7 01/01/2023 31/12/2023 2023-12-31 false false false false true false false false false false true false false true false false false false true true false 2023-01-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 03809255 2023-01-01 2023-12-31 03809255 2023-12-31 03809255 2022-12-31 03809255 2022-01-01 2022-12-31 03809255 2022-12-31 03809255 2021-12-31 03809255 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2023-12-31 03809255 core:PlantMachinery 2023-01-01 2023-12-31 03809255 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 03809255 core:MotorVehicles 2023-01-01 2023-12-31 03809255 bus:RegisteredOffice 2023-01-01 2023-12-31 03809255 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 03809255 bus:Director1 2023-01-01 2023-12-31 03809255 bus:CompanySecretary1 2023-01-01 2023-12-31 03809255 core:IntangibleAssetsOtherThanGoodwill 2023-12-31 03809255 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 03809255 core:PlantMachinery 2022-12-31 03809255 core:FurnitureFittingsToolsEquipment 2022-12-31 03809255 core:MotorVehicles 2022-12-31 03809255 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 03809255 core:PlantMachinery 2023-12-31 03809255 core:FurnitureFittingsToolsEquipment 2023-12-31 03809255 core:MotorVehicles 2023-12-31 03809255 core:WithinOneYear 2023-12-31 03809255 core:WithinOneYear 2022-12-31 03809255 core:AfterOneYear 2023-12-31 03809255 core:AfterOneYear 2022-12-31 03809255 core:SharePremium 2022-01-01 2022-12-31 03809255 core:RevaluationReserve 2022-01-01 2022-12-31 03809255 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 03809255 core:RevaluationReserve 2023-01-01 2023-12-31 03809255 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03809255 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03809255 core:ShareCapital 2023-12-31 03809255 core:ShareCapital 2022-12-31 03809255 core:SharePremium 2023-12-31 03809255 core:SharePremium 2022-12-31 03809255 core:RevaluationReserve 2023-12-31 03809255 core:RevaluationReserve 2022-12-31 03809255 core:CapitalRedemptionReserve 2023-12-31 03809255 core:CapitalRedemptionReserve 2022-12-31 03809255 core:RetainedEarningsAccumulatedLosses 2023-12-31 03809255 core:RetainedEarningsAccumulatedLosses 2022-12-31 03809255 core:ShareCapital 2021-12-31 03809255 core:RevaluationReserve 2021-12-31 03809255 core:CapitalRedemptionReserve 2021-12-31 03809255 core:RetainedEarningsAccumulatedLosses 2021-12-31 03809255 core:PreviouslyStatedAmount core:ShareCapital 2023-12-31 03809255 core:BetweenOneFiveYears 2023-12-31 03809255 core:BetweenOneFiveYears 2022-12-31 03809255 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 03809255 core:PlantMachinery 2022-12-31 03809255 core:FurnitureFittingsToolsEquipment 2022-12-31 03809255 core:MotorVehicles 2022-12-31 03809255 bus:SmallEntities 2023-01-01 2023-12-31 03809255 bus:Audited 2023-01-01 2023-12-31 03809255 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03809255 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03809255 bus:FullAccounts 2023-01-01 2023-12-31 03809255 core:IntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31
Company registration number: 03809255
(England and Wales)
Project Dewatering Limited
Filleted financial statements
for the year ended
31 December 2023
Project Dewatering Limited
Contents
Directors and other information
Director's responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Project Dewatering Limited
Directors and other information
Director Mr Michael Croney
Secretary Mrs Nicola Marchant
Company number 03809255
Registered office Unit 3 Old Wireless Station
Great Bricett
Ipswich
Suffolk
IP7 7DS
Business address Unit 3 Old Wireless Station
Great Bricett
Ipswich
Suffolk
IP7 7DS
Auditor Griffin Chapman
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
Project Dewatering Limited
Director's responsibilities statement
Year ended 31 December 2023
The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Project Dewatering Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 324,113 310,086
_______ _______
324,113 310,086
Current assets
Stocks 235,228 192,940
Debtors 7 711,580 528,654
Cash at bank and in hand 205,130 89,808
_______ _______
1,151,938 811,402
Creditors: amounts falling due
within one year 8 ( 899,801) ( 384,266)
_______ _______
Net current assets 252,137 427,136
_______ _______
Total assets less current liabilities 576,250 737,222
Creditors: amounts falling due
after more than one year 9 ( 18,249) ( 559,740)
_______ _______
Net assets 558,001 177,482
_______ _______
Capital and reserves
Called up share capital 400,095 400,095
Share premium account 162,270 162,270
Revaluation reserve 16,768 25,151
Capital redemption reserve 5 5
Profit and loss account ( 21,137) ( 410,039)
_______ _______
Shareholders funds 558,001 177,482
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 April 2024 , and are signed on behalf of the board by:
Mr Michael Croney
Director
