Other taxes and social security 6,851 9,665
VAT 70,978 68,257
Other creditors 69,205 65,406
Accruals and deferred income 2,950 6,250
214,995 204,798
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8. Creditors: Amounts Falling Due After More Than One Year
2021 2020
£ £
Hire Purchases - 17,830
Porter Property 23,092 23,092
Directors loan account 849 327
23,941 41,249
9. Obligations Under Finance Leases and Hire Purchase
2021 2020
£ £
The maturity of these amounts is as follows:
Amounts Payable:
Within one year 19,240 7,891
19,240 7,891
19,240 7,891
10. Share Capital
2021 2020
Allotted, Called up and fully paid 153 153
11. General Information
Profile Covers Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04181336 . The registered office is Unit 12, Off Stourdale Road, Cradley Heath, West Midlands, B64 7BG.
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