Company registration number 04746864 (England and Wales)
PROJECT X (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PROJECT X (UK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
PROJECT X (UK) LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,266
5,815
Investment properties
4
750,000
450,000
757,266
455,815
Current assets
Debtors
5
9,594
9,619
Cash at bank and in hand
16,232
27,975
25,826
37,594
Creditors: amounts falling due within one year
6
(193,995)
(200,730)
Net current liabilities
(168,169)
(163,136)
Total assets less current liabilities
589,097
292,679
Creditors: amounts falling due after more than one year
7
(31,443)
(37,198)
Provisions for liabilities
9
(78,454)
(3,179)
Net assets
479,200
252,302
Capital and reserves
Called up share capital
10
2
2
Non-distributable profits reserve
368,595
143,595
Distributable profit and loss reserves
110,603
108,705
Total equity
479,200
252,302
PROJECT X (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -

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 30 November 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 10 February 2024 and are signed on its behalf by:
Mr A D Kirkham
Director
Company Registration No. 04746864
PROJECT X (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2021
2
143,595
106,387
249,984
Year ended 30 November 2022:
Profit and total comprehensive income
-
-
12,318
12,318
Dividends
-
-
(10,000)
(10,000)
Balance at 30 November 2022
2
143,595
108,705
252,302
Year ended 30 November 2023:
Profit and total comprehensive income
-
225,000
5,898
230,898
Dividends
-
-
(4,000)
(4,000)
Balance at 30 November 2023
2
368,595
110,603
479,200
PROJECT X (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information

Project X (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is reliant upon the support of its bankers and directors. The financial statements have been prepared on a going concern basis on the assumption that this truesupport will continue to be made available to the company.

1.3
Turnover
Turnover represents amounts receivable for rental services net of VAT.
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:
Plant and machinery
25% - 50% straight line
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% straight line

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.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

PROJECT X (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.

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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
PROJECT X (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022
47,096
Additions
3,260
At 30 November 2023
50,356
Depreciation and impairment
At 1 December 2022
41,281
Depreciation charged in the year
1,809
At 30 November 2023
43,090
Carrying amount
At 30 November 2023
7,266
At 30 November 2022
5,815
4
Investment property
2023
£
Fair value
At 1 December 2022
450,000
Revaluations
300,000
At 30 November 2023
750,000

Investment property comprises commercial units known as Kirkham Garages in Oswaldtwistle, Accrington.

 

The investment property is included at directors' opinion of open market value as at 30 November 2023.

 

The historical cost of the property is £304,331 (2022 - £304,331).

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,574
6,421
Other debtors
4,020
3,198
9,594
9,619
PROJECT X (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,533
5,313
Trade creditors
954
306
Taxation and social security
180
1,173
Other creditors
187,328
193,938
193,995
200,730

Bank loans includes a government backed Bounce Back Loan for which no security has been given. As at 30 November 2023 the amount outstanding on the loan was £5,817 (2022 - £7,972).

Other bank loans are secured by a fixed charge over the assets of the company.

Other creditors includes interest free loans of £183,674 (2022: £191,309) due to the company directors.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
31,443
37,198
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
10,889
18,487
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
9
78,454
3,179
PROJECT X (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
1,380
1,105
Revaluations
77,074
2,074
78,454
3,179
2023
Movements in the year:
£
Liability at 1 December 2022
3,179
Charge to profit or loss
75,275
Liability at 30 November 2023
78,454

The deferred tax liability set out above includes an amount which is expected to reverse over the life of the assets concerned and relates to accelerated capital allowances that are expected to mature within the same period..

The liability also includes the expected tax payable on the gain which would be made on any disposal of the company's investment property in due course.

10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2
2
2
2
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