360 Commercial Projects Limited 12970012 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is commercial interior design and fit-out. Digita Accounts Production Advanced 6.30.9574.0 true 12970012 2022-11-01 2023-10-31 12970012 2023-10-31 12970012 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-10-31 12970012 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2023-10-31 12970012 bus:OrdinaryShareClass3 bus:Non-cumulativeNon-redeemableShares 2023-10-31 12970012 bus:OrdinaryShareClass4 bus:Non-cumulativeNon-redeemableShares 2023-10-31 12970012 bus:OrdinaryShareClass5 bus:Non-cumulativeNon-redeemableShares 2023-10-31 12970012 bus:OtherShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-10-31 12970012 bus:OtherShareClass2 bus:Non-cumulativeNon-redeemableShares 2023-10-31 12970012 core:RetainedEarningsAccumulatedLosses 2023-10-31 12970012 core:ShareCapital 2023-10-31 12970012 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-10-31 12970012 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-10-31 12970012 core:CurrentFinancialInstruments 2023-10-31 12970012 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 12970012 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 12970012 core:FurnitureFittingsToolsEquipment 2023-10-31 12970012 core:MotorVehicles 2023-10-31 12970012 bus:SmallEntities 2022-11-01 2023-10-31 12970012 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 12970012 bus:FullAccounts 2022-11-01 2023-10-31 12970012 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 12970012 bus:RegisteredOffice 2022-11-01 2023-10-31 12970012 bus:CompanySecretary1 2022-11-01 2023-10-31 12970012 bus:Director1 2022-11-01 2023-10-31 12970012 bus:Director2 2022-11-01 2023-10-31 12970012 bus:Director4 2022-11-01 2023-10-31 12970012 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2022-11-01 2023-10-31 12970012 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2022-11-01 2023-10-31 12970012 bus:OrdinaryShareClass3 bus:Non-cumulativeNon-redeemableShares 2022-11-01 2023-10-31 12970012 bus:OrdinaryShareClass4 bus:Non-cumulativeNon-redeemableShares 2022-11-01 2023-10-31 12970012 bus:OrdinaryShareClass5 bus:Non-cumulativeNon-redeemableShares 2022-11-01 2023-10-31 12970012 bus:OtherShareClass1 bus:Non-cumulativeNon-redeemableShares 2022-11-01 2023-10-31 12970012 bus:OtherShareClass2 bus:Non-cumulativeNon-redeemableShares 2022-11-01 2023-10-31 12970012 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 12970012 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 12970012 core:MotorVehicles 2022-11-01 2023-10-31 12970012 countries:EnglandWales 2022-11-01 2023-10-31 12970012 2022-10-31 12970012 core:FurnitureFittingsToolsEquipment 2022-10-31 12970012 core:MotorVehicles 2022-10-31 12970012 2021-11-01 2022-10-31 12970012 2022-10-31 12970012 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2022-10-31 12970012 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2022-10-31 12970012 bus:OrdinaryShareClass3 bus:Non-cumulativeNon-redeemableShares 2022-10-31 12970012 bus:OrdinaryShareClass4 bus:Non-cumulativeNon-redeemableShares 2022-10-31 12970012 bus:OrdinaryShareClass5 bus:Non-cumulativeNon-redeemableShares 2022-10-31 12970012 bus:OtherShareClass1 bus:Non-cumulativeNon-redeemableShares 2022-10-31 12970012 bus:OtherShareClass2 bus:Non-cumulativeNon-redeemableShares 2022-10-31 12970012 core:RetainedEarningsAccumulatedLosses 2022-10-31 12970012 core:ShareCapital 2022-10-31 12970012 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-10-31 12970012 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-10-31 12970012 core:CurrentFinancialInstruments 2022-10-31 12970012 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 12970012 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 12970012 core:FurnitureFittingsToolsEquipment 2022-10-31 12970012 core:MotorVehicles 2022-10-31 12970012 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2021-11-01 2022-10-31 12970012 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2021-11-01 2022-10-31 12970012 bus:OrdinaryShareClass3 bus:Non-cumulativeNon-redeemableShares 2021-11-01 2022-10-31 12970012 bus:OrdinaryShareClass4 bus:Non-cumulativeNon-redeemableShares 2021-11-01 2022-10-31 12970012 bus:OrdinaryShareClass5 bus:Non-cumulativeNon-redeemableShares 2021-11-01 2022-10-31 12970012 bus:OtherShareClass1 bus:Non-cumulativeNon-redeemableShares 2021-11-01 2022-10-31 12970012 bus:OtherShareClass2 bus:Non-cumulativeNon-redeemableShares 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12970012

