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Project Installations Ltd
Financial Statements
For The Year Ended 30 April 2024
TaxAssist Accountants
133 Station Road
Sidcup
DA15 7AA
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13327618
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 24,468 25,466
24,468 25,466
CURRENT ASSETS
Debtors 5 27,684 44,612
Cash at bank and in hand 1,771 1,956
29,455 46,568
Creditors: Amounts Falling Due Within One Year 6 (87,038 ) (78,624 )
NET CURRENT ASSETS (LIABILITIES) (57,583 ) (32,056 )
TOTAL ASSETS LESS CURRENT LIABILITIES (33,115 ) (6,590 )
Creditors: Amounts Falling Due After More Than One Year 7 (18,999 ) (2,325 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,649 ) (4,585 )
NET LIABILITIES (56,763 ) (13,500 )
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account (56,764 ) (13,501 )
SHAREHOLDERS' FUNDS (56,763) (13,500)
Page 1
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For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Arron Calver
Director
31 January 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Project Installations Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13327618 . The registered office is Suite 2052 6-8 Revenge Road, Lordswood, Chatham, Kent, ME5 8UD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis. Due to the financial position of the company, the validity of this basis is conditional on the support of the companys directors and shareholders. 
On this basis, the directors consider that it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of their support.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Straightline
Motor Vehicles 20 % Reducing balance
Computer Equipment 25% Straightline
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 8)
7 8
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 May 2023 1,667 26,333 4,087 32,087
Additions - 18,198 - 18,198
Disposals - (19,964 ) - (19,964 )
As at 30 April 2024 1,667 24,567 4,087 30,321
Depreciation
As at 1 May 2023 333 5,266 1,022 6,621
Provided during the period 333 1,870 1,022 3,225
Disposals - (3,993 ) - (3,993 )
As at 30 April 2024 666 3,143 2,044 5,853
Net Book Value
As at 30 April 2024 1,001 21,424 2,043 24,468
As at 1 May 2023 1,334 21,067 3,065 25,466
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 9,798 41,663
Other debtors 1,441 -
Deferred tax current asset 16,445 2,949
27,684 44,612
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 1,197 1,129
Trade creditors 5,408 6,066
Other loans 31,380 13,580
Other taxes and social security 9,840 10,578
VAT 19,112 7,713
Net wages 5,380 11,562
Credit card 1,254 1,594
Pension control 443 1,360
Other creditors - 18,370
Accruals and deferred income 3,740 2,815
Directors' loan accounts 9,284 3,857
87,038 78,624
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 18,999 2,325
18,999 2,325
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 1,197 1,129
Later than one year and not later than five years 18,999 2,325
20,196 3,454
20,196 3,454
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9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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