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REGISTERED NUMBER: 04934123 (England and Wales)










Project Solver Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024






Project Solver Limited (Registered number: 04934123)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Project Solver Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: A S Brown
R Pleasants





REGISTERED OFFICE: Unit 7a
Oak Industrial Park, Chelmsford Road
Great Dunmow
Essex
CM6 1XN





REGISTERED NUMBER: 04934123 (England and Wales)





ACCOUNTANTS: Baker Watkin Accounting Ltd
Chartered Accountants
Middlesex House
Rutherford Close
Stevenage
Hertfordshire
SG1 2EF

Project Solver Limited (Registered number: 04934123)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 170,141 175,160

CURRENT ASSETS
Stocks 5 109,180 301,408
Debtors 6 477,802 996,848
Cash at bank and in hand 615,784 13,535
1,202,766 1,311,791
CREDITORS
Amounts falling due within one year 7 (451,710 ) (701,141 )
NET CURRENT ASSETS 751,056 610,650
TOTAL ASSETS LESS CURRENT
LIABILITIES

921,197

785,810

CREDITORS
Amounts falling due after more than one
year

8

(80,952

)

(192,881

)

PROVISIONS FOR LIABILITIES (26,630 ) (26,869 )
NET ASSETS 813,615 566,060

CAPITAL AND RESERVES
Called up share capital 9 1,600 1,600
Retained earnings 812,015 564,460
SHAREHOLDERS' FUNDS 813,615 566,060

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 Solver Limited (Registered number: 04934123)

Balance Sheet - continued
31 March 2024


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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2024 and were signed on its behalf by:





A S Brown - Director


Project Solver Limited (Registered number: 04934123)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Project Solver Limited is a private company, limited by shares, registered in England and Wales. Company registration number is 04934123.The registered office is Unit 7a, Oak Industrial Park, Great Dunmow, Essex,CM6 1XN.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting
Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

TURNOVER
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Project Solver Limited (Registered number: 04934123)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated
useful life.

Leasehold improvements-20% on cost
Plant and machinery-20% on reducing balance
Fixtures and fittings-15% on reducing balance
Motor vehicles-25% on reducing balance
Computer equipment-33.33% on cost and 25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

IMPAIRMENT OF FIXED ASSETS
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Project Solver Limited (Registered number: 04934123)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

BASIC FINANCIAL ASSETS
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised

CLASSIFICATION OF FINANCIAL LIABILITIES
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

BASIC FINANCIAL LIABILITIES
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.


Project Solver Limited (Registered number: 04934123)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The related capital element of the future payments is recognised as a liability in the balance sheet and the interest is charged to profit or loss.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2023 - 41 ) .

Project Solver Limited (Registered number: 04934123)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and
improvements machinery fittings
£    £    £   
COST
At 1 April 2023 23,159 20,507 17,369
Additions - 12,896 -
Disposals - - -
At 31 March 2024 23,159 33,403 17,369
DEPRECIATION
At 1 April 2023 21,076 15,883 11,429
Charge for year 510 1,695 891
Eliminated on disposal - - -
At 31 March 2024 21,586 17,578 12,320
NET BOOK VALUE
At 31 March 2024 1,573 15,825 5,049
At 31 March 2023 2,083 4,624 5,940

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 266,254 215,687 542,976
Additions 36,819 8,154 57,869
Disposals (30,117 ) - (30,117 )
At 31 March 2024 272,956 223,841 570,728
DEPRECIATION
At 1 April 2023 115,421 204,007 367,816
Charge for year 44,130 7,783 55,009
Eliminated on disposal (22,238 ) - (22,238 )
At 31 March 2024 137,313 211,790 400,587
NET BOOK VALUE
At 31 March 2024 135,643 12,051 170,141
At 31 March 2023 150,833 11,680 175,160

Project Solver Limited (Registered number: 04934123)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. STOCKS
2024 2023
£    £   
Stocks 7,000 8,675
Work-in-progress 102,180 292,733
109,180 301,408

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 366,768 937,034
Other debtors 111,034 59,814
477,802 996,848

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,035 158,524
Hire purchase contracts 49,765 42,859
Other loans - 102,620
Trade creditors 140,702 83,324
Taxation and social security 194,083 229,555
Other creditors 57,125 84,259
451,710 701,141

The bank overdraft is secured on the assets of the company and the invoice discounting facility is secured on the Trade Debtors.

Net obligations under finance lease and hire purchase contracts totalling £49,765 (2023 - £42,859) are
secured against the relevant assets.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 61,892 80,577
Other loans - 83,212
BBL loan 19,060 29,092
80,952 192,881

Net obligations under finance lease and hire purchase contracts totalling £61,892 (2023 - £80,577) are
secured against the relevant assets.

Project Solver Limited (Registered number: 04934123)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,600 Ordinary 1 1,600 1,600

10. OPERATING LEASE COMMITMENTS

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases are £34,500 (2023 - £55,500).

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
A S Brown
Balance outstanding at start of year 39,127 39,127
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 39,127 39,127