Projexe Engineering Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 9

Projexe Engineering Limited

(Registration number: 04681975)
Statement of Financial Position as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	16	19
Tangible assets	5	33,349	32,396
		33,365	32,415
Current assets
Stocks	6	9,500	9,500
Debtors	7	75,297	122,869
Cash at bank and in hand		264,107	202,676
		348,904	335,045
Creditors: Amounts falling due within one year	8	(165,398)	(149,780)
Net current assets		183,506	185,265
Total assets less current liabilities		216,871	217,680
Provisions for liabilities		(5,837)	(8,096)
Net assets		211,034	209,584
Capital and reserves
Called up share capital		1,000	1,000
Capital redemption reserve		50	50
Profit and loss account		209,984	208,534
Shareholders' funds		211,034	209,584

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Projexe Engineering Limited

(Registration number: 04681975)
Statement of Financial Position as at 31 March 2025 (continued)

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.

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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 16 September 2025 and signed on its behalf by:
 

Mr J Gebler Director

Mr K Hoppins Director

Mr G Stone Director

Mr R Grayshan Director

Projexe Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

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

The address of its registered office is:
26-28 Southernhay East
Exeter
Devon
EX1 1NS

Principal activity

The principal activity of the company is general engineering work.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Projexe Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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
Plant and machinery	15% reducing balance
Motor vehicles	25% reducing balance

Projexe Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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	5% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

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.

Projexe Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2024 - 10).

Projexe Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

4	Intangible assets

	Goodwill  £	Other intangible assets  £	Total £
Cost or valuation
At 1 April 2024	68,000	348	68,348
At 31 March 2025	68,000	348	68,348
Amortisation
At 1 April 2024	68,000	329	68,329
Amortisation charge	-	3	3
At 31 March 2025	68,000	332	68,332
Carrying amount
At 31 March 2025	-	16	16
At 31 March 2024	-	19	19

Projexe Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

5	Tangible assets

	Long leasehold land and buildings £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2024	5,187	106,744	72,127	184,058
Additions	-	-	9,989	9,989
Disposals	-	-	(3,901)	(3,901)
At 31 March 2025	5,187	106,744	78,215	190,146
Depreciation
At 1 April 2024	5,187	86,742	59,733	151,662
Charge for the year	-	3,050	4,620	7,670
Eliminated on disposal	-	-	(2,535)	(2,535)
At 31 March 2025	5,187	89,792	61,818	156,797
Carrying amount
At 31 March 2025	-	16,952	16,397	33,349
At 31 March 2024	-	20,002	12,394	32,396

Included within the net book value of land and buildings above is £Nil (2024 - £Nil) in respect of long leasehold land and buildings.
 

6

Stocks

	2025 £	2024 £
Raw materials and consumables	9,500	9,500

7

Debtors

	2025 £	2024 £
Trade debtors	73,713	119,597
Prepayments	1,584	3,272
	75,297	122,869

Projexe Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

8

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Trade creditors	63,126	71,508
Taxation and social security	76,548	67,917
Accruals and deferred income	19,914	10,225
Other creditors	5,810	130
	165,398	149,780

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

10	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2025 £	2024 £
Later than one year and not later than five years	42,000	63,000

11	Related party transactions

Transactions with directors

2025	At 1 April 2024 £	Advances to director £	Repayments by director £	At 31 March 2025 £
Directors	(129)	1,078	(6,760)	(5,811)

2024	At 1 April 2023 £	Advances to director £	Repayments by director £	At 31 March 2024 £
Directors	(102)	973	(1,000)	(129)