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Registration number: 13765439

Project Affinity UK Holdings, INC LTD

Filleted Annual Report and Abridged Financial Statements

for the Year Ended 31 December 2023

 

Project Affinity UK Holdings, INC LTD

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Abridged Financial Statements

3 to 7

 

Project Affinity UK Holdings, INC LTD

Company Information

Directors

Mr Ray Zhou

Mr Shubham Goel

Registered office

10, John Street
London
WC1N 2EB

Auditors

HSJ Audit Limited
Statutory Auditors
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Project Affinity UK Holdings, INC LTD

(Registration number: 13765439)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

13,022

23,246

Current assets

 

Debtors

5

330,601

193,873

Prepayments and accrued income

 

13,555

16,314

Creditors: Amounts falling due within one year

(53,643)

(9,854)

Net current assets

 

290,513

200,333

Total assets less current liabilities

 

303,535

223,579

Provisions for liabilities

(3,256)

(5,812)

Accruals and deferred income

 

(64,482)

(149,703)

Net assets

 

235,797

68,064

Capital and reserves

 

Retained earnings

235,797

68,064

Shareholders' funds

 

235,797

68,064

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.

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.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 July 2024 and signed on its behalf by:
 

.........................................

Mr Shubham Goel
Director

 

Project Affinity UK Holdings, INC LTD

Notes to the 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 England & Wales.

The address of its registered office is:
10, John Street
London
WC1N 2EB
United Kingdom

These financial statements were authorised for issue by the Board on 18 July 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.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 2 August 2024 was Mr Andrew Hill FCCA ACA DChA BFP, who signed for and on behalf of HSJ Audit Limited.

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 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.

 

Project Affinity UK Holdings, INC LTD

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

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 and deferred 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.

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.

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

Office equipment

20% 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.

 

Project Affinity UK Holdings, INC LTD

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 9).

 

Project Affinity UK Holdings, INC LTD

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

29,045

29,045

Additions

6,205

6,205

Disposals

(11,385)

(11,385)

At 31 December 2023

23,865

23,865

Depreciation

At 1 January 2023

5,799

5,799

Charge for the year

10,055

10,055

Eliminated on disposal

(5,011)

(5,011)

At 31 December 2023

10,843

10,843

Carrying amount

At 31 December 2023

13,022

13,022

At 31 December 2022

23,246

23,246

5

Debtors

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

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £0.01 each

1

-

1

-

       

7

Related party transactions

Summary of transactions with parent

Parent entity
 Inter company sales and debtors
 

 

Project Affinity UK Holdings, INC LTD

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

Income and receivables from related parties

2023

Parent
£

Receipt of services

2,031,565

Amounts receivable from related party

290,798

2022

Parent
£

Receipt of services

1,478,851

Amounts receivable from related party

101,849

8

Parent and ultimate parent undertaking

The company's immediate parent is Project Affinity Inc., incorporated in United States of America.

 The most senior parent entity producing publicly available financial statements is Project Affinity Inc.