Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-294true2023-03-01falseNo description of principal activity4trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07951649 2023-03-01 2024-02-29 07951649 2022-03-01 2023-02-28 07951649 2024-02-29 07951649 2023-02-28 07951649 c:Director1 2023-03-01 2024-02-29 07951649 d:PlantMachinery 2023-03-01 2024-02-29 07951649 d:PlantMachinery 2024-02-29 07951649 d:PlantMachinery 2023-02-28 07951649 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 07951649 d:MotorVehicles 2023-03-01 2024-02-29 07951649 d:MotorVehicles 2024-02-29 07951649 d:MotorVehicles 2023-02-28 07951649 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 07951649 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 07951649 d:CurrentFinancialInstruments 2024-02-29 07951649 d:CurrentFinancialInstruments 2023-02-28 07951649 d:Non-currentFinancialInstruments 2024-02-29 07951649 d:Non-currentFinancialInstruments 2023-02-28 07951649 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 07951649 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 07951649 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 07951649 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 07951649 d:ShareCapital 2024-02-29 07951649 d:ShareCapital 2023-02-28 07951649 d:RetainedEarningsAccumulatedLosses 2024-02-29 07951649 d:RetainedEarningsAccumulatedLosses 2023-02-28 07951649 c:FRS102 2023-03-01 2024-02-29 07951649 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 07951649 c:FullAccounts 2023-03-01 2024-02-29 07951649 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 07951649 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 07951649










PROJECT26 LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
PROJECT26 LIMITED
REGISTERED NUMBER: 07951649

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
33,634
44,844

  
33,634
44,844

Current assets
  

Stocks
 5 
2,119,192
270,584

Debtors: amounts falling due within one year
 6 
67,146
24,110

Bank and cash balances
  
25,234
635,713

  
2,211,572
930,407

Creditors: amounts falling due within one year
 7 
(707,335)
(128,135)

Net current assets
  
 
 
1,504,237
 
 
802,272

Total assets less current liabilities
  
1,537,871
847,116

Creditors: amounts falling due after more than one year
 8 
(962,355)
-

Provisions for liabilities
  

Deferred tax
  
-
(10,416)

  
 
 
-
 
 
(10,416)

Net assets
  
575,516
836,700


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
575,506
836,690

  
575,516
836,700


Page 1

 
PROJECT26 LIMITED
REGISTERED NUMBER: 07951649
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024

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 year 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.

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 26 November 2024.




J Hargreaves
Director

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

Page 2

 
PROJECT26 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Project26 Limited, (registered number 07951649), is a private company limited by shares and incorporated in England and Wales. Its registered office is Restharrow, Fyning Lane, Fyning, Rogate, Hampshire, GU31 5DQ.

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

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

  
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue natuure are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
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

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
PROJECT26 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.8

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.

Page 4

 
PROJECT26 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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:

Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance

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.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

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.

 
2.11

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
PROJECT26 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).


4.


Tangible fixed assets







Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 March 2023
18,075
88,355
106,430



At 29 February 2024

18,075
88,355
106,430



Depreciation


At 1 March 2023
15,362
46,224
61,586


Charge for the year on owned assets
677
10,533
11,210



At 29 February 2024

16,039
56,757
72,796



Net book value



At 29 February 2024
2,036
31,598
33,634



At 28 February 2023
2,713
42,131
44,844

Page 6

 
PROJECT26 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Stocks

29 February
28 February
2024
2023
£
£

Stocks - work in progress
2,119,192
270,584



6.


Debtors

29 February
28 February
2024
2023
£
£


Other debtors
57,804
18,258

Prepayments and accrued income
9,342
5,852

67,146
24,110



7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
175,248
7,410

Corporation tax
-
10,740

Other taxation and social security
-
152

Other creditors
519,119
106,233

Accruals and deferred income
12,968
3,600

707,335
128,135



8.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
962,355
-


 
Page 7