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Registration number: 05695017

Project Partners Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 December 2023

 

Project Partners Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Project Partners Ltd

Company Information

Directors

Mr Mark Colin Pratt

Mrs Nicola Claire Pratt

Registered office

169 Great Portland Street
London
W1W 5PF

Accountants

Krystal Clear Accounting
Westgate House
44 Hale Road
Ground Floor
Hale, Altrincham
Cheshire
WA14 2EX

 

Project Partners Ltd

(Registration number: 05695017)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

267,214

1,666

Tangible assets

5

7,771

6,563

 

274,985

8,229

Current assets

 

Debtors

6

102,844

1,016,176

Cash at bank and in hand

 

181,537

343,394

 

284,381

1,359,570

Prepayments and accrued income

 

227,709

13,327

Creditors: Amounts falling due within one year

(769,877)

(1,351,025)

Net current (liabilities)/assets

 

(257,787)

21,872

Total assets less current liabilities

 

17,198

30,101

Accruals and deferred income

 

(51,691)

(68,387)

Net liabilities

 

(34,493)

(38,286)

Capital and reserves

 

Called up share capital

7

10,000

10,000

Share premium reserve

38,550

38,550

Retained earnings

(83,043)

(86,836)

Shareholders' deficit

 

(34,493)

(38,286)

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Project Partners Ltd

(Registration number: 05695017)
Abridged Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 2 May 2024 and signed on its behalf by:
 

.........................................
Mr Mark Colin Pratt
Director

 

Project Partners Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
169 Great Portland Street
London
W1W 5PF
United Kingdom

These financial statements were authorised for issue by the Board on 2 May 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 abridged 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 abridged 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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

 

Project Partners Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

Office equipment

33% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

33% 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.

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.

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.

 

Project Partners Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 21).

 

Project Partners Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 January 2023

5,000

Additions acquired separately

267,214

At 31 December 2023

272,214

Amortisation

At 1 January 2023

3,334

Amortisation charge

1,666

At 31 December 2023

5,000

Carrying amount

At 31 December 2023

267,214

At 31 December 2022

1,666

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

9,007

9,007

Additions

4,210

4,210

At 31 December 2023

13,217

13,217

Depreciation

At 1 January 2023

2,444

2,444

Charge for the year

3,002

3,002

At 31 December 2023

5,446

5,446

Carrying amount

At 31 December 2023

7,771

7,771

At 31 December 2022

6,563

6,563

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

 

Project Partners Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary of £1 each

2,500

2,500

2,500

2,500

Ordinary of £1 each

7,500

7,500

7,500

7,500

 

10,000

10,000

10,000

10,000

8

Related party transactions

 

Project Partners Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

154,200

152,500