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Registration number: 07670628

Project Fabrications (London) UK Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 June 2023

 

Project Fabrications (London) UK Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 8

 

Project Fabrications (London) UK Limited

(Registration number: 07670628)
Abridged Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

48,805

19,566

Current assets

 

Stocks

5

35,425

2,500

Debtors

806,820

536,930

Cash at bank and in hand

 

1,728,052

1,396,575

Other prepayments

 

3,198

2,161

 

2,573,495

1,938,166

Creditors: Amounts falling due within one year

(391,753)

(425,849)

Net current assets

 

2,181,742

1,512,317

Total assets less current liabilities

 

2,230,547

1,531,883

Provisions for liabilities

(11,881)

(3,546)

Net assets

 

2,218,666

1,528,337

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

2,218,566

1,528,237

Total equity

 

2,218,666

1,528,337

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Project Fabrications (London) UK Limited

(Registration number: 07670628)
Abridged Balance Sheet as at 30 June 2023

Approved and authorised by the director on 12 September 2023
 

.........................................
Mr Alan Goymer
Director

 

Project Fabrications (London) UK Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 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:
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Herts
SG4 0TW

The principal place of business is:
42 Kempe Road
Enfield
EN1 4QW

These financial statements were authorised for issue by the director on 12 September 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 abridged 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 abridged 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

 

Project Fabrications (London) UK Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

2

Accounting policies (continued)

Judgements

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

Turnover comprises the fair value of the consideration received or receivable for the 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.

Job applications are submitted for larger projects the company completes and these are raised on a monthly or quarterly basis to be issued to the customer and reflect the value of work completed at that date. Any applications submitted around the financial year end are reviewed for work in progress figures to be calculated.

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the period in which the business recognises related costs which the grant intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred for the purpose of giving immediate financial support to the entity with no future related cost shall be recognised as income in the period which it become receivable.

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.

 

Project Fabrications (London) UK Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

2

Accounting policies (continued)

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 and machinery

25% Straight line

Office equipment

25% Straight line

Motor vehicles

25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed for bad debts on a monthly basis. Any adjustment is made accordingly through the profit and loss account.

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.

 

Project Fabrications (London) UK Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

2

Accounting policies (continued)

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 at the transaction price.

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 the director) during the year, was 1 (2022 - 1).

 

Project Fabrications (London) UK Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

2,899

25,470

2,455

30,824

Additions

1,892

36,000

-

37,892

At 30 June 2023

4,791

61,470

2,455

68,716

Depreciation

At 1 July 2022

784

9,551

923

11,258

Charge for the year

1,059

6,980

614

8,653

At 30 June 2023

1,843

16,531

1,537

19,911

Carrying amount

At 30 June 2023

2,948

44,939

918

48,805

At 30 June 2022

2,115

15,919

1,532

19,566

5

Stocks

2023
£

2022
£

Work in progress

33,425

-

Other inventories

2,000

2,500

35,425

2,500

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Project Fabrications (London) UK Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

7

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £870 (2022 - £773) per ordinary share

 

87,000

 

77,300

         

8

Related party transactions

Transactions with the director

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr Alan Goymer

Directors loan account

(71)

97,492

(97,598)

(177)

         
       

 

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

Mr Alan Goymer

Directors loan account

(25,358)

111,920

(86,634)

(71)

         
       

 


This loan is provided interest free and is repayable on demand.

9

Ultimate controlling party

The ultimate controlling party is Mr Alan Goymer, by virtue of his shareholding.