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Company No: 07632617 (England and Wales)

PLUS-PROJECT LTD

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

PLUS-PROJECT LTD

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

PLUS-PROJECT LTD

BALANCE SHEET

As at 30 June 2023
PLUS-PROJECT LTD

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 53,518 53,569
53,518 53,569
Current assets
Debtors 4 1,580,490 1,139,134
Cash at bank and in hand 1,493,643 1,378,473
3,074,133 2,517,607
Creditors: amounts falling due within one year 5 ( 1,713,888) ( 1,535,747)
Net current assets 1,360,245 981,860
Total assets less current liabilities 1,413,763 1,035,429
Creditors: amounts falling due after more than one year 6 0 ( 187,392)
Provision for liabilities ( 5,176) ( 46)
Net assets 1,408,587 847,991
Capital and reserves
Called-up share capital 200 200
Profit and loss account 1,408,387 847,791
Total shareholders' funds 1,408,587 847,991

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Plus-Project Ltd (registered number: 07632617) were approved and authorised for issue by the Board of Directors on 05 March 2024. They were signed on its behalf by:

M R Wall
Director
PLUS-PROJECT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
PLUS-PROJECT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Plus-Project Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Suite L3ca No 1 Booths Park, Chelford Road, Knutsford, WA16 8GS, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 51 41

3. Tangible assets

Leasehold improve-
ments
Office equipment Total
£ £ £
Cost
At 01 July 2022 9,097 75,869 84,966
Additions 0 23,515 23,515
At 30 June 2023 9,097 99,384 108,481
Accumulated depreciation
At 01 July 2022 1,835 29,562 31,397
Charge for the financial year 1,820 21,746 23,566
At 30 June 2023 3,655 51,308 54,963
Net book value
At 30 June 2023 5,442 48,076 53,518
At 30 June 2022 7,262 46,307 53,569

4. Debtors

2023 2022
£ £
Trade debtors 1,285,752 1,097,791
Prepayments and accrued income 294,738 41,343
1,580,490 1,139,134

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 0 280,000
Trade creditors 202,004 165,368
Accruals 597,594 382,651
Taxation and social security 782,700 571,933
Other creditors 131,590 135,795
1,713,888 1,535,747

The Bank loan represented a loan from a provider which is accredited by the Government-owned British Business Bank to provide business loans under the Recovery Loan Scheme. The loan attracted interest at 4.65% per annum, was secured, and repayable monthly over a 5 year term. This loan was repaid in full during the year.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 0 187,392

The Bank loan represented a loan from a provider which is accredited by the Government-owned British Business Bank to provide business loans under the Recovery Loan Scheme. The loan attracted interest at 4.65% per annum, was secured, and repayable monthly over a 5 year term. This loan was repaid in full during the year.

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 43,876 49,069
between one and five years 42,720 22,516
86,596 71,585

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 32,816 53,386

8. Ultimate controlling party

At the year end, the immediate controlling party was Plus-Project EOT Ltd, a company registered and incorporated in England and Wales, by virtue of their 68% holding of the issued share capital of the company. There is no overall controlling party.