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Registration number: 01873033

Projector Lifting Service Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

image-name
 

Projector Lifting Service Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Projector Lifting Service Limited

Company Information

Director

Mr D Rogers

Company secretary

Mr A Rogers

Registered office

9-11 Stilebrook Road
Olney
Bucks
MK46 5EA

Accountants

Michael J Emery & Co Limited
Chartered Accountants22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Projector Lifting Service Limited
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Projector Lifting Service Limited for the year ended 31 August 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Projector Lifting Service Limited, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of Projector Lifting Service Limited and state those matters that we have agreed to state to the Board of Directors of Projector Lifting Service Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Projector Lifting Service Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Projector Lifting Service Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Projector Lifting Service Limited. You consider that Projector Lifting Service Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Projector Lifting Service Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Michael J Emery & Co Limited
Chartered Accountants
22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

17 March 2025

 

Projector Lifting Service Limited

(Registration number: 01873033)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

800,829

656,704

Current assets

 

Debtors

5

272,951

249,599

Cash at bank and in hand

 

131,263

93,512

 

404,214

343,111

Creditors: Amounts falling due within one year

6

(565,544)

(411,748)

Net current liabilities

 

(161,330)

(68,637)

Total assets less current liabilities

 

639,499

588,067

Creditors: Amounts falling due after more than one year

6

(176,503)

(249,305)

Provisions for liabilities

(169,187)

(88,377)

Net assets

 

293,809

250,385

Capital and reserves

 

Called up share capital

1,002

1,002

Revaluation reserve

1

1

Retained earnings

292,806

249,382

Shareholders' funds

 

293,809

250,385

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

Director's 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 director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 March 2025
 

 

Projector Lifting Service Limited

(Registration number: 01873033)
Balance Sheet as at 31 August 2024

.........................................
Mr D Rogers
Director

 

Projector Lifting Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
9-11 Stilebrook Road
Olney
Bucks
MK46 5EA

These financial statements were authorised for issue by the director on 17 March 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.

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.

 

Projector Lifting Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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

Land and buildings

20% on cost

Plant and machinery

10% on cost

Motor vehicles

25% reducing balance

Fixtures and fittings

10% on cost

Computer equipment

25% on cost

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.

 

Projector Lifting Service Limited

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

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.

Leases

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.

 

Projector Lifting Service Limited

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

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 during the year, including the director, was 12 (2023 - 4).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

12,830

1,721,349

500,717

2,234,896

Additions

-

233,143

49,119

282,262

Disposals

-

-

(38,715)

(38,715)

At 31 August 2024

12,830

1,954,492

511,121

2,478,443

Depreciation

At 1 September 2023

12,830

1,244,310

321,052

1,578,192

Charge for the year

-

63,479

48,646

112,125

Eliminated on disposal

-

-

(12,703)

(12,703)

At 31 August 2024

12,830

1,307,789

356,995

1,677,614

Carrying amount

At 31 August 2024

-

646,703

154,126

800,829

At 31 August 2023

-

477,039

179,665

656,704

 

Projector Lifting Service Limited

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

5

Debtors

Current

2024
£

2023
£

Trade debtors

259,620

183,152

Prepayments

6,331

4,313

Other debtors

7,000

62,134

 

272,951

249,599

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

102,539

112,161

Trade creditors

 

120,973

87,575

Taxation and social security

 

135,901

32,007

Accruals and deferred income

 

3,200

-

Other creditors

 

202,931

180,005

 

565,544

411,748

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

176,503

249,305

 

Projector Lifting Service Limited

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

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,773

21,654

HP and finance lease liability 1 (1-2 yrs)

167,730

227,651

176,503

249,305

Current loans and borrowings

2024
£

2023
£

Bank borrowings

14,499

23,422

HP and finance lease liability 1 (under 1yr)

88,040

88,739

102,539

112,161

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £77,500 (2023 - £108,500).

9

Related party transactions

Summary of transactions with other related parties

Pro-Rol Engineering Services Limited
A company under common control.

During the year, the company loaned money to Pro-Rol Engineering Services Limited of £100 (2023: £Nil) At the balance sheet date, the amount owed to Projector Lifting Services Limited was £300 (2023: £200) in respect of intercompany loans and trade balances.