Profile Consultancy Limited Small abridged accounts
Profile Consultancy Limited Small abridged accounts
Statement of Consent to Prepare Abridged Financial Statements |
COMPANY REGISTRATION NUMBER:
06459483
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Chartered Certified Accountants
40 Kimbolton Road
Bedford
MK40 2NR
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Abridged Financial Statements |
Year ended 31 December 2016
Contents |
Page |
Abridged statement of financial position |
1 |
Notes to the abridged financial statements |
3 |
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Abridged Statement of Financial Position |
2016 |
2015 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
6 |
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Current assets
Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current liabilities |
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-------- |
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Total assets less current liabilities |
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Provisions
Taxation including deferred tax |
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------- |
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Net assets |
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Abridged Statement of Financial Position (continued) |
2016 |
2015 |
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Note |
£ |
£ |
£ |
Capital and reserves
Called up share capital |
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Members funds |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Directors responsibilities:
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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
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
15 May 2017
, and are signed on behalf of the board by:
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Director |
Company registration number:
06459483
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Notes to the Abridged Financial Statements |
Year ended 31 December 2016
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 49 Mill Street, Bedford, MK40 3EU.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
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
Deferred taxation
Operating leases
Tangible assets
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:
Fixtures and fittings |
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Equipment |
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Provisions
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
4.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to 34 (2015: 32).
5.
Profit before taxation
Profit before taxation is stated after charging:
2016 |
2015 |
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£ |
£ |
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Depreciation of tangible assets |
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6.
Tangible assets
£ |
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Cost |
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At 1 January 2016 and 31 December 2016 |
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Depreciation |
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At 1 January 2016 |
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Charge for the year |
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At 31 December 2016 |
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Carrying amount |
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At 31 December 2016 |
44,845 |
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At 31 December 2015 |
52,915 |
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7.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2016 |
2015 |
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£ |
£ |
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Later than 1 year and not later than 5 years |
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8.
Related party transactions
The company was under the control of the directors throughout the current year and previous year. During the year the company incurred expenditure including management charges, administration cost, rent and service charges, totalling £1,336,637 (2015 - £1,278,218) from Hillco Investments (UK) Limited, a company controlled by the director,
D M R Howell
. At the year end balances of £101 (2015 - £101) were owed to the company and included within trade creditors and accruals, are accrued management charges of £749,750 (2015 - £640,584). The company incurred management charges of £100,641 (2015 - £94,575) from Woodgarth Limited, a company controlled by the director, N C Lindley. At the year end, included within trade creditors and accruals, are accrued management charges of £62,116 (2015 - £nil). The company incurred management charges of £100,341 (2015 - £101,366) from Butterfield Property Services Limited, a company controlled by the director, A Dipple. At the year end, included within trade creditors and accruals, are accrued management charges of £61,931 (2015 - £52,936). The company incurred management charges of £30,042 (2015 - £38,600) from Phibar Consultancy Limited, a company controlled by the director, P Spencer. At the year end, included within trade creditors and accruals, are accrued management charges of £18,542 (2015 - £nil). The company incurred management charges of £56,329 (2015 - £56,837) from Ashley Heath Limited, a company controlled by the director, R A Heath. At the year end, included within trade creditors and accruals, are accrued management charges of £34,766 (2015 - £29,650). Dividends were paid to the directors, their immediate family members and personal companies, in respect of their shareholdings in the company as follows:
2016 | 2015 | ||
£ | £ | ||
D M R Howell | 194,081 | 177,259 | |
N C Lindley | 16,082 | 27,122 | |
P J Spencer | 4,800 | 10,582 | |
A Dipple | 16,037 | 16,037 | |
R A Heath | 9,000 | 9,000 | |
9.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.
No transitional adjustments were required in equity or profit or loss for the year.