2023-07-012024-06-302024-06-30false11563000PROJECT 275 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PROJECT 275 LIMITED

Registered Number
11563000
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

PROJECT 275 LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Director

HULL, T D

Registered Address

169 New London Road
Chelmsford
CM2 0AE

Registered Number

11563000 (England and Wales)
PROJECT 275 LIMITED
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets37,19214,497
7,19214,497
Current assets
Stocks42,8312,574
Debtors582,75454,121
Cash at bank and on hand46,35728,478
131,94285,173
Creditors amounts falling due within one year6(75,584)(34,219)
Net current assets (liabilities)56,35850,954
Total assets less current liabilities63,55065,451
Creditors amounts falling due after one year7(50,587)(62,590)
Provisions for liabilities8(319)(1,477)
Net assets12,6441,384
Capital and reserves
Called up share capital22
Profit and loss account12,6421,382
Shareholders' funds12,6441,384
The financial statements were approved and authorised for issue by the Director on 5 September 2024, and are signed on its behalf by:
HULL, T D
Director
Registered Company No. 11563000
PROJECT 275 LIMITED
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Vehicles4
Office Equipment3
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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 transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20242023
Average number of employees during the year32
3.Tangible fixed assets

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 01 July 2334,7382,29037,028
Additions-2,3532,353
At 30 June 2434,7384,64339,381
Depreciation and impairment
At 01 July 2321,0531,47822,531
Charge for year8,6849749,658
At 30 June 2429,7372,45232,189
Net book value
At 30 June 245,0012,1917,192
At 30 June 2313,68581214,497
4.Stocks

2024

2023

££
Raw materials and consumables2,8312,574
Total2,8312,574
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables59,41444,394
Other debtors22,2318,512
Prepayments and accrued income1,1091,215
Total82,75454,121
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables44,16013,750
Bank borrowings and overdrafts8,88912,201
Taxation and social security12,1037,110
Other creditors7,552-
Accrued liabilities and deferred income2,8801,158
Total75,58434,219
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts50,58762,590
Total50,58762,590
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)3191,477
Total3191,477