Registered number
11964947
Project 1201 Limited
Filleted Financial Statements
31 March 2023
Project 1201 Limited
Registered number: 11964947
Statement of Financial Position
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,039 13,640
Current assets
Debtors 4 86,913 63,704
Cash at bank and in hand 31,709 46,246
118,622 109,950
Creditors: amounts falling due within one year 5 (63,580) (79,621)
Net current assets 55,042 30,329
Total assets less current liabilities 57,081 43,969
Creditors: amounts falling due after more than one year 6 (17,128) (21,017)
Net assets 39,953 22,952
Capital and reserves
Called up share capital 101 101
Profit and loss account 39,852 22,851
Shareholders' funds 39,953 22,952
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The director's report and statement of income and retained earnings have not been delivered to the Registrar of Companies.
G Richards
Director
Approved by the board on 3 October 2023
Project 1201 Limited
Notes to the Financial Statements
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services of development of building projects and is recognised in the financial statements in the period the services are provided.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery Straight line 33% & 25%
Motor vehicle Straight line 25%
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current period. Deferred tax is not recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments as this is considered immaterial to the true and fair view of the financial statements.
Hire purchase and lease assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets.
Pensions
The company operates a money purchase pension scheme. Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 13,692 37,627 51,319
Additions 623 - 623
At 31 March 2023 14,315 37,627 51,942
Depreciation
At 1 April 2022 9,458 28,221 37,679
Charge for the year 2,818 9,406 12,224
At 31 March 2023 12,276 37,627 49,903
Net book value
At 31 March 2023 2,039 - 2,039
At 31 March 2022 4,234 9,406 13,640
4 Debtors 2023 2022
£ £
Trade debtors 45,539 34,719
Accrued income 38,198 27,791
Other debtors 3,176 1,194
86,913 63,704
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 3,888 3,888
Trade creditors 5,181 17,673
Taxation and social security costs 54,441 57,990
Other creditors 70 70
63,580 79,621
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 17,128 21,017
7 Other information
Project 1201 Limited is a private company limited by shares and incorporated in England. Its registered office is:
Studio 4.02
1 Lyric Square
London
England
W6 0NB
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