Registered number
11964947
Project 1201 Limited
Filleted Financial Statements
31 March 2024
Project 1201 Limited
Registered number: 11964947
Statement of Financial Position
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,511 2,039
Current assets
Debtors 4 86,144 86,913
Cash at bank and in hand 50,403 31,709
136,547 118,622
Creditors: amounts falling due within one year 5 (97,339) (63,580)
Net current assets 39,208 55,042
Total assets less current liabilities 41,719 57,081
Creditors: amounts falling due after more than one year 6 - (17,128)
Net assets 41,719 39,953
Capital and reserves
Called up share capital 101 101
Profit and loss account 41,618 39,852
Shareholders' funds 41,719 39,953
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The director's report and statement of income and retained earnings have not been delivered to the Registrar of Companies.
G Richards
Director
Approved by the board on 24 October 2024
Project 1201 Limited
Notes to the Financial Statements
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The financial statements 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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services of development of building projects and is recognised in the financial statements in the period the services are provided.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery Straight line 33% & 25%
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current period. Deferred tax is not recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments as this is considered immaterial to the true and fair view of the financial statements.
Hire purchase and lease assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets.
Pensions
The company operates a money purchase pension scheme. Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 5
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 14,315
Additions 2,798
At 31 March 2024 17,113
Depreciation
At 1 April 2023 12,276
Charge for the year 2,326
At 31 March 2024 14,602
Net book value
At 31 March 2024 2,511
At 31 March 2023 2,039
4 Debtors 2024 2023
£ £
Trade debtors 62,407 45,539
Accrued income - 38,198
Other debtors 23,737 3,176
86,144 86,913
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - 3,888
Trade creditors 953 5,181
Taxation and social security costs 93,163 54,441
Other creditors 3,223 70
97,339 63,580
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - 17,128
7 Other information
Project 1201 Limited is a private company limited by shares and incorporated in England. Its registered office is:
Studio 4.02
1 Lyric Square
London
England
W6 0NB
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