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REGISTERED NUMBER: SC483029 (Scotland)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

PROJECT PANEL SOLUTIONS LTD

PROJECT PANEL SOLUTIONS LTD (REGISTERED NUMBER: SC483029)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PROJECT PANEL SOLUTIONS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: J D Bunyan
K A Grant





REGISTERED OFFICE: Arran House
15D Syke Road
Prestwick
Ayrshire
KA9 2TA





REGISTERED NUMBER: SC483029 (Scotland)





ACCOUNTANTS: Robert J Hart & Company
Chartered Accountants
Arran House
15D Skye Road
Prestwick
Ayrshire
KA9 2TA

PROJECT PANEL SOLUTIONS LTD (REGISTERED NUMBER: SC483029)

BALANCE SHEET
31 MAY 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 39,681 52,909
39,681 52,909

CURRENT ASSETS
Stocks 44,151 19,861
Debtors 6 726,973 718,656
Cash at bank and in hand 679,149 390,010
1,450,273 1,128,527
CREDITORS
Amounts falling due within one year 7 914,160 774,005
NET CURRENT ASSETS 536,113 354,522
TOTAL ASSETS LESS CURRENT
LIABILITIES

575,794

407,431

CREDITORS
Amounts falling due after more than one
year

8

(6,892

)

(17,229

)

PROVISIONS FOR LIABILITIES 11 (8,085 ) (8,519 )
NET ASSETS 560,817 381,683

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 560,717 381,583
560,817 381,683

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PROJECT PANEL SOLUTIONS LTD (REGISTERED NUMBER: SC483029)

BALANCE SHEET - continued
31 MAY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 February 2024 and were signed on its behalf by:





K A Grant - Director


PROJECT PANEL SOLUTIONS LTD (REGISTERED NUMBER: SC483029)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Project Panel Solutions Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of three years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles - 25% on reducing balance

Government grants
Grants of a revenue nature are credited to income when the conditions for receipt are met and to match the related expenditure.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

PROJECT PANEL SOLUTIONS LTD (REGISTERED NUMBER: SC483029)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts are capitalised in the balance sheet and depreciated over their estimated useful lives.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing
Assets obtained under hire purchase contracts are capitalised in the balance sheet and depreciated over their estimated useful lives.

The interest element of these obligations is charged to the income statement over the period of the agreement. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 90,000
AMORTISATION
At 1 June 2022
and 31 May 2023 90,000
NET BOOK VALUE
At 31 May 2023 -
At 31 May 2022 -

PROJECT PANEL SOLUTIONS LTD (REGISTERED NUMBER: SC483029)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

5. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
At 1 June 2022
and 31 May 2023 72,964
DEPRECIATION
At 1 June 2022 20,055
Charge for year 13,228
At 31 May 2023 33,283
NET BOOK VALUE
At 31 May 2023 39,681
At 31 May 2022 52,909

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2022
and 31 May 2023 61,349
DEPRECIATION
At 1 June 2022 12,115
Charge for year 12,309
At 31 May 2023 24,424
NET BOOK VALUE
At 31 May 2023 36,925
At 31 May 2022 49,234

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 564,855 707,368
Amounts owed by group undertakings 1,075 1,075
Other debtors 161,043 10,213
726,973 718,656

PROJECT PANEL SOLUTIONS LTD (REGISTERED NUMBER: SC483029)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Hire purchase contracts (see note 9) 10,337 10,337
Trade creditors 569,386 368,259
Taxation and social security 192,011 188,353
Other creditors 142,426 207,056
914,160 774,005

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£    £   
Hire purchase contracts (see note 9) 6,892 17,229

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.5.23 31.5.22
£    £   
Net obligations repayable:
Within one year 10,337 10,337
Between one and five years 6,892 17,229
17,229 27,566

Non-cancellable operating leases
31.5.23 31.5.22
£    £   
Within one year - 714
Between one and five years 290,063 -
290,063 714

10. SECURED DEBTS

The following secured debts are included within creditors:

31.5.23 31.5.22
£    £   
Hire purchase contracts 17,229 27,566

Hire purchase creditors are secured against the specific assets financed.

11. PROVISIONS FOR LIABILITIES
31.5.23 31.5.22
£    £   
Deferred tax 8,085 8,519

PROJECT PANEL SOLUTIONS LTD (REGISTERED NUMBER: SC483029)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 June 2022 8,519
Credit to Income Statement during year (434 )
Balance at 31 May 2023 8,085

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2023 and 31 May 2022:

31.5.23 31.5.22
£    £   
K A Grant
Balance outstanding at start of year - -
Amounts advanced 100,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 100,000 -

J D Bunyan
Balance outstanding at start of year - -
Amounts advanced 30,401 -
Amounts repaid (8,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 22,401 -

Interest is charged on J Bunyan loan account at the rate of 2%.

13. RELATED PARTY DISCLOSURES

At the balance sheet date the amount due from its parent company was £1,075 (2022: £1,075) and the amount due from an associated company was £11,808 (2022:£9,808) The loans are interest free and repayable on demand.