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COMPANY REGISTRATION NUMBER: 10496582
THE PROJECT HUTT LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 November 2023
THE PROJECT HUTT LTD
STATEMENT OF FINANCIAL POSITION
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
10,345
2,913
Current assets
Debtors
5
184,990
276,246
Cash at bank and in hand
36,124
56,917
----------
----------
221,114
333,163
Creditors: amounts falling due within one year
6
178,010
342,221
----------
----------
Net current assets/(liabilities)
43,104
( 9,058)
---------
-------
Total assets less current liabilities
53,449
( 6,145)
Creditors: amounts falling due after more than one year
7
15,834
25,833
Provisions
553
---------
---------
Net assets/(liabilities)
37,615
( 32,531)
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
37,614
( 32,532)
---------
---------
Shareholder funds/(deficit)
37,615
( 32,531)
---------
---------
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 statement of income and retained earnings has not been delivered.
For the 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 member has 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
THE PROJECT HUTT LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 14 August 2024 , and are signed on behalf of the board by:
Mr J McCallum
Director
Company registration number: 10496582
THE PROJECT HUTT LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8a Ship Street, Brighton, BN1 1AD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
20% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 December 2022
6,870
2,093
8,963
Additions
8,645
1,539
10,184
---------
-------
---------
At 30 November 2023
15,515
3,632
19,147
---------
-------
---------
Depreciation
At 1 December 2022
5,069
981
6,050
Charge for the year
2,089
663
2,752
---------
-------
---------
At 30 November 2023
7,158
1,644
8,802
---------
-------
---------
Carrying amount
At 30 November 2023
8,357
1,988
10,345
---------
-------
---------
At 30 November 2022
1,801
1,112
2,913
---------
-------
---------
5. Debtors
2023
2022
£
£
Trade debtors
59,722
133,216
Other debtors
125,268
143,030
----------
----------
184,990
276,246
----------
----------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
36,266
96,384
Social security and other taxes
118,121
92,317
Other creditors
13,623
143,520
----------
----------
178,010
342,221
----------
----------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,834
25,833
---------
---------
8. Related party transactions
The company was under the control of Mr J McCallum throughout the current and previous year. Mr J McCallum is the managing director and majority shareholder.