IRIS Accounts Production v24.1.0.578 09982547 director 1.5.23 30.4.24 30.4.24 false true false false true false Ordinary shares 50.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh099825472023-04-30099825472024-04-30099825472023-05-012024-04-30099825472022-04-30099825472022-05-012023-04-30099825472023-04-3009982547ns15:EnglandWales2023-05-012024-04-3009982547ns14:PoundSterling2023-05-012024-04-3009982547ns10:Director12023-05-012024-04-3009982547ns10:PrivateLimitedCompanyLtd2023-05-012024-04-3009982547ns10:SmallEntities2023-05-012024-04-3009982547ns10:AuditExempt-NoAccountantsReport2023-05-012024-04-3009982547ns10:SmallCompaniesRegimeForDirectorsReport2023-05-012024-04-3009982547ns10:SmallCompaniesRegimeForAccounts2023-05-012024-04-3009982547ns10:FullAccounts2023-05-012024-04-3009982547ns10:OrdinaryShareClass12023-05-012024-04-3009982547ns10:RegisteredOffice2023-05-012024-04-3009982547ns5:CurrentFinancialInstruments2024-04-3009982547ns5:CurrentFinancialInstruments2023-04-3009982547ns5:Non-currentFinancialInstruments2024-04-3009982547ns5:Non-currentFinancialInstruments2023-04-3009982547ns5:ShareCapital2024-04-3009982547ns5:ShareCapital2023-04-3009982547ns5:RetainedEarningsAccumulatedLosses2024-04-3009982547ns5:RetainedEarningsAccumulatedLosses2023-04-3009982547ns5:LeaseholdImprovements2023-05-012024-04-3009982547ns5:PlantMachinery2023-05-012024-04-3009982547ns5:FurnitureFittings2023-05-012024-04-3009982547ns5:MotorVehicles2023-05-012024-04-3009982547ns5:ComputerEquipment2023-05-012024-04-3009982547ns5:LeaseholdImprovements2023-04-3009982547ns5:PlantMachinery2023-04-3009982547ns5:FurnitureFittings2023-04-3009982547ns5:LeaseholdImprovements2024-04-3009982547ns5:PlantMachinery2024-04-3009982547ns5:FurnitureFittings2024-04-3009982547ns5:LeaseholdImprovements2023-04-3009982547ns5:PlantMachinery2023-04-3009982547ns5:FurnitureFittings2023-04-3009982547ns5:MotorVehicles2023-04-3009982547ns5:ComputerEquipment2023-04-3009982547ns5:MotorVehicles2024-04-3009982547ns5:ComputerEquipment2024-04-3009982547ns5:MotorVehicles2023-04-3009982547ns5:ComputerEquipment2023-04-3009982547ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-04-3009982547ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-04-3009982547ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-04-3009982547ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-04-3009982547ns5:WithinOneYear2024-04-3009982547ns5:WithinOneYear2023-04-3009982547ns5:BetweenOneFiveYears2024-04-3009982547ns5:BetweenOneFiveYears2023-04-3009982547ns5:MoreThanFiveYears2024-04-3009982547ns5:MoreThanFiveYears2023-04-3009982547ns5:AllPeriods2024-04-3009982547ns5:AllPeriods2023-04-3009982547ns10:OrdinaryShareClass12024-04-30
REGISTERED NUMBER: 09982547 (England and Wales)















PROJECT 12 LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






PROJECT 12 LIMITED (REGISTERED NUMBER: 09982547)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PROJECT 12 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: Mr D J King





REGISTERED OFFICE: 15 High Street
Brackley
Northamptonshire
NN13 7DH





REGISTERED NUMBER: 09982547 (England and Wales)





ACCOUNTANTS: Blencowes
15 High Street
Brackley
Northamptonshire
NN13 7DH

PROJECT 12 LIMITED (REGISTERED NUMBER: 09982547)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 264,230 272,322

CURRENT ASSETS
Stocks 102,175 77,338
Debtors 5 1,223,903 650,851
Cash at bank 1,211,561 994,700
2,537,639 1,722,889
CREDITORS
Amounts falling due within one year 6 763,595 465,853
NET CURRENT ASSETS 1,774,044 1,257,036
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,038,274

1,529,358

CREDITORS
Amounts falling due after more than one
year

7

(27,644

)

(126,667

)

PROVISIONS FOR LIABILITIES (48,681 ) (46,158 )
NET ASSETS 1,961,949 1,356,533

CAPITAL AND RESERVES
Called up share capital 9 500 500
Retained earnings 1,961,449 1,356,033
SHAREHOLDERS' FUNDS 1,961,949 1,356,533

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PROJECT 12 LIMITED (REGISTERED NUMBER: 09982547)

BALANCE SHEET - continued
30 APRIL 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 August 2024 and were signed by:





Mr D J King - Director


PROJECT 12 LIMITED (REGISTERED NUMBER: 09982547)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Project 12 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

When the outcome of a project can be estimated reliably, project costs and turnover are recognised by reference to the stage of completion at the balance sheet date.

Where the outcome cannot be measured reliably and there is a deemed obligation to settle, project costs are recognised as an expense in the period in which they are incurred and project turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that project costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 15% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Stocks
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PROJECT 12 LIMITED (REGISTERED NUMBER: 09982547)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Government grants
Government grants are recognised when there is reasonable assurance that the Company will comply with the conditions attaching to the grant and the grant will be received.

A grant that becomes receivable as compensation for costs already incurred is recognised as income in the period in which it becomes receivable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 66 (2023 - 59 ) .

PROJECT 12 LIMITED (REGISTERED NUMBER: 09982547)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 May 2023 156,664 331,131 16,927
Additions 10,192 42,157 803
Disposals - (1,695 ) -
At 30 April 2024 166,856 371,593 17,730
DEPRECIATION
At 1 May 2023 69,574 162,278 12,107
Charge for year 21,829 41,024 1,089
Eliminated on disposal - (769 ) -
At 30 April 2024 91,403 202,533 13,196
NET BOOK VALUE
At 30 April 2024 75,453 169,060 4,534
At 30 April 2023 87,090 168,853 4,820

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2023 12,422 37,311 554,455
Additions - 7,627 60,779
Disposals - (125 ) (1,820 )
At 30 April 2024 12,422 44,813 613,414
DEPRECIATION
At 1 May 2023 10,308 27,866 282,133
Charge for year 875 3,128 67,945
Eliminated on disposal - (125 ) (894 )
At 30 April 2024 11,183 30,869 349,184
NET BOOK VALUE
At 30 April 2024 1,239 13,944 264,230
At 30 April 2023 2,114 9,445 272,322

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,149,790 594,260
Other debtors 21,174 21,415
Prepayments and accrued income 52,939 35,176
1,223,903 650,851

PROJECT 12 LIMITED (REGISTERED NUMBER: 09982547)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 40,000 40,000
Trade creditors 198,545 177,488
Tax 164,034 18,419
Social security and other taxes 65,960 54,875
VAT 230,542 147,889
Other creditors 19,989 13,470
Directors' current accounts 1,937 1,340
Accruals and deferred income 42,588 12,372
763,595 465,853

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 2-5 years 27,644 126,667

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 59,500 43,000
Between one and five years 143,667 144,917
In more than five years - 4,500
203,167 192,417

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary shares 50p 500 500

10. RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed £1,340 (2022 : £834) to the director.