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REGISTERED NUMBER: 07443079 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Project 53 Ltd

Project 53 Ltd (Registered number: 07443079)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Project 53 Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTORS: Mr N M Goodliff
Mr D Rushton





REGISTERED OFFICE: 1 Angel Court
Burley Road
Leeds
LS3 1BS





REGISTERED NUMBER: 07443079 (England and Wales)





ACCOUNTANTS: Aysgarth Chartered Accountants
Suite 3b
Kings House
1 King Street
Leeds
LS1 2HH

Project 53 Ltd (Registered number: 07443079)

Balance Sheet
31 May 2024

31/5/24 31/5/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 248,910 368,481

CURRENT ASSETS
Stocks 43,245 21,770
Debtors 5 58,243 78,316
Cash at bank 322,399 115,216
423,887 215,302
CREDITORS
Amounts falling due within one year 6 276,756 171,517
NET CURRENT ASSETS 147,131 43,785
TOTAL ASSETS LESS CURRENT LIABILITIES 396,041 412,266

CREDITORS
Amounts falling due after more than one
year

7

(50,757

)

(104,856

)

PROVISIONS FOR LIABILITIES 9 (62,000 ) (92,100 )
NET ASSETS 283,284 215,310

CAPITAL AND RESERVES
Called up share capital 200 180
Capital redemption reserve 20 20
Retained earnings 283,064 215,110
283,284 215,310

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Project 53 Ltd (Registered number: 07443079)

Balance Sheet - continued
31 May 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 November 2024 and were signed on its behalf by:





Mr N M Goodliff - Director


Project 53 Ltd (Registered number: 07443079)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Project 53 Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 30% on cost, 25% on cost and 10% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

All tangible fixed assets are recorded at cost, being purchase price, less accumulated depreciation.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Project 53 Ltd (Registered number: 07443079)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 16 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 440,449 17,822 23,895 23,883 506,049
Additions 54,986 2,611 - 3,620 61,217
Disposals (69,793 ) - - (599 ) (70,392 )
At 31 May 2024 425,642 20,433 23,895 26,904 496,874
DEPRECIATION
At 1 June 2023 100,271 8,150 11,949 17,198 137,568
Charge for year 115,315 5,108 5,974 5,983 132,380
Eliminated on disposal (21,385 ) - - (599 ) (21,984 )
At 31 May 2024 194,201 13,258 17,923 22,582 247,964
NET BOOK VALUE
At 31 May 2024 231,441 7,175 5,972 4,322 248,910
At 31 May 2023 340,178 9,672 11,946 6,685 368,481

Project 53 Ltd (Registered number: 07443079)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2023
and 31 May 2024 23,895
DEPRECIATION
At 1 June 2023 11,949
Charge for year 5,974
At 31 May 2024 17,923
NET BOOK VALUE
At 31 May 2024 5,972
At 31 May 2023 11,946

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/24 31/5/23
£    £   
Trade debtors 25,583 50,040
Other debtors 32,660 28,276
58,243 78,316

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/24 31/5/23
£    £   
Bank loans and overdrafts 50,000 49,748
Hire purchase contracts 3,856 6,609
Trade creditors 76,805 63,305
Taxation and social security 137,210 46,958
Other creditors 8,885 4,897
276,756 171,517

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/5/24 31/5/23
£    £   
Bank loans 50,757 101,000
Hire purchase contracts - 3,856
50,757 104,856

Project 53 Ltd (Registered number: 07443079)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

31/5/24 31/5/23
£    £   
Bank loan 100,757 150,748
Hire purchase 3,856 10,465
104,613 161,213

The bank loan is secured by a debenture over the assets and undertaking of the company. Hire purchase liabilities are secured against the asset concerned

9. PROVISIONS FOR LIABILITIES
31/5/24 31/5/23
£    £   
Deferred tax
Accelerated capital allowances 62,000 92,100

Deferred
tax
£   
Balance at 1 June 2023 92,100
Credit to Income Statement during year (30,100 )
Balance at 31 May 2024 62,000

10. ULTIMATE CONTROLLING PARTY

In the opinion of the Directors there is no ultimate controlling party.