Company registration number 07121484 (England and Wales)
PROJECT FF&E LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PROJECT FF&E LIMITED
COMPANY INFORMATION
Directors
Mr M Corbett
Mr J R Watson
Mr N K Dimmock
Mr R B Cole
Mr J Abson
Mr T P E Cass
Mr S J Forbes
Mr T J A Owens
Mr O Mackenzie
Mrs H M Backhouse
Mr D J Mercer
Company number
07121484
Registered office
Dalton House
17 Harrison Road
Halifax
HX1 2AF
Auditor
MHA
80 Mosley Street
Manchester
M2 3FX
PROJECT FF&E LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 25
PROJECT FF&E LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

 

The principal activity of the company continued to be the supplier and installer of furniture, fittings and equipment for the student accommodation, commercial, housing, healthcare and education sectors.

Fair review of the business

Since it commenced trading in 2010, the company has become an established leading provider of FF&E to the student accommodation and private-rented sector of the construction market. Our fit-out projects have covered all aspects of the market from high volume student accommodation, to luxurious privately owned residential accommodation.

2024 was a year that saw a return to growth for the company following the reset and consolidation in 2023. Turnover grew by 12.2%, which whilst significant, was executed in a controlled manner, maintaining the robust bid and tendering process we’d implemented in the prior year to ensure only the most suitable contracts for the company were delivered.

The company continued to focus on the refinement of our operational delivery model in 2024. This covered all aspects from commercial governance, procurement, contract management and installation. The gross profit margin achieved in 2024 of 15.9% was 290 basis points or 22% higher than 2023, which is testament to the success of the ongoing focus on this. This has also enabled us to better navigate a challenging macroeconomic environment and the supply chain uncertainty from global geopolitical conflicts.

The outlook for the business is strong with most of the turnover for 2025 either secured or very close to being secured. We are confident the success already achieved from the commercial and operational improvements implemented in 2023 and refined in 2024, will continue to produce further profit growth in 2025 and beyond.

Over the next five years the plan is for the company to enjoy further growth in its markets, expanding cautiously, but profitably to capitalise on the opportunities our strong client relationships offer. We will continue to invest in people and business processes to support this growth and have continued to develop our Integrated Management Systems and strengthen our base of industry accreditations, which includes being FSC (Forest Stewardship Council) accredited.

In 2024 we developed our ESG strategy and as a subsidiary of Project Group UK Ltd, are committed to achieving carbon net zero by 2040, adopting The United Nations Global Sustainable Development Goals, and extending our social value achievements.

We continue to focus on cash flow management and were able to maintain significant headroom against our credit facilities through 2024. To mitigate the company’s risk to bad debts we carry out rigorous diligence on project cash flows and client financial strength before committing to contract works. We also have a credit insurance policy in place through which we insure a significant proportion of our customer debt.

Principal risks and uncertainties

The growth of the business needs to be steady and controlled. The directors are confident that the new senior operations team structure, financial processes, and the continued commitment to process and management improvement, will ensure that we continue to grow in a controlled manner.

The business imports considerable quantities of product from overseas, the cost of which will be dependent on the legislation surrounding overseas trade agreements. However, we have an increased focus on developing manufacturing and production partnerships with UK suppliers and distributors, which coupled with the diversity of our international supply chain and our international account managers, help to control this risk.

PROJECT FF&E LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators
2024
2023
Turnover
(1)
£31,308,078
£27,905,775
Gross profit margin
(2)
15.9%
13.0%
Profit before taxation
(3)
£1,627,428
£1,220,768

(1) Turnover in 2024 was £3,402,303 or 12.2% higher than in 2023, as the company benefitted from a growing client base and opportunities arising from established main-contractor and developer relationships across the student accommodation and private BTR sectors.

 

(2) Gross profit margin was 15.9% in 2024 compared to 13.0% in 2023, reflecting the ongoing focus on operational efficiencies and heightened governance and control across the commercial aspects of our delivery model.

 

(3) Profit before taxation was £1,627,428, £406,660 or 33.3% higher than 2023, largely due to the increase in gross profit margin, achieved through the improvement initiatives and changes outlined above.

On behalf of the board

Mr J Abson
Director
4 August 2025
PROJECT FF&E LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid to Project Group UK Limited amounting to £491,097. The directors do not recommend payment of a further dividend.

No preference dividends were paid.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M Corbett
Mr J R Watson
Mr N K Dimmock
Mr R B Cole
Mr N A Barker
(Resigned 14 October 2024)
Mr J Abson
Mr T P E Cass
Mr S J Forbes
Mr T J A Owens
Mr O Mackenzie
Mrs H M Backhouse
Mr D J Mercer
Financial instruments

The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are mainly conducted in sterling.

