Registration number: 09351111

Projoint Drylining Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Projoint Drylining Limited

Company Information

Director

Mr K W Pugh

Registered office

Unit 1, Office 1 Tower Lane Business Park Tower Lane Warmley Bristol BS30 8XT

Accountants

Ross & Partners (Bristol) Limited Accountants and Tax Consultants Unit 1, Office 1 Tower Lane Business Park Tower Lane Warmley Bristol BS30 8XT

Projoint Drylining Limited

(Registration number: 09351111)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	3	3,812	3,631
Current assets
Stocks	4	14,150	1,732
Debtors	5	17,444	17,184
Cash at bank and in hand		22,586	19,770
		54,180	38,686
Creditors: Amounts falling due within one year	6	(32,307)	(26,756)
Net current assets		21,873	11,930
Total assets less current liabilities		25,685	15,561
Creditors: Amounts falling due after more than one year	6	(1,750)	(4,750)
Provisions for liabilities		(326)	(204)
Net assets		23,609	10,607
Capital and reserves
Called up share capital	7	10	10
Retained earnings		23,599	10,597
Shareholders' funds		23,609	10,607

For the financial year ending 31 December 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.

Projoint Drylining Limited

(Registration number: 09351111)
Balance Sheet as at 31 December 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 August 2025
 

......................................... Mr K W Pugh Director

Projoint Drylining Limited

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

1	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.

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.

Projoint Drylining Limited

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

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
Motor vehicles	25% reducing balance
Plant and machinery	25% reducing balance
Office equipment	33.3% straight line

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.

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.

Projoint Drylining Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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.

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.

2	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

Projoint Drylining Limited

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

3	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 January 2024	582	4,000	4,667	9,249
Additions	275	-	676	951
Disposals	(358)	-	-	(358)
At 31 December 2024	499	4,000	5,343	9,842
Depreciation
At 1 January 2024	582	1,750	3,286	5,618
Charge for the year	68	187	515	770
Eliminated on disposal	(358)	-	-	(358)
At 31 December 2024	292	1,937	3,801	6,030
Carrying amount
At 31 December 2024	207	2,063	1,542	3,812
At 31 December 2023	-	2,250	1,381	3,631

4

Stocks

	2024 £	2023 £
Work in progress	14,000	1,582
Other inventories	150	150
	14,150	1,732

Projoint Drylining Limited

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

5

Debtors

	2024 £	2023 £
Trade debtors	-	3,062
Prepayments	185	459
Other debtors	17,259	13,663
	17,444	17,184

6

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	8	3,000	3,000
Trade creditors		9,562	2,238
Taxation and social security		9,187	5,990
Accruals and deferred income		1,510	1,450
Other creditors		9,048	14,078
		32,307	26,756

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	8	1,750	4,750

7	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	10	10	10	10

Projoint Drylining Limited

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

8	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	1,750	4,750

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	3,000	3,000

9	Related party transactions

Loans from related parties

2024	Key management £	Total £
At start of period	14,078	14,078
Advanced	312	312
Repaid	(5,342)	(5,342)
At end of period	9,048	9,048

2023	Key management £	Total £
At start of period	14,374	14,374
Advanced	312	312
Repaid	(608)	(608)
At end of period	14,078	14,078