Company registration number 03044303 (England and Wales)
Project Distribution Limited
Unaudited financial statements
For the year ended 31 March 2024
Project Distribution Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Project Distribution Limited
Statement of financial position
As at 31 March 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
30,394
33,550
Current assets
Stocks
911,590
847,333
Debtors
4
2,704,091
2,534,957
Cash at bank and in hand
439,031
546,135
4,054,712
3,928,425
Creditors: amounts falling due within one year
5
(1,268,971)
(1,061,917)
Net current assets
2,785,741
2,866,508
Total assets less current liabilities
2,816,135
2,900,058
Creditors: amounts falling due after more than one year
6
(141,667)
(241,667)
Provisions for liabilities
(6,000)
(5,000)
Net assets
2,668,468
2,653,391
Capital and reserves
Called up share capital
1,972
1,972
Profit and loss reserves
2,666,496
2,651,419
Total equity
2,668,468
2,653,391
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Project Distribution Limited
Statement of financial position (continued)
As at 31 March 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 27 August 2024
Mr A Faulkner
Director
Company registration number 03044303 (England and Wales)
Project Distribution Limited
Notes to the financial statements
For the year ended 31 March 2024
- 3 -
1
Accounting policies
Company information
Project Distribution Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Sun Street, Hanley, Stoke on Trent, Staffordshire, ST1 4JW.
1.1
Accounting convention
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 amounts 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.
Project Distribution Limited is a majority owned subsidiary of Prodis Holdings Limited.
1.2
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.
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 despatch 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.
1.3
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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Expenditure on leasehold buildings
4% per annum of cost
Plant and machinery
25% per annum of net book value
Computer equipment
3 years straight line on cost
Motor vehicles
25% per annum of net book value
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.
Project Distribution Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 4 -
1.4
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 the 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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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 statement of financial position 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, cash and bank balances and loans to fellow group companies, 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.
Project Distribution Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Project Distribution Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 6 -
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.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
10
3
Tangible fixed assets
Expenditure on leasehold buildings
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
20,784
39,104
13,872
20,993
94,753
Additions
2,622
2,423
5,045
At 31 March 2024
20,784
41,726
16,295
20,993
99,798
Depreciation and impairment
At 1 April 2023
13,428
18,210
13,554
16,011
61,203
Depreciation charged in the year
832
5,627
496
1,246
8,201
At 31 March 2024
14,260
23,837
14,050
17,257
69,404
Carrying amount
At 31 March 2024
6,524
17,889
2,245
3,736
30,394
At 31 March 2023
7,356
20,894
318
4,982
33,550
Project Distribution Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
394,794
178,641
Amounts owed by group undertakings
2,104,046
2,209,192
Other debtors
205,251
147,124
2,704,091
2,534,957
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
100,000
100,000
Trade creditors
874,004
657,383
Amounts owed to group undertakings
3,865
3,865
Taxation and social security
234,257
245,674
Other creditors
56,845
54,995
1,268,971
1,061,917
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
141,667
241,667
7
Security
The bank loans are secured by a fixed and floating charge over the assets of the company.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
3,103
10,383
Project Distribution Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 8 -
9
Directors' transactions
The advance is unsecured, repayable on demand and interest is charged at HMRC's official rate of interest per annum, where the balance exceeds £10,000.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Directors Loan Account
2.25
-
56,253
195
56,448
-
56,253
195
56,448
10
Parent company
The immediate parent company is Classic Cash Registers Group Holdings Limited, incorporated in England and Wales.
The ultimate parent company is Prodis Holdings Limited, incorporated in England and Wales. The Registered Office address is The Glades Festival Way, Festival Park, Stoke on Trent, Staffordshire ST1 5SQ.