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Project 51 Architecture Ltd
Filleted accounts
31 May 2023
Company registration number: 10180569
Project 51 Architecture Ltd
Directors and other information
Director Peter Muiruri Njuguna
Company number 10180569
Registered office 3 Kings Meadow
Ferry Hinksey Road
Oxford
OX2 0DP
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Project 51 Architecture Ltd
Balance sheet
31st May 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1,085 726
_______ _______
1,085 726
Current assets
Debtors 6 24,353 21,321
Cash at bank and in hand 1 1
_______ _______
24,354 21,322
Creditors: amounts falling due
within one year 7 ( 19,515) ( 13,564)
_______ _______
Net current assets 4,839 7,758
_______ _______
Total assets less current liabilities 5,924 8,484
Creditors: amounts falling due
after more than one year 8 ( 5,883) ( 8,325)
_______ _______
Net assets 41 159
_______ _______
Capital and reserves
Called up share capital 9 1 1
Profit and loss account 40 158
_______ _______
Shareholders funds 41 159
_______ _______
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.
Director's 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 director acknowledges 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 05 April 2024 , and are signed on behalf of the board by:
Peter Muiruri Njuguna
Director
Company registration number: 10180569
Project 51 Architecture 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 3 Kings Meadow, Ferry Hinksey Road, Oxford, OX2 0DP. There was no significant change in the company's principal activity during the year which continued to be the provision of architectural services.
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. 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:
Plant and machinery - 25% reducing balance basis
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Financial assets that are measured at cost and amortised 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 profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1st June 2022 2,332 2,332
Additions 618 618
_______ _______
At 31st May 2023 2,950 2,950
_______ _______
Depreciation
At 1st June 2022 1,606 1,606
Charge for the year 259 259
_______ _______
At 31st May 2023 1,865 1,865
_______ _______
Carrying amount
At 31st May 2023 1,085 1,085
_______ _______
At 31st May 2022 726 726
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 7,850 20,500
Other debtors 16,503 821
_______ _______
24,353 21,321
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 3,459 4,551
Corporation tax 12,368 8,117
Social security and other taxes 628 217
Other creditors 3,060 679
_______ _______
19,515 13,564
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 5,883 8,325
_______ _______
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Balance brought forward Advances /(credits) to the director Amounts repaid Amounts written off Amounts waived Balance o/standing
£ £ £ £ £ £
Peter Muiruri Njuguna 769 14,294 ( 769) - - 14,294
_______ _______ _______ _______ _______ _______