31/03/2021
2021-03-31
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No description of principal activities is disclosed
2020-04-01
Sage Accounts Production 2020 Update 1 - FRS102_2014
xbrli:pure
xbrli:shares
iso4217:GBP
04681975
2020-04-01
2021-03-31
04681975
2021-03-31
04681975
2020-03-31
04681975
2019-04-01
2020-03-31
04681975
2020-03-31
04681975
core:NetGoodwill
2020-04-01
2021-03-31
04681975
core:PlantMachinery
2020-04-01
2021-03-31
04681975
core:MotorVehicles
2020-04-01
2021-03-31
04681975
bus:Director3
2020-04-01
2021-03-31
04681975
bus:Director1
2020-04-01
2021-03-31
04681975
core:WithinOneYear
2021-03-31
04681975
core:WithinOneYear
2020-03-31
04681975
core:NetGoodwill
2020-03-31
04681975
core:IntangibleAssetsOtherThanGoodwill
2020-03-31
04681975
core:NetGoodwill
2021-03-31
04681975
core:IntangibleAssetsOtherThanGoodwill
2021-03-31
04681975
core:LandBuildings
core:LongLeaseholdAssets
2020-03-31
04681975
core:PlantMachinery
2020-03-31
04681975
core:MotorVehicles
2020-03-31
04681975
core:LandBuildings
core:LongLeaseholdAssets
2021-03-31
04681975
core:PlantMachinery
2021-03-31
04681975
core:MotorVehicles
2021-03-31
04681975
core:ShareCapital
2021-03-31
04681975
core:ShareCapital
2020-03-31
04681975
core:CapitalRedemptionReserve
2021-03-31
04681975
core:CapitalRedemptionReserve
2020-03-31
04681975
core:RetainedEarningsAccumulatedLosses
2021-03-31
04681975
core:RetainedEarningsAccumulatedLosses
2020-03-31
04681975
core:IntangibleAssetsOtherThanGoodwill
2020-04-01
2021-03-31
04681975
core:NetGoodwill
2020-03-31
04681975
core:IntangibleAssetsOtherThanGoodwill
2020-03-31
04681975
core:PlantMachinery
2020-03-31
04681975
core:MotorVehicles
2020-03-31
04681975
bus:Director1
2020-03-31
04681975
bus:Director1
2021-03-31
04681975
bus:Director1
2019-03-31
04681975
bus:Director1
2020-03-31
04681975
bus:Director1
2019-04-01
2020-03-31
04681975
bus:SmallEntities
2020-04-01
2021-03-31
04681975
bus:AuditExemptWithAccountantsReport
2020-04-01
2021-03-31
04681975
bus:FullAccounts
2020-04-01
2021-03-31
04681975
bus:SmallCompaniesRegimeForAccounts
2020-04-01
2021-03-31
04681975
bus:PrivateLimitedCompanyLtd
2020-04-01
2021-03-31
Company registration number:
04681975
Projexe Engineering Limited
Unaudited filleted financial statements
31 March 2021
PROJEXE ENGINEERING LIMITED
Contents
Statement of financial position
Notes to the financial statements
PROJEXE ENGINEERING LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2021
|
|
|
2021
|
|
|
|
2020
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
5
|
7,114
|
|
|
|
10,519
|
|
|
Tangible assets
|
|
6
|
39,336
|
|
|
|
44,930
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
46,450
|
|
|
|
55,449
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Stocks
|
|
|
9,500
|
|
|
|
10,000
|
|
|
Debtors
|
|
7
|
93,267
|
|
|
|
121,597
|
|
|
Cash at bank and in hand
|
|
|
214,521
|
|
|
|
219,687
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
317,288
|
|
|
|
351,284
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
8
|
(
127,402)
|
|
|
|
(
136,088)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current assets
|
|
|
|
|
189,886
|
|
|
|
215,196
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
236,336
|
|
|
|
270,645
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
(
7,285)
|
|
|
|
(
8,306)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net assets
|
|
|
|
|
229,051
|
|
|
|
262,339
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
|
|
|
1,000
|
|
|
|
1,000
|
Capital redemption reserve
|
|
|
|
|
50
|
|
|
|
50
|
Profit and loss account
|
|
|
|
|
228,001
|
|
|
|
261,289
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholders funds
|
|
|
|
|
229,051
|
|
|
|
262,339
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors
responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
17 September 2021
, and are signed on behalf of the board by:
Mr G Stone
Mr K Hoppins
Director
Director
Mr J Gebler
Mr R W Grayshan
Director
Director
Company registration number:
04681975
PROJEXE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is 26-28 Southernhay East, Exeter, Devon, EX1 1NS.
