The Padawan Project Ltd 08794514 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is Public House Digita Accounts Production Advanced 6.30.9574.0 true true 08794514 2022-12-01 2023-11-30 08794514 2023-11-30 08794514 core:CurrentFinancialInstruments 2023-11-30 08794514 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 08794514 core:Non-currentFinancialInstruments 2023-11-30 08794514 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 08794514 core:FurnitureFittingsToolsEquipment 2023-11-30 08794514 core:LandBuildings 2023-11-30 08794514 core:OtherPropertyPlantEquipment 2023-11-30 08794514 bus:SmallEntities 2022-12-01 2023-11-30 08794514 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 08794514 bus:FilletedAccounts 2022-12-01 2023-11-30 08794514 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 08794514 bus:RegisteredOffice 2022-12-01 2023-11-30 08794514 bus:Director1 2022-12-01 2023-11-30 08794514 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 08794514 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-01 2023-11-30 08794514 core:ComputerEquipment 2022-12-01 2023-11-30 08794514 core:FurnitureFittingsToolsEquipment 2022-12-01 2023-11-30 08794514 core:LandBuildings 2022-12-01 2023-11-30 08794514 core:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 08794514 core:PlantMachinery 2022-12-01 2023-11-30 08794514 countries:AllCountries 2022-12-01 2023-11-30 08794514 2022-11-30 08794514 core:FurnitureFittingsToolsEquipment 2022-11-30 08794514 core:LandBuildings 2022-11-30 08794514 core:OtherPropertyPlantEquipment 2022-11-30 08794514 2021-12-01 2022-11-30 08794514 2022-11-30 08794514 core:CurrentFinancialInstruments 2022-11-30 08794514 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 08794514 core:Non-currentFinancialInstruments 2022-11-30 08794514 core:Non-currentFinancialInstruments core:AfterOneYear 2022-11-30 08794514 core:FurnitureFittingsToolsEquipment 2022-11-30 08794514 core:LandBuildings 2022-11-30 08794514 core:OtherPropertyPlantEquipment 2022-11-30 iso4217:GBP xbrli:pure

Registration number: 08794514

The Padawan Project Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

image-name
 

The Padawan Project Ltd

Contents

Company Information

1

Director's Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

The Padawan Project Ltd

Company Information

Director

Mr Simon Duddington

Registered office

Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

The Padawan Project Ltd

Director's Report for the Year Ended 30 November 2023

The director presents his report and the financial statements for the year ended 30 November 2023.

Director of the company

The director who held office during the year was as follows:

Mr Simon Duddington

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 5 August 2024 and signed on its behalf by:

.........................................
Mr Simon Duddington
Director

   
     
 

The Padawan Project Ltd

(Registration number: 08794514)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

58,596

67,608

Current assets

 

Stocks

9,500

10,200

Debtors

5

34,750

32,868

Cash at bank and in hand

 

67,810

54,054

 

112,060

97,122

Creditors: Amounts falling due within one year

6

(146,074)

(163,602)

Net current liabilities

 

(34,014)

(66,480)

Total assets less current liabilities

 

24,582

1,128

Creditors: Amounts falling due after more than one year

6

(34,597)

(40,217)

Net liabilities

 

(10,015)

(39,089)

Capital and Reserves

 

Called up share capital

1

1

Retained Earnings

(10,016)

(39,090)

Shareholders' deficit

 

(10,015)

(39,089)

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 August 2024
 

 

The Padawan Project Ltd

(Registration number: 08794514)
Balance Sheet as at 30 November 2023

.........................................
Mr Simon Duddington
Director

   
     
 

The Padawan Project Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF
England

These financial statements were authorised for issue by the director on 5 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling, which is the functional currency of the company.

Going concern

The financial statements have been prepared on a going concern basis.These accounts have been prepared on a going concern basis notwithstanding the company's net liability position at the balance sheet date. The director is confident that with their continued support, the company can remain in operational existence for the foreseeable future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

The Padawan Project Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing Balance

Fixtures and Fittings

25% Reducing Balance

Computer equipment

25% Reducing Balance

Amortisation

Asset class

Amortisation method and rate

Leasehold improvements

10% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

The Padawan Project Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

The Padawan Project Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

The Padawan Project Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2023
 No.

2022
 No.

Production

28

25

Administration and support

1

1

29

26

 

The Padawan Project Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

63,370

19,694

10,242

93,306

Additions

-

6,088

1,192

7,280

At 30 November 2023

63,370

25,782

11,434

100,586

Depreciation

At 1 December 2022

11,139

9,196

5,363

25,698

Charge for the year

10,627

4,147

1,518

16,292

At 30 November 2023

21,766

13,343

6,881

41,990

Carrying amount

At 30 November 2023

41,604

12,439

4,553

58,596

At 30 November 2022

52,231

10,498

4,879

67,608

5

Debtors

Current

Note

2023
£

2022
£

Trade Debtors

 

586

-

Amounts owed by related parties

22,565

22,565

Prepayments

 

-

5,232

Other debtors

 

11,599

5,071

   

34,750

32,868

 

The Padawan Project Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

58,810

73,363

Trade Creditors

 

4,289

16,272

Taxation and social security

 

46,327

40,894

Accruals and deferred income

 

19,354

7,487

Other creditors

 

17,294

25,586

 

146,074

163,602

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

34,597

40,217

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

34,597

40,217

Current loans and borrowings

2023
£

2022
£

Bank borrowings

6,618

6,618

Other borrowings

52,192

66,745

58,810

73,363