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Registration number: 08910734

ProEdge Construction Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

ProEdge Construction Limited

(Registration number: 08910734)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

44,625

48,125

Tangible assets

5

-

212,484

 

44,625

260,609

Current assets

 

Stocks

6

193,387

479,567

Debtors

7

469,680

139,175

Cash at bank and in hand

 

8,471

14,472

 

671,538

633,214

Creditors: Amounts falling due within one year

8

(135,995)

(202,833)

Net current assets

 

535,543

430,381

Total assets less current liabilities

 

580,168

690,990

Creditors: Amounts falling due after more than one year

8

(11,995)

(21,124)

Provisions for liabilities

-

(40,445)

Net assets

 

568,173

629,421

Capital and reserves

 

Called up share capital

200,200

200,200

Other reserves

14,875

141,505

Retained earnings

353,098

287,716

Shareholders' funds

 

568,173

629,421

For the financial year ending 30 June 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.

 

ProEdge Construction Limited

(Registration number: 08910734)
Balance Sheet as at 30 June 2024

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 February 2025 and signed on its behalf by:
 

.........................................
Mr J Sculthorpe
Director

 

ProEdge Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
8a New Road
Mepal
Ely
CB6 2AP

These financial statements were authorised for issue by the Board on 26 February 2025.

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.

Tax

The tax expense for the period comprises current and deferred 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.

 

ProEdge Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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

Short term lease

-

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

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

written of in equal instalments over its estimated economic life of 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.

 

ProEdge Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

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.

 

ProEdge Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made 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 lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 3 (2023 - 3).

 

ProEdge Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

70,000

70,000

At 30 June 2024

70,000

70,000

Amortisation

At 1 July 2023

21,875

21,875

Amortisation charge

3,500

3,500

At 30 June 2024

25,375

25,375

Carrying amount

At 30 June 2024

44,625

44,625

At 30 June 2023

48,125

48,125

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 July 2023

50,703

13,428

200,879

53,556

Additions

-

-

12,718

-

Disposals

(50,703)

(13,428)

(213,597)

(53,556)

At 30 June 2024

-

-

-

-

Depreciation

At 1 July 2023

-

10,261

67,375

28,446

Charge for the year

-

253

17,368

6,277

Eliminated on disposal

-

(10,514)

(84,743)

(34,723)

At 30 June 2024

-

-

-

-

Carrying amount

At 30 June 2024

-

-

-

-

At 30 June 2023

50,703

3,167

133,504

25,110

 

ProEdge Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Total
£

Cost or valuation

At 1 July 2023

318,566

Additions

12,718

Disposals

(331,284)

At 30 June 2024

-

Depreciation

At 1 July 2023

106,082

Charge for the year

23,898

Eliminated on disposal

(129,980)

At 30 June 2024

-

Carrying amount

At 30 June 2024

-

At 30 June 2023

212,484

Included within the net book value of land and buildings above is £Nil (2023 - £50,703) in respect of short leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Raw materials and consumables

30,000

27,600

Work in progress

163,387

451,967

193,387

479,567

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

157,392

133,603

Amounts owed by related parties

196,951

-

Prepayments

 

2,997

3,929

Other debtors

 

106,316

1,643

VAT Control account

 

6,024

-

   

469,680

139,175

 

ProEdge Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

5,798

4,799

Trade creditors

 

8,261

670

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

96,007

113,021

Taxation and social security

 

24,377

24,096

Accruals and deferred income

 

1,190

25,620

Other creditors

 

362

34,627

 

135,995

202,833

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11,995

21,124