PROFILE_FSH_LIMITED - Accounts
PROFILE_FSH_LIMITED - Accounts
Profile FSH Limited is a private company limited by shares incorporated in England and Wales. The registered office is Norwest Court, Guildhall Street, Preston, PR1 3NU.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the period ended 31 December 2017 are the first financial statements of Profile FSH Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The company has changed its year end to 31 December and as a result these accounts reflect an 18 month period and are not comparable to the comparative amounts for 2016 which represent a 12 month period.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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 company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The average monthly number of persons (including directors) employed by the company during the period was 6 (2016 - 6).
On 12 October 2016, 49,641 Ordinary shares and 49,500 Series A-1 preferred shares were re-classified as Series A-2 Preferred shares.
On 10 February 2017, 7,935 Ordinary A shares and 66,373 Series A-2 preferred shares were issued at a price of £33.06 per share.
On 10 February 2017, 4,538 Ordinary shares and 4,400 Series A-1 preferred shares were re-classified as Series A-2 preferred shares.
On 8 March 2017, 1,320 Ordinary shares were issued at a price of £33.06 per share.
On 7 May 2017, 528 Ordinary shares, 3,174 Ordinary A shares and 26,539 Series A-2 preferred shares were issued at a price of £33.06 per share.
On 20 December 2017, 449 Ordinary A shares and 7,050 Series A-2 preferred shares were issued at a price of £66.68 per share.
Subsequent to the year end the company agreed a £4m facility with a tier 1 venture debt provider of which £3m has been drawn. This funding is subject to a fixed interest rate over a fixed repayment term.