Research and development

The company continually designs and develops its products to diversify into new markets and obtain new customers.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

PROJECT FF&E LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
Mr J Abson
Director
4 August 2025
PROJECT FF&E LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PROJECT FF&E LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PROJECT FF&E LIMITED
- 6 -
Opinion

We have audited the financial statements of Project FF&E Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

PROJECT FF&E LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PROJECT FF&E LIMITED (CONTINUED)
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

PROJECT FF&E LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PROJECT FF&E LIMITED (CONTINUED)
- 8 -

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non- compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Lee Van Houplines FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Manchester, United Kingdom
4 August 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
PROJECT FF&E LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
31,308,078
27,905,775
Cost of sales
(26,333,219)
(24,273,333)
Gross profit
4,974,859
3,632,442
Administrative expenses
(3,362,916)
(2,410,571)
Operating profit
4
1,611,943
1,221,871
Interest receivable and similar income
15,485
-
0
Interest payable and similar expenses
7
-
0
(1,103)
Profit before taxation
1,627,428
1,220,768
Tax on profit
8
(464,053)
(286,727)
Profit for the financial year
1,163,375
934,041

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PROJECT FF&E LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
3,300
5,100
Other intangible assets
10
125,979
123,092
Total intangible assets
129,279
128,192
Tangible assets
11
111,614
119,941
240,893
248,133
Current assets
Stocks
12
289,480
27,427
Debtors
13
10,048,434
10,909,693
Cash at bank and in hand
2,934,296
1,555,214
13,272,210
12,492,334
Creditors: amounts falling due within one year
14
(10,121,930)
(10,031,930)
Net current assets
3,150,280
2,460,404
Total assets less current liabilities
3,391,173
2,708,537
Provisions for liabilities
Deferred tax liability
15
50,054
39,696
(50,054)
(39,696)
Net assets
3,341,119
2,668,841
Capital and reserves
Called up share capital
17
576,526
576,526
Profit and loss reserves
2,764,593
2,092,315
Total equity
3,341,119
2,668,841

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 4 August 2025 and are signed on its behalf by:
Mr J Abson
Director
Company registration number 07121484 (England and Wales)
PROJECT FF&E LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
576,000
1,556,384
2,132,384
Year ended 31 December 2023:
Profit and total comprehensive income
-
934,041
934,041
Issue of share capital
17
526
-
526
Dividends
9
-
(398,110)
(398,110)
Balance at 31 December 2023
576,526
2,092,315
2,668,841
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,163,375
1,163,375
Dividends
9
-
(491,097)
(491,097)
Balance at 31 December 2024
576,526
2,764,593
3,341,119
PROJECT FF&E LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Project FF&E Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dalton House, 17 Harrison Road, Halifax, HX1 2AF.

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.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; and basis of determining fair values;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

 

The financial statements of the company are consolidated in the financial statements of Project Group UK Limited. These consolidated financial statements are available from its registered office, Dalton House, 17 Harrison Road, Halifax, HX1 2AF.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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. 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 dispatch 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.

Revenue from contracts is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated with reference to certified works. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

PROJECT FF&E LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.4
Intangible fixed assets - goodwill

Goodwill arising on business combinations is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.5
Intangible fixed assets other than goodwill

Separately acquired intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives.

Website
3 years straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10 years straight line
Fixtures and fittings
3 and 10 years straight line

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.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

PROJECT FF&E LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.9
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.10
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 balance sheet 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 and cash and bank balances, 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 FF&E LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans, 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
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.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

PROJECT FF&E LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
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 work in progress.

 

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.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

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.

1.16
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.

PROJECT FF&E LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Recognition of profit on contracts

At each balance sheet date, management review each contract individually based on the total contract value, the amounts invoiced up to the year end, the costs incurred up to the year end and the expected post year end costs to complete the contract.

 

Based upon the above information, management will estimate the expected profit on a contract and will include an element of profit on the contract at the year end by reference to the stage of completion of each contract at the balance sheet date.

PROJECT FF&E LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
3
Turnover
2024
2023
£
£
Turnover analysed by geographical market
UK
31,308,078
27,827,430
Europe
-
78,345
31,308,078
27,905,775

All of the company's turnover is derived from the principal activity as outlined on page 4.

4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(15,013)
8,195
Fees payable to the company's auditor for the audit of the company's financial statements
18,950
18,250
Depreciation of owned tangible fixed assets
70,308
70,704
Amortisation of intangible assets
43,223
16,956
Operating lease charges
80,057
68,818
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Sales
4
5
Contracts
68
62
Administration and support
26
19
Total
98
86

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
4,135,540
3,199,942
Social security costs
452,114
324,462
Pension costs
274,655
139,480
4,862,309
3,663,884
PROJECT FF&E LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
688,350
606,755
Company pension contributions to defined contribution schemes
46,693
79,704
735,043
686,459

