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COMPANY REGISTRATION NUMBER: 11328608
THE PROJECTS BRIGHTON LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
THE PROJECTS BRIGHTON LTD
STATEMENT OF FINANCIAL POSITION
31 December 2023
31 Dec 23
30 Apr 23
Note
£
£
£
Fixed assets
Tangible assets
5
204,150
204,959
Current assets
Stocks
2,300
359
Debtors
6
440,560
253,633
Cash at bank and in hand
122,754
127,313
----------
----------
565,614
381,305
Creditors: amounts falling due within one year
7
1,526,618
1,354,048
-------------
-------------
Net current liabilities
961,004
972,743
----------
----------
Total assets less current liabilities
( 756,854)
( 767,784)
Provisions
13,772
13,772
----------
----------
Net liabilities
( 770,626)
( 781,556)
----------
----------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 770,627)
( 781,557)
----------
----------
Shareholders deficit
( 770,626)
( 781,556)
----------
----------
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 period 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
THE PROJECTS BRIGHTON LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
C P Demetriou
Director
Company registration number: 11328608
THE PROJECTS BRIGHTON LTD
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 MAY 2023 TO 31 DECEMBER 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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Fixtures and fittings
-
25% 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 9 (2023: 9 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 May 2023
365,204
15,234
380,438
Additions
59,189
8,053
67,242
----------
---------
----------
At 31 December 2023
424,393
23,287
447,680
----------
---------
----------
Depreciation
At 1 May 2023
168,454
7,025
175,479
Charge for the period
63,985
4,066
68,051
----------
---------
----------
At 31 December 2023
232,439
11,091
243,530
----------
---------
----------
Carrying amount
At 31 December 2023
191,954
12,196
204,150
----------
---------
----------
At 30 April 2023
196,750
8,209
204,959
----------
---------
----------
6. Debtors
31 Dec 23
30 Apr 23
£
£
Trade debtors
133,320
120,275
Other debtors
307,240
133,358
----------
----------
440,560
253,633
----------
----------
7. Creditors: amounts falling due within one year
31 Dec 23
30 Apr 23
£
£
Bank loans and overdrafts
9
Trade creditors
426,049
398,592
Amounts owed to group undertakings and undertakings in which the company has a participating interest
626,168
511,281
Social security and other taxes
5,267
28,640
Other creditors
469,125
415,535
-------------
-------------
1,526,618
1,354,048
-------------
-------------
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
31 Dec 23
30 Apr 23
£
£
Included in provisions
13,772
13,772
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
31 Dec 23
30 Apr 23
£
£
Accelerated capital allowances
13,772
13,772
---------
---------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Dec 23
30 Apr 23
£
£
Not later than 1 year
885,125
838,947
Later than 1 year and not later than 5 years
2,287,272
2,935,272
-------------
-------------
3,172,397
3,774,219
-------------
-------------