Company registration number SC203475 (Scotland)
PROJECT (EU) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
PROJECT (EU) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PROJECT (EU) LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,063,577
1,056,133
Current assets
Debtors
6
1,736,134
1,185,465
Cash at bank and in hand
1,060
526,162
1,737,194
1,711,627
Creditors: amounts falling due within one year
7
(306,901)
(366,511)
Net current assets
1,430,293
1,345,116
Total assets less current liabilities
2,493,870
2,401,249
Creditors: amounts falling due after more than one year
8
(572,090)
(589,222)
Net assets
1,921,780
1,812,027
Capital and reserves
Called up share capital
9
567
567
Share premium account
(502,442)
(502,442)
Profit and loss reserves
2,423,655
2,313,902
Total equity
1,921,780
1,812,027
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered 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 17 November 2023 and are signed on its behalf by:
D.J. Butchart
Director
Company Registration No. 203475
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PROJECT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
Company information
Project (EU) Ltd is a private company limited by shares incorporated in Scotland. The registered office is 144 Nethergate, Dundee, DD1 4EB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the invoiced value of services net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
Leased assets
written off on a straight line basis over the term of the lease
Fixtures & fittings
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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PROJECT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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PROJECT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 9 (2022 - 8).
2023
2022
Number
Number
Total
9
8
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PROJECT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
4
Intangible fixed assets
Computer Software
Other
Total
£
£
£
Cost
At 1 March 2022 and 28 February 2023
47,329
86,040
133,369
Amortisation and impairment
At 1 March 2022 and 28 February 2023
47,329
86,040
133,369
Carrying amount
At 28 February 2023
At 28 February 2022
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2022
1,054,922
322,332
1,377,254
Additions
7,747
7,747
At 28 February 2023
1,054,922
330,079
1,385,001
Depreciation and impairment
At 1 March 2022
321,121
321,121
Depreciation charged in the year
303
303
At 28 February 2023
321,424
321,424
Carrying amount
At 28 February 2023
1,054,922
8,655
1,063,577
At 28 February 2022
1,054,922
1,211
1,056,133
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
(16,926)
(238,014)
Other debtors
1,753,060
1,423,479
1,736,134
1,185,465
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PROJECT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
20,000
20,000
Trade creditors
144,782
55,894
Taxation and social security
52,142
199,151
Other creditors
89,977
91,466
306,901
366,511
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
572,090
589,222
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
567
567
567
567
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The Company have provided loans amounting to £1,484,926 to Strathallan House Holdings a business involving Mrs D Butchart who is the shareholder in Project (EU) Ltd. The loans are repayable by 31st December 2027. Interest is being charged at 3.25 % per annum calculated monthly.
The following amounts were outstanding at the reporting end date:
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
1,484,926
530,000
Key management personnel
703,521
The amount of £703,521 is now a loan repayable by 31st December 2027 and is included in the amount of £1,484,926.
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