360 Commercial Projects Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

360 Commercial Projects Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

360 Commercial Projects Limited

Company Information

Directors

J. S. Shephard

A. J. K. Johnson

A. J. Collier

Company secretary

J. S. Shephard

Registered office

Pera Business Park
Nottingham Road
Melton Mowbray
Leicestershire
LE13 0PB

Accountants

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

 

360 Commercial Projects Limited

(Registration number: 12970012)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,190

6,773

Current assets

 

Stocks

5

17,739

25,324

Debtors

6

162,960

136,366

Cash at bank and in hand

 

775,215

703,587

 

955,914

865,277

Creditors: Amounts falling due within one year

7

(303,978)

(315,535)

Net current assets

 

651,936

549,742

Total assets less current liabilities

 

654,126

556,515

Creditors: Amounts falling due after more than one year

7

-

(4,533)

Net assets

 

654,126

551,982

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

654,026

551,882

Shareholders' funds

 

654,126

551,982

 

360 Commercial Projects Limited

(Registration number: 12970012)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 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.

Approved and authorised by the Board on 31 January 2024 and signed on its behalf by:
 

.........................................
A. J. Collier
Director

 

360 Commercial Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
Pera Business Park
Nottingham Road
Melton Mowbray
Leicestershire
LE13 0PB

These financial statements were authorised for issue by the Board on 31 January 2024.

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).

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.

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.

 

360 Commercial Projects Limited

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

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.

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

Furniture, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

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.

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.

 

360 Commercial Projects Limited

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

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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated over the useful life of the asset. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

360 Commercial Projects Limited

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

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 - 4).

 

360 Commercial Projects Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

1,157

10,038

11,195

Additions

2,107

-

2,107

Disposals

-

(10,038)

(10,038)

At 31 October 2023

3,264

-

3,264

Depreciation

At 1 November 2022

344

4,078

4,422

Charge for the year

730

-

730

Eliminated on disposal

-

(4,078)

(4,078)

At 31 October 2023

1,074

-

1,074

Carrying amount

At 31 October 2023

2,190

-

2,190

At 31 October 2022

813

5,960

6,773

5

Stocks

2023
£

2022
£

Work in progress

17,739

25,324

6

Debtors

Current

2023
£

2022
£

Trade debtors

160,177

133,601

Prepayments

2,783

2,765

 

162,960

136,366

 

360 Commercial Projects Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

-

1,584

Trade creditors

 

123,912

128,138

Taxation and social security

 

174,414

182,425

Accruals and deferred income

 

2,000

2,000

Other creditors

 

3,652

1,388

 

303,978

315,535

Creditors include net obligations under hire purchase contracts which are secured of £nil (2022 - £1,584).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

-

4,533

Creditors include net obligations under hire purchase contracts which are secured of £nil (2022 - £4,533).

 

360 Commercial Projects Limited

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

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £0 (2022 - £1) each

-

-

100

100

"A" Ordinary shares of £1 (2022 - £0) each

25

25

-

-

"B" Ordinary shares of £1 (2022 - £0) each

20

20

-

-

"C" Ordinary shares of £1 (2022 - £0) each

25

25

-

-

"D" Ordinary shares of £1 (2022 - £0) each

20

20

-

-

"E" Ordinary shares of £1 (2022 - £0) each

6

6

-

-

"F" Ordinary shares of £1 (2022 - £0) each

4

4

-

-

 

100

100

100

100

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

-

4,533

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

-

1,584

10

Related party transactions

Dividends were paid during the year of £216,859, to directors and persons closely connected to the directors.