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Registration number: 04636428

PRJ Engineering Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

PRJ Engineering Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Cash Flows

4

Notes to the Unaudited Financial Statements

5 to 10

 

PRJ Engineering Limited

Company Information

Directors

Mrs Ruth Jasper

Mr Richard Trewin

Registered office

Newton Farm
Lewannick
Launceston
Cornwall
PL15 7QH

Accountants

Dawe Hawken and Dodd
Chartered Certified Accountants
52 Fore Street
Callington
Cornwall
PL17 7AJ

 

PRJ Engineering Limited

(Registration number: 04636428)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

15,805

17,561

Current assets

 

Stocks

5

346,032

198,436

Debtors

6

39,236

47,261

Cash at bank and in hand

 

219,634

249,637

 

604,902

495,334

Creditors: Amounts falling due within one year

7

(169,345)

(130,612)

Net current assets

 

435,557

364,722

Total assets less current liabilities

 

451,362

382,283

Provisions for liabilities

(3,003)

(3,337)

Net assets

 

448,359

378,946

Capital and reserves

 

Called up share capital

8

3

3

Retained earnings

448,356

378,943

Shareholders' funds

 

448,359

378,946

For the financial year ending 31 March 2023 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 of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 November 2023 and signed on its behalf by:
 

 

PRJ Engineering Limited

(Registration number: 04636428)
Balance Sheet as at 31 March 2023

.........................................
Mr Richard Trewin
Director

 

PRJ Engineering Limited

Statement of Cash Flows for the Year Ended 31 March 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

129,413

76,019

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

1,757

1,951

Income tax expense

30,356

18,895

 

161,526

96,865

Working capital adjustments

 

Increase in stocks

5

(147,596)

(24,307)

Decrease/(increase) in trade debtors

6

8,025

(3,237)

Increase/(decrease) in trade creditors

7

25,707

(11,023)

Cash generated from operations

 

47,662

58,298

Income taxes paid

(17,664)

(18,702)

Net cash flow from operating activities

 

29,998

39,596

Cash flows from investing activities

 

Acquisitions of tangible assets

-

(3,000)

Cash flows from financing activities

 

Dividends paid

(60,000)

(60,000)

Net decrease in cash and cash equivalents

 

(30,002)

(23,404)

Cash and cash equivalents at 1 April

 

249,637

273,041

Cash and cash equivalents at 31 March

 

219,635

249,637

Out of balance to Cash and cash equivalents category (adjusted for overdrafts)

 

1

-

 

PRJ Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Newton Farm
Lewannick
Launceston
Cornwall
PL15 7QH

These financial statements were authorised for issue by the Board on 17 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

PRJ Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

10% reducing balance

Van

10% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

PRJ Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

PRJ Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

7,243

15,915

23,158

At 31 March 2023

7,243

15,915

23,158

Depreciation

At 1 April 2022

2,843

2,754

5,597

Charge for the year

440

1,316

1,756

At 31 March 2023

3,283

4,070

7,353

Carrying amount

At 31 March 2023

3,960

11,845

15,805

At 31 March 2022

4,400

13,161

17,561

5

Stocks

2023
£

2022
£

Other inventories

346,032

198,436

6

Debtors

Current

2023
£

2022
£

Trade debtors

39,236

47,261

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

124,745

92,797

Taxation and social security

42,690

35,907

Other creditors

1,910

1,908

169,345

130,612

 

PRJ Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

3

3

3

3

         

9

Related party transactions

 

PRJ Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

65,601

67,053

Contributions paid to money purchase schemes

3,600

6,000

69,201

73,053