Company registration number: 03809255
Project Dewatering Limited
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Share premium account Revaluation reserve Capital redemption reserve Profit and loss account Total
£ £ £ £ £ £
At 1 January 2022 400,095 - 33,534 5 ( 589,120) ( 155,486)
Profit for the year 170,698 170,698
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account ( 8,383) 8,383 -
_______ _______ _______ _______ _______ _______
Total comprehensive income for the year - - ( 8,383) - 179,081 170,698
Conversion of debt to equity - 162,270 - 162,270
_______ _______ _______ _______ _______ _______
Total investments by and distributions to owners - 162,270 - - - 162,270
_______ _______ _______ _______ _______ _______
At 31 December 2022 and 1 January 2023 400,095 162,270 25,151 5 ( 410,039) 177,482
Profit for the year 380,519 380,519
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account ( 8,383) 8,383 -
_______ _______ _______ _______ _______ _______
Total comprehensive income for the year - - ( 8,383) - 388,902 380,519
_______ _______ _______ _______ _______ _______
At 31 December 2023 400,095 162,270 16,768 5 ( 21,137) 558,001
_______ _______ _______ _______ _______ _______
Project Dewatering Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3 Old Wireless Station, Great Bricett, Ipswich, Suffolk, IP7 7DS.
The principal activity of the company continues to be that of construction and development in respect of water projects
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis, which is dependent upon the continued support of the parent company which has affirmed that support. Having reviewed the current trading and financial position together with the operational plans and projections , the director considers that the company has and will continue to have sufficient funds to enable it to continue as a going concern.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website costs - 20 %
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Short leasehold property - 6.67 % straight line
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 10 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 8 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 January 2023 and 31 December 2023 5,954 5,954
_______ _______
Amortisation
At 1 January 2023 and 31 December 2023 5,954 5,954
_______ _______
Carrying amount
At 31 December 2023 - -
_______ _______
At 31 December 2022 - -
_______ _______
6. Tangible assets
Leasehold improvements Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 January 2023 26,492 649,548 32,131 8,600 716,771
Additions - 49,155 - 32,578 81,733
Disposals - - - ( 6,000) ( 6,000)
_______ _______ _______ _______ _______
At 31 December 2023 26,492 698,703 32,131 35,178 792,504
_______ _______ _______ _______ _______
Depreciation
At 1 January 2023 20,353 351,668 29,256 5,408 406,685
Charge for the year 1,766 62,564 706 2,101 67,137
Disposals - - - ( 5,431) ( 5,431)
_______ _______ _______ _______ _______
At 31 December 2023 22,119 414,232 29,962 2,078 468,391
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2023 4,373 284,471 2,169 33,100 324,113
_______ _______ _______ _______ _______
At 31 December 2022 6,139 297,880 2,875 3,192 310,086
_______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 604,589 406,598
Other debtors 106,991 122,056
_______ _______
711,580 528,654
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 9,808 9,809
Trade creditors 213,701 126,050
Amounts owed to group undertakings and undertakings in which the company has a participating interest 599,681 201,987
Social security and other taxes 16,651 7,085
Other creditors 59,960 39,335
_______ _______
899,801 384,266
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 18,249 28,249
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 531,491
_______ _______
18,249 559,740
_______ _______
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 14,668 14,668
Later than 1 year and not later than 5 years 9,779 24,447
_______ _______
24,447 39,115
_______ _______
11. Summary audit opinion
The auditor's report dated 17 April 2024 was unqualified.
The senior statutory auditor was Mr Daniel Aldworth (FCCA,FMAAT) for and on behalf of Griffin Chapman
12. Related party transactions
The directors have considered the transactions undertaken in the year between the company and the parent and related companies and have considered that these are all undertaken at arms length and therefore there is no requirement to disclose the detailed transactions. Note 9 & 10 to the accounts includes the full amount outstanding that is owed to the parent company.
13. Controlling party
Hölscher International Holding GmbH is the parent company of Project Dewatering Limited .The ultimate controlling party is Hölscher Analagenbesitzgesellschaft mbH & Co.KG . Both companies are incorporated in Germany and are located at Hinterm Busch 23, 49733 Haren, Germany.