Projective Limited - Limited company accounts 25.1

REGISTERED NUMBER: 03597942 (England and Wales)

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

Projective Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Income Statement

7

Balance Sheet

8

Notes to the Financial Statements

9

DIRECTORS:

Mr R J Wellham

Mr J E Deshmukh

Mr M D O'Brien

REGISTERED OFFICE:

3 Ancells Court

Rye Close

Ancells Business Park

Fleet

Hampshire

GU51 2UY

REGISTERED NUMBER:

03597942 (England and Wales)

SENIOR STATUTORY AUDITOR:

Graham Jennings

AUDITORS:

Kirk Rice LLP

The Court Yard

High Street

Ascot

Berkshire

SL5 7HP

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr R J Wellham

Mr J E Deshmukh

Other changes in directors holding office are as follows:

Mr M D O'Brien was appointed as a director after 31 December 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Kirk Rice LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr R J Wellham - Director

29 September 2025

Opinion

We have audited the financial statements of Projective Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of 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:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' 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 other 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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 Report of the Directors.

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

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our audit approach was developed by obtaining an understanding of the company's activities, the key functions undertaken on behalf of the Board by management, and the overall control environment. Based on this understanding we determined an overall materiality and assessed those aspects of the company's transactions and balances which were most likely to give rise to a material misstatement and were most susceptible to irregularities including fraud or error. Specifically, we identified what we considered to be key audit risks and planned our audit approach accordingly.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with the Companies Act 2006, FRS 102 and ISO 9001.

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

Using the risk assessment, alongside our understanding of the company's business and their control environment, we considered our approach to ensure sufficient coverage was obtained across the entire financial statements. Our tests included, but were not limited to:

* Agreement of the financial statements disclosures to underlying supporting documentation;

* Enquiries of management;

* Considering the effectiveness of control environment in monitoring compliance with laws and regulations.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters which we are required to address

The members did not require the company to obtain an audit of its financial statements for the prior year ended 31 December 2023, in accordance with section 476 of the Companies Act 2006 relating to small companies.

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 a Report of the Auditors 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.

Graham Jennings (Senior Statutory Auditor)

for and on behalf of Kirk Rice LLP

The Court Yard

High Street

Ascot

Berkshire

SL5 7HP

30 September 2025

TURNOVER

3,881,851

4,183,975

Cost of sales

2,396,817

2,639,375

GROSS PROFIT

1,485,034

1,544,600

Administrative expenses

1,174,028

1,215,592

311,006

329,008

Other operating income

49,383

35,750

OPERATING PROFIT

4

360,389

364,758

Interest receivable and similar income

1,115

461

361,504

365,219

Interest payable and similar expenses

7,247

31,752

PROFIT BEFORE TAXATION

354,257

333,467

Tax on profit

27,237

63,010

PROFIT FOR THE FINANCIAL YEAR

327,020

270,457

FIXED ASSETS

Tangible assets

5

19,475

21,898

Investments

6

1,777

21,252

23,675

CURRENT ASSETS

Debtors

7

1,222,087

1,192,722

Cash at bank and in hand

554,879

393,296

1,776,966

1,586,018

CREDITORS

Amounts falling due within one year

8

1,240,075

1,235,570

NET CURRENT ASSETS

536,891

350,448

TOTAL ASSETS LESS CURRENT
LIABILITIES

558,143

374,123

CREDITORS

Amounts falling due after more than one
year

9

(22,500

)

(67,500

)

PROVISIONS FOR LIABILITIES

(5,782

)

(5,782

)

NET ASSETS

529,861

300,841

CAPITAL AND RESERVES

Called up share capital

100

Capital redemption reserve

50

Retained earnings

529,711

300,691

SHAREHOLDERS' FUNDS

529,861

300,841

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

Mr R J Wellham - Director

1.	STATUTORY INFORMATION

Projective Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Projective Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover from the provision of consultancy services is recognised on the accruals basis with reference to the stage of completion of each customer contract. Turnover is accrued or deferred to ensure it is recognised in the period to which it relates.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33% on cost

Fixtures and fittings

-

33% on cost

Computer equipment

-

50% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2023 - 45 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.24

31.12.23

£

Depreciation - owned assets

17,814

25,432

Auditors' remuneration

12,000

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

COST

At 1 January 2024

1,995

34,070

105,646

141,711

Additions

-

795

14,909

15,704

Disposals

-

(8,140

)

(8,140

)

At 31 December 2024

1,995

34,865

112,415

149,275

DEPRECIATION

At 1 January 2024

1,995

23,227

94,591

119,813

Charge for year

-

6,558

11,256

17,814

Eliminated on disposal

-

(7,827

)

(7,827

)

At 31 December 2024

1,995

29,785

98,020

129,800

NET BOOK VALUE

At 31 December 2024

-

5,080

14,395

19,475

At 31 December 2023

-

10,843

11,055

21,898

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

1,777

NET BOOK VALUE

At 31 December 2024

1,777

At 31 December 2023

1,777

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Projective USA

Registered office: 9045 River Road, Suite 430, Indianapolis, Indiana 46240

Nature of business: Consultant Engineers

%

Class of shares:

holding

$100 ordinary shares

100.00

31.12.24

£

Aggregate capital and reserves

(62,475

)

Profit for the year

132,493

Projective SRL

Registered office: Via Dei Pelleregrini 22, 20122 Milano MI.

Nature of business: Consultant Engineers

%

Class of shares:

holding

€2,000 Ordinary shares

100.00

31.12.24

£

Aggregate capital and reserves

(29,733

)

Loss for the year

(42,620

)

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

299,970

523,638

Amounts owed by group undertakings

734,034

437,140

Other debtors

88,390

89,989

Prepayments and accrued income

99,693

141,955

1,222,087

1,192,722

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Bank loans and overdrafts

45,000

Trade creditors

85,796

125,680

Amounts owed to group undertakings

496,800

402,942

Taxation

27,237

65,086

Social security and other taxes

63,143

84,118

VAT

116,487

123,764

Other creditors

28,066

28,966

Directors' current accounts

-

3,575

Accruals and deferred income

377,546

356,439

1,240,075

1,235,570

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.24

31.12.23

£

Bank loans over one year

22,500

45,000

Bank loans - 2-5 years

-

22,500

67,500

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

Within one year

71,117

43,695

Between one and five years

198,566

9,421

269,683

53,116

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Bonheur Asa.

The smallest and largest group for which consolidated accounts are prepared incorporating this company are for Bonheur ASA, a company incorporated in Norway. Copies of these accounts are available from Fred. Olsens gate 2, 0152 OSLO.