360 Projects (ADS) Ltd 12365450 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of commercial builders. Digita Accounts Production Advanced 6.30.9574.0 true 12365450 2022-04-01 2023-03-31 12365450 2023-03-31 12365450 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-03-31 12365450 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2023-03-31 12365450 bus:OrdinaryShareClass3 bus:Non-cumulativeNon-redeemableShares 2023-03-31 12365450 bus:OrdinaryShareClass4 bus:Non-cumulativeNon-redeemableShares 2023-03-31 12365450 bus:Revised 2023-03-31 12365450 core:RetainedEarningsAccumulatedLosses 2023-03-31 12365450 core:ShareCapital 2023-03-31 12365450 core:CurrentFinancialInstruments 2023-03-31 12365450 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 12365450 core:FurnitureFittingsToolsEquipment 2023-03-31 12365450 bus:SmallEntities 2022-04-01 2023-03-31 12365450 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 12365450 bus:FullAccounts 2022-04-01 2023-03-31 12365450 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 12365450 bus:RegisteredOffice 2022-04-01 2023-03-31 12365450 bus:Director1 2022-04-01 2023-03-31 12365450 bus:Director2 2022-04-01 2023-03-31 12365450 bus:Director3 2022-04-01 2023-03-31 12365450 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2022-04-01 2023-03-31 12365450 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2022-04-01 2023-03-31 12365450 bus:OrdinaryShareClass3 bus:Non-cumulativeNon-redeemableShares 2022-04-01 2023-03-31 12365450 bus:OrdinaryShareClass4 bus:Non-cumulativeNon-redeemableShares 2022-04-01 2023-03-31 12365450 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12365450 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 12365450 core:OfficeEquipment 2022-04-01 2023-03-31 12365450 core:OtherRelatedParties 2022-04-01 2023-03-31 12365450 countries:EnglandWales 2022-04-01 2023-03-31 12365450 2022-03-31 12365450 core:FurnitureFittingsToolsEquipment 2022-03-31 12365450 2021-04-01 2022-03-31 12365450 2022-03-31 12365450 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2022-03-31 12365450 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2022-03-31 12365450 bus:OrdinaryShareClass3 bus:Non-cumulativeNon-redeemableShares 2022-03-31 12365450 bus:OrdinaryShareClass4 bus:Non-cumulativeNon-redeemableShares 2022-03-31 12365450 core:RetainedEarningsAccumulatedLosses 2022-03-31 12365450 core:ShareCapital 2022-03-31 12365450 core:CurrentFinancialInstruments 2022-03-31 12365450 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 12365450 core:FurnitureFittingsToolsEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12365450

360 Projects (ADS) Ltd
Annual Report and Unaudited Financial Statements
for the Year Ended 31 March 2023

360 Projects (ADS) Ltd

Contents

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

360 Projects (ADS) Ltd

Company Information

Directors | S. Frith D. Marshall A. S. Ellis

Registered office | Westwood House 78 Loughborough Road Quorn Loughborough Leicestershire LE12 8DX

Accountants | Robert Whowell & Partners LLP Chartered Accountants Westwood House 78 Loughborough Road Quorn Loughborough Leicestershire LE12 8DX

360 Projects (ADS) Ltd

(Registration number: 12365450)
Balance Sheet as at 31 March 2023

| Note | 2023 £ | 2022 £
Fixed assets |  |  |
Tangible assets | 4 | 5,749 | 5,899
Current assets |  |  |
Stocks | 5 | 311,175 | 2,354
Debtors | 6 | 955,428 | 593,618
Cash at bank and in hand |  | 946,547 | 597,079
|  | 2,213,150 | 1,193,051
Creditors: Amounts falling due within one year | 7 | (2,147,193) | (1,154,494)
Net current assets |  | 65,957 | 38,557
Total assets less current liabilities |  | 71,706 | 44,456
Provisions for liabilities |  | (1,437) | -
Net assets |  | 70,269 | 44,456
Capital and reserves |  |  |
Called up share capital | 8 | 1,003 | 1,003
Retained earnings |  | 69,266 | 43,453
Shareholders' funds |  | 70,269 | 44,456

360 Projects (ADS) Ltd

(Registration number: 12365450)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 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 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 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 September 2023 and signed on its behalf by:

......................................... A. S. Ellis Director

360 Projects (ADS) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1 | General information

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

The address of its registered office is:
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

These financial statements were authorised for issue by the Board on 29 September 2023.

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).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

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.

360 Projects (ADS) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 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 over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Office equipment | 12.5% and 25% 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.

360 Projects (ADS) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 debtor.

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 work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks 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 the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

360 Projects (ADS) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 the profit and loss account on a straight-line basis over the period of the lease.

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.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 3).

360 Projects (ADS) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4 | Tangible assets

| Office equipment £ | Total £
Cost or valuation
At 1 April 2022 | 6,888 | 6,888
Additions | 1,826 | 1,826
At 31 March 2023 | 8,714 | 8,714
Depreciation
At 1 April 2022 | 989 | 989
Charge for the year | 1,976 | 1,976
At 31 March 2023 | 2,965 | 2,965
Carrying amount
At 31 March 2023 | 5,749 | 5,749
At 31 March 2022 | 5,899 | 5,899

5 | Stocks

| 2023 £ | 2022 £
Work in progress | 311,175 | 2,354

6 | Debtors

Current | 2023 £ | 2022 £
Trade debtors | 930,102 | 585,207
Prepayments | 24,326 | 8,410
Other debtors | 1,000 | 1
| 955,428 | 593,618

360 Projects (ADS) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7 | Creditors

Creditors: amounts falling due within one year

| 2023 £ | 2022 £
Due within one year |  |
Trade creditors | 394,835 | 594,120
Amounts owed to group undertaking | - | 71,194
Taxation and social security | 657,259 | 294,648
Accruals and deferred income | 659,005 | 85,040
Other creditors | 436,094 | 109,492
| 2,147,193 | 1,154,494

8 | Share capital

Allotted, called up and fully paid shares

| 2023 | 2022
| No. | £ | No. | £
A shares of £1 each | 1,000 | 1,000 | 1,000 | 1,000
B shares of £1 each | 1 | 1 | 1 | 1
C shares of £1 each | 1 | 1 | 1 | 1
D shares of £1 each | 1 | 1 | 1 | 1
| 1,003 | 1,003 | 1,003 | 1,003

9 | Related party transactions

Summary of transactions with other related parties

During the period the directors received dividends amounting to £858,495 (2022 - £361,153).