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 10 (2023 - 11).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
105,799
94,045
Company pension contributions to defined contribution schemes
3,522
3,522
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
1,103
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
453,695
304,938
Adjustments in respect of prior periods
-
0
(3,212)
Total current tax
453,695
301,726
Deferred tax
Origination and reversal of timing differences
(3,896)
(14,999)
Adjustment in respect of prior periods
14,254
-
0
Total deferred tax
10,358
(14,999)
Total tax charge
464,053
286,727
PROJECT FF&E LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Taxation
(Continued)
- 20 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,627,428
1,220,768
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
406,857
287,125
Tax effect of expenses that are not deductible in determining taxable profit
41,945
4,337
Tax effect of income not taxable in determining taxable profit
-
0
(7)
Adjustments in respect of prior years
14,254
(3,212)
Effect of change in corporation tax rate
-
0
(887)
Group relief
-
0
(636)
Permanent capital allowances in excess of depreciation
997
-
0
Other
-
0
7
Taxation charge for the year
464,053
286,727
9
Dividends
2024
2023
£
£
Final paid
491,097
398,110
PROJECT FF&E LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
10
Intangible fixed assets
Goodwill
Trademarks, patents & licences
Website
Total
£
£
£
£
Cost
At 1 January 2024
18,000
4,045
210,903
232,948
Additions
-
0
-
0
44,310
44,310
At 31 December 2024
18,000
4,045
255,213
277,258
Amortisation and impairment
At 1 January 2024
12,900
-
0
91,856
104,756
Amortisation charged for the year
1,800
-
0
41,423
43,223
At 31 December 2024
14,700
-
0
133,279
147,979
Carrying amount
At 31 December 2024
3,300
4,045
121,934
129,279
At 31 December 2023
5,100
4,045
119,047
128,192
11
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024
241,322
258,427
499,749
Additions
8,272
74,301
82,573
Disposals
-
0
(20,592)
(20,592)
At 31 December 2024
249,594
312,136
561,730
Depreciation and impairment
At 1 January 2024
231,664
148,144
379,808
Depreciation charged in the year
10,186
60,122
70,308
At 31 December 2024
241,850
208,266
450,116
Carrying amount
At 31 December 2024
7,744
103,870
111,614
At 31 December 2023
9,658
110,283
119,941
PROJECT FF&E LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
289,480
27,427
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,839,528
6,827,137
Amounts owed by group undertakings
1,269,867
363,520
Other debtors
460,445
355,060
Prepayments and accrued income
2,232,112
3,034,207
9,801,952
10,579,924
2024
2023
Amounts falling due after more than one year:
£
£
Trade debtors
246,482
329,769
Total debtors
10,048,434
10,909,693
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,194,811
5,480,178
Amounts owed to group undertakings
654,098
2,044,750
Corporation tax
189,428
280,671
Other taxation and social security
199,682
116,928
Other creditors
16,905
389,381
Accruals and deferred income
3,867,006
1,720,022
10,121,930
10,031,930
PROJECT FF&E LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
54,416
44,058
Other
(4,362)
(4,362)
50,054
39,696
2024
Movements in the year:
£
Liability at 1 January 2024
39,696
Charge to profit or loss
10,358
Liability at 31 December 2024
50,054
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
274,655
139,480

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
"B" Ordinary shares of 1p each
52,601
52,600
526
526
"A2" Ordinary shares of £1 each
473,399
473,399
473,399
473,399
"A1" Ordinary shares of £5000 each
10
10
50,000
50,000
"C" Ordinary share of 1p each of 0p each
-
1
-
-
526,010
526,010
523,925
523,925
PROJECT FF&E LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Share capital
(Continued)
- 24 -
2024
2023
2024
2023
Preferred share capital
Number
Number
£
£
Issued and fully paid
Preferred of £1 each
52,601
52,601
52,601
52,601
Preferred shares classified as equity
52,601
52,601
Total equity share capital
576,526
576,526
18
Financial commitments, guarantees and contingent liabilities

The company has guaranteed borrowings of fellow group companies with a fixed and floating charge over the assets of the company. The borrowings at 31 December 2024 amounted to £2,244,936 (2023: £348,176).

 

The company is registered for VAT under group registration provisions and is therefore jointly and severally liable for the tax owed by the other group companies registered with it. At 31 December 2024, VAT owed by the other companies registered with it amounted to £27,738 (2023: £484,835). The net debtor owed to the companies at 31 December 2024 was £405,052 (2023: £287,199 - net liability).

19
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
135,332
212,309
Between two and five years
126,351
490,657
261,683
702,966
20
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

PROJECT FF&E LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Related party transactions
(Continued)
- 25 -
Category
Description of
Income
Expenditure
transaction
2024
2023
2024
2023
£
£
£
£
Key management personnel
Property rental
-
0
-
0
-
0
69,818
Other related parties
Sales and charges
8,312,772
8,786,849
-
0
-
0
Other related parties
Purchases
-
0
-
0
6,190,508
6,939,961
Balances with related parties

The following amounts were outstanding at the reporting end date:

Category
Amounts owed by
Amounts owed to
related parties
related parties
2024
2023
2024
2023
£
£
£
£
Other related parties
-
0
363,520
-
0
2,396,353
21
Ultimate controlling party

During the year until 10 October 2024, the company's immediate and ultimate parent company was Project Group UK Limited. The consolidated financial statements are available from the registered office, Dalton House, 17 Harrison Road, Halifax, HX1 2AF.

 

From 10 October 2024 and following a group restructure, the company's immediate parent company is Project Group UK Limited and its ultimate parent company is Project Group UK Holdings Limited. The consolidated financial statements are available from the registered office, Dalton House, 17 Harrison Road, Halifax, HX1 2AF.

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