Company registration number 14256587 (England and Wales)
T7 PROJECTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
T7 PROJECTS LIMITED
COMPANY INFORMATION
Director
Mr J A Rutter
Company number
14256587
Registered office
8 Tynings Close
Kidderminster
Worcestershire
DY11 5JP
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Santander UK Plc
Bridle Road
Bootle
Merseyside
L30 4GB
T7 PROJECTS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
T7 PROJECTS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF T7 PROJECTS LIMITED FOR THE YEAR ENDED 31 JULY 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of T7 Projects Limited for the year ended 31 July 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of T7 Projects Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of T7 Projects Limited and state those matters that we have agreed to state to the board of directors of T7 Projects Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than T7 Projects Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that T7 Projects Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of T7 Projects Limited. You consider that T7 Projects Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of T7 Projects Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
6 September 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
T7 PROJECTS LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
905
-
0
Investment property
4
180,805
-
0
181,710
-
0
Current assets
Debtors
7,835
-
0
Cash at bank and in hand
1,557
500
9,392
500
Creditors: amounts falling due within one year
5
(115,031)
(400)
Net current (liabilities)/assets
(105,639)
100
Total assets less current liabilities
76,071
100
Creditors: amounts falling due after more than one year
6
(109,375)
-
0
Net (liabilities)/assets
(33,304)
100
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(33,404)
-
0
Total equity
(33,304)
100

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

T7 PROJECTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024
31 July 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 6 September 2024
Mr J A Rutter
Director
Company registration number 14256587 (England and Wales)
T7 PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
1
Accounting policies
Company information

T7 Projects Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8 Tynings Close, Kidderminster, Worcestershire, DY11 5JP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.

Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% on reducing balance
1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

T7 PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 August 2023
-
0
Additions
1,131
At 31 July 2024
1,131
Depreciation and impairment
At 1 August 2023
-
0
Depreciation charged in the year
226
At 31 July 2024
226
Carrying amount
At 31 July 2024
905
At 31 July 2023
-
0
T7 PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 August 2023
-
0
Additions
180,805
At 31 July 2024
180,805

The director has assessed the market value of the property and considers that there has been no significant change in the market value at the year end.

5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
115,031
400
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
109,375
-
0
7
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
109,375
-
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
80
80
80
80
Ordinary B of £1 each
10
10
10
10
Ordinary C of £1 each
10
10
10
10
100
100
100
100
9
Ultimate controlling party

The ultimate controlling party is Mr J A Rutter.

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