Project-Tile Limited 05669180 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of the sale of wall and floor tiles and tiling contractors Digita Accounts Production Advanced 6.30.9574.0 true true 05669180 2023-04-01 2024-03-31 05669180 2024-03-31 05669180 core:CurrentFinancialInstruments 2024-03-31 05669180 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 05669180 core:Goodwill 2024-03-31 05669180 core:ConstructionInProgressAssetsUnderConstruction 2024-03-31 05669180 core:MotorVehicles 2024-03-31 05669180 core:OfficeEquipment 2024-03-31 05669180 core:OtherPropertyPlantEquipment 2024-03-31 05669180 bus:SmallEntities 2023-04-01 2024-03-31 05669180 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05669180 bus:FilletedAccounts 2023-04-01 2024-03-31 05669180 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05669180 bus:RegisteredOffice 2023-04-01 2024-03-31 05669180 bus:Director1 2023-04-01 2024-03-31 05669180 bus:Director3 2023-04-01 2024-03-31 05669180 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05669180 core:Goodwill 2023-04-01 2024-03-31 05669180 core:ConstructionInProgressAssetsUnderConstruction 2023-04-01 2024-03-31 05669180 core:FurnitureFittings 2023-04-01 2024-03-31 05669180 core:MotorVehicles 2023-04-01 2024-03-31 05669180 core:OfficeEquipment 2023-04-01 2024-03-31 05669180 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 05669180 core:PlantMachinery 2023-04-01 2024-03-31 05669180 countries:England 2023-04-01 2024-03-31 05669180 2023-03-31 05669180 core:Goodwill 2023-03-31 05669180 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 05669180 core:MotorVehicles 2023-03-31 05669180 core:OfficeEquipment 2023-03-31 05669180 core:OtherPropertyPlantEquipment 2023-03-31 05669180 2022-04-01 2023-03-31 05669180 2023-03-31 05669180 core:CurrentFinancialInstruments 2023-03-31 05669180 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05669180 core:Goodwill 2023-03-31 05669180 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 05669180 core:MotorVehicles 2023-03-31 05669180 core:OfficeEquipment 2023-03-31 05669180 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 05669180

Project-Tile Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Project-Tile Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Project-Tile Limited

Company Information

Directors

Mr D Cook

Mrs A Johnson

Registered office

448-450 Chester Road
Old Trafford
Manchester
M16 9HL

Accountants

GMR Accountants Ltd
1st Floor
8-12 London Street
Southport
Merseyside
PR9 0UE

 

Project-Tile Limited

(Registration number: 05669180)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

7,375

8,850

Tangible assets

5

135,145

239,258

 

142,520

248,108

Current assets

 

Stocks

6

25,000

25,000

Debtors

7

364,117

321,978

Cash at bank and in hand

 

789,222

1,927,861

 

1,178,339

2,274,839

Creditors: Amounts falling due within one year

8

(515,088)

(290,847)

Net current assets

 

663,251

1,983,992

Total assets less current liabilities

 

805,771

2,232,100

Provisions for liabilities

(45,459)

(45,459)

Net assets

 

760,312

2,186,641

Capital and reserves

 

Called up share capital

50

100

Retained earnings

760,262

2,186,541

Shareholders' funds

 

760,312

2,186,641

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2024 and signed on its behalf by:
 

.........................................
Mr D Cook
Director

 

Project-Tile Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
448-450 Chester Road
Old Trafford
Manchester
M16 9HL

These financial statements were authorised for issue by the Board on 26 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Project-Tile Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Tenants improvements

10% straight line basis

Plant and machinery

15% reducing balance basis

Office equipment

33.33% straight line basis

Furniture and fittings

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Project-Tile Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 8).

 

Project-Tile Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

29,500

29,500

At 31 March 2024

29,500

29,500

Amortisation

At 1 April 2023

20,650

20,650

Amortisation charge

1,475

1,475

At 31 March 2024

22,125

22,125

Carrying amount

At 31 March 2024

7,375

7,375

At 31 March 2023

8,850

8,850

 

Project-Tile Limited

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

5

Tangible assets

Tenants improvements
 £

Office equipment
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

53,219

71,024

290,409

25,861

440,513

Additions

-

6,149

22,935

-

29,084

Disposals

-

-

(147,704)

-

(147,704)

At 31 March 2024

53,219

77,173

165,640

25,861

321,893

Depreciation

At 1 April 2023

37,673

54,798

87,814

20,970

201,255

Charge for the year

5,322

5,258

31,139

733

42,452

Eliminated on disposal

-

-

(56,959)

-

(56,959)

At 31 March 2024

42,995

60,056

61,994

21,703

186,748

Carrying amount

At 31 March 2024

10,224

17,117

103,646

4,158

135,145

At 31 March 2023

15,546

16,226

202,595

4,891

239,258

 

Project-Tile Limited

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

6

Stocks

2024
£

2023
£

Other inventories

25,000

25,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

356,610

321,541

Prepayments

7,507

437

 

364,117

321,978

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

-

11,439

Trade creditors

 

155,283

120,721

Amounts owed to group undertakings and undertakings in which the company has a participating interest

19,167

-

Taxation and social security

 

210,890

145,901

Accruals and deferred income

 

-

4,038

Other creditors

 

129,748

8,748

 

515,088

290,847

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

-

11,439