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Registered number: 13049249









PROJECT GOAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 1 DECEMBER 2023

 
PROJECT GOAL LIMITED
REGISTERED NUMBER: 13049249

BALANCE SHEET
AS AT 1 DECEMBER 2023

1 December
30 November
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,174,701
22,060

Current assets
  

Debtors: amounts falling due within one year
 5 
255,140
9,657

Cash at bank and in hand
  
56,302
13,951

  
311,442
23,608

Creditors: amounts falling due within one year
 6 
(387,578)
(6,080)

Net current (liabilities)/assets
  
 
 
(76,136)
 
 
17,528

Creditors: amounts falling due after more than one year
  
(151,499)
-

  

Net assets
  
947,066
39,588


Capital and reserves
  

Called up share capital 
  
111
100

Share premium account
  
1,415,987
109,901

Capital redemption reserve
  
4,402
-

Profit and loss account
  
(473,434)
(70,413)

  
947,066
39,588


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the Period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

Page 1

 
PROJECT GOAL LIMITED
REGISTERED NUMBER: 13049249
    
BALANCE SHEET (CONTINUED)
AS AT 1 DECEMBER 2023

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 October 2024.


T Omer
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
PROJECT GOAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 DECEMBER 2023

1.


General information

Project Goal Limited is a private company limited by shares incorporated in England and Wales. The registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

As part of its going concern review, the directors have followed the guidelines published by the Financial Reporting Council entitled "Going Concern and Liquidity Risk Guidance for UK Companies 2009". The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future as the company expects to receive continuing financial support from the directors and investors. On this basis the directors consider that the going concern basis of accounting remains appropriate.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
PROJECT GOAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
not in use, no depreciation charged
Office equipment
-
25%
reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Depreciation of an asset starts from the point that it is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. At the period end, tangible fixed assets were not available for use and therefore no depreciation has been charged for the period on leasehold improvements.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.9

Creditors

Short-term creditors are measured at the transaction price.

Page 4

 
PROJECT GOAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 2).

Page 5

 
PROJECT GOAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 DECEMBER 2023

4.


Tangible fixed assets







Leasehold improvements
Office equipment
Total

£
£
£



Cost or valuation


At 1 December 2022
22,060
-
22,060


Additions
1,148,953
4,146
1,153,099



At 1 December 2023

1,171,013
4,146
1,175,159



Depreciation


Charge for the Period on owned assets
-
458
458



At 1 December 2023

-
458
458



Net book value



At 1 December 2023
1,171,013
3,688
1,174,701



At 30 November 2022
22,060
-
22,060


5.


Debtors

1 December
30 November
2023
2022
£
£


Other debtors
244,795
9,657

Prepayments and accrued income
10,345
-

255,140
9,657


Page 6

 
PROJECT GOAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

1 December
30 November
2023
2022
£
£

Trade creditors
377,285
1,080

Other taxation and social security
5,159
-

Other creditors
134
-

Accruals and deferred income
5,000
5,000

387,578
6,080



7.


Creditors: Amounts falling due after more than one year

1 December
30 November
2023
2022
£
£

Other creditors
151,499
-

151,499
-



8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £367 (2022 - £Nil). Contributions totalling £257 (2022 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


9.


Related party transactions

As at the year end the company owes a director £372 (2022: £nil).

 
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