Principal activity
The principal activity of the company is general engineering work.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Changes in accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have also been consistently applied.
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.
Turnover
Turnover represents the total value of goods, excluding value added tax, provided to customers during the year, plus the value of work, excluding value added tax, performed during the year with respect to services.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
|
Goodwill |
- |
5 % |
straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Plant and machinery
|
-
|
15 %
|
reducing balance
|
|
Motor vehicles
|
-
|
25 %
|
reducing balance
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
The company received funding through the Government's coronavirus job retention scheme.
Provisions
Provisions are recognised when the entity has an obligation at the reported date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the payment is made.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
10
(2020:
14
).
5.
Intangible assets
|
|
Goodwill
|
Other intangible assets
|
Total
|
|
|
|
|
|
£
|
£
|
£
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
At 1 April 2020 and 31 March 2021
|
68,000
|
348
|
68,348
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
Amortisation
|
|
|
|
|
|
|
|
At 1 April 2020
|
57,517
|
312
|
57,829
|
|
|
|
|
Charge for the year
|
3,400
|
5
|
3,405
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
At 31 March 2021
|
60,917
|
317
|
61,234
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
At 31 March 2021
|
7,083
|
31
|
7,114
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
At 31 March 2020
|
10,483
|
36
|
10,519
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Long leasehold property
|
Plant and machinery
|
Motor vehicles
|
Total
|
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 1 April 2020
|
5,187
|
98,244
|
66,387
|
169,818
|
|
|
|
|
Additions
|
-
|
3,500
|
-
|
3,500
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 31 March 2021
|
5,187
|
101,744
|
66,387
|
173,318
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 April 2020
|
5,187
|
71,576
|
48,125
|
124,888
|
|
|
|
|
Charge for the year
|
-
|
4,528
|
4,566
|
9,094
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 31 March 2021
|
5,187
|
76,104
|
52,691
|
133,982
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 31 March 2021
|
-
|
25,640
|
13,696
|
39,336
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 31 March 2020
|
-
|
26,668
|
18,262
|
44,930
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
86,833
|
111,102
|
|
Other debtors
|
|
6,434
|
10,495
|
|
|
|
_______
|
_______
|
|
|
|
93,267
|
121,597
|
|
|
|
_______
|
_______
|
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Trade creditors
|
|
32,675
|
47,555
|
|
Accruals and deferred income
|
|
10,589
|
9,083
|
|
Social security and other taxes
|
|
77,418
|
79,450
|
|
Other creditors
|
|
6,720
|
(-)
|
|
|
|
_______
|
_______
|
|
|
|
127,402
|
136,088
|
|
|
|
_______
|
_______
|
|
|
|
|
|
9.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
|
|
|
£ |
£ |
|
|
|
Not later than 1 year |
- |
17,000
|
|
_______ |
_______ |
|
|
|
10.
Directors
advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans to / (from) directors at 1 April 2020
|
Loans to / (from) the directors
|
Balance at 31 March 2021
|
|
|
|
|
|
£
|
£
|
£
|
|
|
|
|
Directors
|
2,538
|
(
9,257)
|
(
6,719)
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans to / (from) directors at 1 April 2019
|
Loans to / (from) the directors
|
Balance at 31 March 2020
|
|
|
|
|
|
£
|
£
|
£
|
|
|
|
|
Directors
|
1,815
|
723
|
2,538
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
11.
Coronavirus Pandemic
During the year there was instability as a result of the Coronavirus pandemic which has impacted the company's income and expenditure.
12.
Coronavirus Job Retention Scheme
During the year the company was the recipient of economic benefits as a result of participating in the UK's Coronavirus Job Retention Scheme. The total funds recognised on an accruals basis from the UK Government during the year was £46,478.