Company Registration No. 09158030 (England and Wales)
PROFILE FSH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
PROFILE FSH LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PROFILE FSH LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Investments
3
7,805,105
4,285,104
Current assets
Debtors
4
5,543,661
4,280,000
Cash at bank and in hand
148,558
639,543
5,692,219
4,919,543
Creditors: amounts falling due within one year
5
(4,876,587)
(1,564,080)
Net current assets
815,632
3,355,463
Total assets less current liabilities
8,620,737
7,640,567
Creditors: amounts falling due after more than one year
6
(1,346,470)
-
Net assets
7,274,267
7,640,567
Capital and reserves
Called up share capital
7
461
461
Share premium account
7,898,865
7,898,865
Profit and loss reserves
(625,059)
(258,759)
Total equity
7,274,267
7,640,567
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PROFILE FSH LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2018
31 December 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 July 2019 and are signed on its behalf by:
Mr A C Wearing
Director
Company Registration No. 09158030
PROFILE FSH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
1
Accounting policies
Company information
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.
1.1
Accounting convention
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 a
mounts
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.
1.2
Reporting period
In the previous year the company changed its year end to 31 December 2017 and as a result the comparative year accounts reflect an 18 month period and are not comparable to the current year ending 31 December 2018 which represents a 12 month period.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less
.
PROFILE FSH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
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.
Classification of financial liabilities
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
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
paymen
ts 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. A
m
ounts 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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
PROFILE FSH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2017 - 6).
3
Fixed asset investments
2018
2017
£
£
Investments
7,805,105
4,285,104
Movements in fixed asset investments
Investments in group companies
£
Cost or valuation
At 1 January 2018
4,285,104
Additions
3,520,001
At 31 December 2018
7,805,105
Carrying amount
At 31 December 2018
7,805,105
At 31 December 2017
4,285,104
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
5,430,000
4,280,000
Prepayments and accrued income
113,661
-
5,543,661
4,280,000
PROFILE FSH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 6 -
5
Creditors: amounts falling due within one year
2018
2017
£
£
Amounts owed to group undertakings
2,722,316
1,495,563
Other creditors
2,154,271
68,517
4,876,587
1,564,080
Amounts totalling £1,133,708 due less than one year, are secured by the company by way of a fixed and floating charge over the company's assets. Additional security is provided by way of a fixed and floating charge over all assets of the company's subsidiaries.
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
1,346,470
-
Amounts totalling £1,346,470 due greater than one year, are secured by the company by way of a fixed and floating charge over the company's assets. Additional security is provided by way of a fixed and floating charge over all assets of the company's subsidiaries.
7
Called up share capital
2018
2017
£
£
Issued and fully paid
107,000 Ordinary shares of 0.1p each
107
107
14,000 Ordinary A shares of 0.1p each
14
14
63,000 Series A-1 preferred shares of 0.1p each
63
63
277,000 Series A-2 preferred shares of 0.1p each
277
277
461
461