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REGISTERED NUMBER: 02882082 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

PROJECT ELECTRONICS LIMITED

PROJECT ELECTRONICS LIMITED (REGISTERED NUMBER: 02882082)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PROJECT ELECTRONICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: M.L. Willeard





REGISTERED OFFICE: Project House
Slade Green Road
Erith
Kent
DA8 2HX





REGISTERED NUMBER: 02882082 (England and Wales)





ACCOUNTANTS: The Carley Partnership
St James's House
8 Overcliffe
Gravesend
Kent
DA11 0HJ

PROJECT ELECTRONICS LIMITED (REGISTERED NUMBER: 02882082)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 28,640 28,640
Tangible assets 5 3,089 2,023
Investments 6 166,710 180,105
198,439 210,768

CURRENT ASSETS
Stocks 1,000 1,000
Debtors 7 274,622 284,638
Cash at bank and in hand 7,694 6,154
283,316 291,792
CREDITORS
Amounts falling due within one year 8 331,339 335,947
NET CURRENT LIABILITIES (48,023 ) (44,155 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

150,416

166,613

CAPITAL AND RESERVES
Called up share capital 9 716,000 716,000
Revaluation reserve 95,919 109,314
Retained earnings (661,503 ) (658,701 )
SHAREHOLDERS' FUNDS 150,416 166,613

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 director acknowledges his 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.

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 director and authorised for issue on 21 February 2024 and were signed by:





M.L. Willeard - Director


PROJECT ELECTRONICS LIMITED (REGISTERED NUMBER: 02882082)

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


1. STATUTORY INFORMATION

Project Electronics Limited is a private company, limited by shares , registered in England and Wales. 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 as modified by the revaluation of certain assets.

These financial statements have been prepared on a going concern basis as the director has indicated that he will continue to support the company.

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

Intangible assets
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit. Development expenditure is not treated as a realised loss when considering the payment of a dividend as the director is of the opinion that the treatment of development costs complies with the provisions of Financial Reporting Standard 102 section 1A and thus the special circumstances in Section 269 (2)(a) of the Companies Act have been complied with.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - Straight line over 15 years
Plant and machinery etc - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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 and deferred taxation assets and liabilities are not discounted.

Current tax and deferred 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.

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.

Investments
The company holds Investment Bonds in Scottish Equitable and these are included on the company's Balance Sheet at the year end market value, as supplied by Scottish Equitable.

Government grants
Grant income is recognised using the accrual model in the period in which it becomes receivable.

PROJECT ELECTRONICS LIMITED (REGISTERED NUMBER: 02882082)

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


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 June 2022
and 31 May 2023 257,096
AMORTISATION
At 1 June 2022
and 31 May 2023 228,456
NET BOOK VALUE
At 31 May 2023 28,640
At 31 May 2022 28,640

Other intangible assets consist of development expenditure capitalised.

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 June 2022 3,400 103,785 107,185
Additions - 2,104 2,104
At 31 May 2023 3,400 105,889 109,289
DEPRECIATION
At 1 June 2022 3,400 101,762 105,162
Charge for year - 1,038 1,038
At 31 May 2023 3,400 102,800 106,200
NET BOOK VALUE
At 31 May 2023 - 3,089 3,089
At 31 May 2022 - 2,023 2,023

PROJECT ELECTRONICS LIMITED (REGISTERED NUMBER: 02882082)

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


6. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 June 2022 100 180,005 180,105
Revaluations - (13,395 ) (13,395 )
At 31 May 2023 100 166,610 166,710
NET BOOK VALUE
At 31 May 2023 100 166,610 166,710
At 31 May 2022 100 180,005 180,105


The company's investments at the balance sheet date in the share capital of companies includes the following subsidiary:

Project Manufacturing Limited
Registered office: Project House, Slade Green Road, Erith, Kent, DA8 2HX
Nature of business: Dormant

Class of shares No. of shares % holding
Ordinary 100 100%

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 11,143
Other debtors 274,622 273,495
274,622 284,638

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,875 1,656
Amounts owed to group undertakings 100 100
Taxation and social security 395 5,122
Other creditors 328,969 329,069
331,339 335,947

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
716,000 Ordinary £1 716,000 716,000