Company registration number 11499637 (England and Wales)
PROJECT LAMP (MIDCO) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
PROJECT LAMP (MIDCO) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PROJECT LAMP (MIDCO) LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
17,550,927
17,442,986
Creditors: amounts falling due within one year
5
(7,148,039)
(4,702,557)
Net current assets
10,402,888
12,740,429
Creditors: amounts falling due after more than one year
6
(11,064,074)
(12,595,485)
Net (liabilities)/assets
(661,186)
144,944
Capital and reserves
Called up share capital
2
2
Share premium account
476,999
476,999
Profit and loss reserves
(1,138,187)
(332,057)
Total equity
(661,186)
144,944
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 18 April 2024 and are signed on its behalf by:
Mr H Sahejpal
Director
Company registration number 11499637 (England and Wales)
PROJECT LAMP (MIDCO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information
Project Lamp (Midco) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acton Banks Healthcare Staffing, Wolverhampton Science Park, Glaisher Drive, Wolverhampton, WV10 9RU.
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.
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirement of Section 7 Statement of Cash Flows
the requirement of Section 3 Financial Statement Presentation paragraph 3.17 (d)
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c)
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A
the requirement of Section 33 Related Party Disclosures paragraphs 33.7.
The financial statements of the company are consolidated in the financial statements of Project Lamp (Topco) Limited as at 31st July 2023 and these financial statements may be obtained from its registered office, 84 Salop Street, Wolverhampton, England, WV3 0SR.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the Unite Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
1.2
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.
PROJECT LAMP (MIDCO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
1.3
Financial instruments
The company only enters into basic financial instrument transaction 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 non-puttable ordinary shares.
Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured:
At fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably; and at cost less impairment for all other investments.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
1.4
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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.
PROJECT LAMP (MIDCO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
16,902,768
16,909,886
Other debtors
7,282
16,910,050
16,909,886
Deferred tax asset
640,877
533,100
17,550,927
17,442,986
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
2,856,335
842,050
Taxation and social security
90
Other creditors
4,291,614
3,860,507
7,148,039
4,702,557
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
11,064,074
12,595,485
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
PROJECT LAMP (MIDCO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
7
Audit report information
(Continued)
- 5 -
Senior Statutory Auditor:
Christopher Hession C.A.
Statutory Auditor:
BK Plus Audit Limited
Date of audit report:
18 April 2024
8
Related party transactions
The Company has taken advantage of the requirements of Sections 33 Related Part Disclosure 1A which allow the Company not to disclose transactions with fellow 100% owned subsidiaries.
As at the year end, the Company had loan notes payable to the Group's ultimate shareholder. These loan notes are disclosed in creditors falling due after more than one year.
9
Parent company
The company's immediate parent company is Project Lamp (Topco) Limited, a company in the United Kingdom. The registered office of the company is 84 Salop Street, Wolverhampton, England, WV3 0SR.
The Ultimate Controlling Party of the company and the most senior parent entity producing publicly available Group financial statement at the date of the signing the financial statements is Maven UK Regional Buyout GP LLP Group (OC416916). These financial statements are available upon request from Companies House.
At the Balance Sheet reporting date, the Directors collectively held 100% of the ordinary share capital.