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REGISTERED NUMBER: 02686362 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

PROJECTS 2000 LIMITED

PROJECTS 2000 LIMITED (REGISTERED NUMBER: 02686362)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 28 February 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PROJECTS 2000 LIMITED

COMPANY INFORMATION
for the year ended 28 February 2023







DIRECTORS: Mr M J Harris
Mrs P C R Harris





SECRETARY: Mrs P C R Harris





REGISTERED OFFICE: Ross Green
Wichenford
Worcestershire
WR6 6YU





REGISTERED NUMBER: 02686362 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Magma House
16 Davy Court
Castle Mound Way
Rugby
CV23 0UZ

PROJECTS 2000 LIMITED (REGISTERED NUMBER: 02686362)

BALANCE SHEET
28 February 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 8,588 8,293
Investments 5 2 2
8,590 8,295

CURRENT ASSETS
Stocks 103,307 103,307
Debtors 6 1,911 40,921
105,218 144,228
CREDITORS
Amounts falling due within one year 7 (82,968 ) (68,539 )
NET CURRENT ASSETS 22,250 75,689
TOTAL ASSETS LESS CURRENT
LIABILITIES

30,840

83,984

CREDITORS
Amounts falling due after more than one
year

8

(15,312

)

(16,749

)
NET ASSETS 15,528 67,235

CAPITAL AND RESERVES
Called up share capital 13,410 13,410
Retained earnings 2,118 53,825
SHAREHOLDERS' FUNDS 15,528 67,235

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2023 and were signed on its behalf by:



Mr M J Harris - Director


PROJECTS 2000 LIMITED (REGISTERED NUMBER: 02686362)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 28 February 2023


1. STATUTORY INFORMATION

Projects 2000 Limited is a limited 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.

The financial statements are presented in pound sterling and rounded to the nearest pound.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Computer Equipment - 10%On reducing balance

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Investments in subsidiaries
Investment in the subsidiary company is held at cost less accumulated impairment losses.

Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

PROJECTS 2000 LIMITED (REGISTERED NUMBER: 02686362)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate.

Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it related to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

(i) Current tax
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

(ii) Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only 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 tax rates and laws that have enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

PROJECTS 2000 LIMITED (REGISTERED NUMBER: 02686362)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023


4. TANGIBLE FIXED ASSETS
Equipment
£   
COST
At 1 March 2022 42,020
Additions 1,249
At 28 February 2023 43,269
DEPRECIATION
At 1 March 2022 33,727
Charge for year 954
At 28 February 2023 34,681
NET BOOK VALUE
At 28 February 2023 8,588
At 28 February 2022 8,293

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 March 2022
and 28 February 2023 2
NET BOOK VALUE
At 28 February 2023 2
At 28 February 2022 2

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,266 810
Amounts owed by participating interests 280 280
Other debtors 365 39,831
1,911 40,921

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 20,344 21,801
Trade creditors 1,603 7,812
Amounts owed to group undertakings 21,566 21,566
Taxation and social security - 14,359
Other creditors 39,455 3,001
82,968 68,539

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 15,312 16,749

PROJECTS 2000 LIMITED (REGISTERED NUMBER: 02686362)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023


9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022:

2023 2022
£    £   
Mr M J Harris
Balance outstanding at start of year 23,543 43,800
Amounts advanced 2,073 5,000
Amounts repaid (62,512 ) (25,257 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (36,896 ) 23,543

10. RELATED PARTY DISCLOSURES

A director is a shareholder of W W Harris Developments Limited. At 28 February 2023 W W Harris Developments Limited owed the company £280 (2022: £280).