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Projective Development Ltd
Filleted accounts
31 May 2023
Company registration number: 12007757
Projective Development Ltd
Directors and other information
Directors A J Rendell
J D Floyd
Company number 12007757
Registered office 19 Stone Close
Oxford
OX2 9SQ
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Projective Development Ltd
Balance sheet
31st May 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 9,095 12,433
_______ _______
9,095 12,433
Current assets
Stocks 13,351 -
Debtors 6 1,768 39,443
Cash at bank and in hand 83,226 37,870
_______ _______
98,345 77,313
Creditors: amounts falling due
within one year 7 ( 85,359) ( 69,425)
_______ _______
Net current assets 12,986 7,888
_______ _______
Total assets less current liabilities 22,081 20,321
Creditors: amounts falling due
after more than one year 8 ( 12,000) ( 18,000)
_______ _______
Net assets 10,081 2,321
_______ _______
Capital and reserves
Called up share capital 9 100 100
Profit and loss account 9,981 2,221
_______ _______
Shareholders funds 10,081 2,321
_______ _______
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 February 2024 , and are signed on behalf of the board by:
A J Rendell
Director
Company registration number: 12007757
Projective Development Ltd
Notes to the financial statements
Year ended 31st May 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 19 Stone Close, Oxford, OX2 9SQ. There was no significant change in the company's principal activity during the year which continued to be that of building contractors .
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is not recognised in respect of any timing differences at the reporting date as all are insignificant.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment - Reducing balance basis at 25% per annum
Motor vehicles - Reducing balance basis at 25% per annum
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Equipment Motor vehicles Total
£ £ £
Cost
At 1st June 2022 and 31st May 2023 1,748 26,050 27,798
_______ _______ _______
Depreciation
At 1st June 2022 915 14,450 15,365
Charge for the year 437 2,901 3,338
_______ _______ _______
At 31st May 2023 1,352 17,351 18,703
_______ _______ _______
Carrying amount
At 31st May 2023 396 8,699 9,095
_______ _______ _______
At 31st May 2022 833 11,600 12,433
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors - 30,122
Other debtors 1,768 9,321
_______ _______
1,768 39,443
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loan 6,000 6,000
Trade creditors 18,390 12,679
Social security and other taxes 51,825 43,507
Other creditors 9,144 7,239
_______ _______
85,359 69,425
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loan 12,000 18,000
_______ _______
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______