1 September 2022 v2024.64.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP128100202022-09-012024-02-29128100202024-02-29128100202022-08-3112810020core:WithinOneYear2024-02-2912810020core:WithinOneYear2022-08-3112810020core:AfterOneYear2024-02-2912810020core:AfterOneYear2022-08-3112810020core:ShareCapital2024-02-2912810020core:ShareCapital2022-08-3112810020core:RetainedEarningsAccumulatedLosses2024-02-2912810020core:RetainedEarningsAccumulatedLosses2022-08-3112810020bus:Director12022-09-012024-02-2912810020bus:RegisteredOffice2022-09-012024-02-2912810020core:NetGoodwill2022-09-012024-02-29128100202021-09-012022-08-31128100202022-09-011281002012022-09-012024-02-2912810020countries:EnglandWales2022-09-012024-02-2912810020bus:AuditExemptWithAccountantsReport2022-09-012024-02-2912810020bus:PrivateLimitedCompanyLtd2022-09-012024-02-2912810020bus:SmallEntities2022-09-012024-02-2912810020bus:AbridgedAccounts2022-09-012024-02-29
Company registration number:
12810020
Mlewis Project Ltd
Unaudited Filleted Abridged Financial Statements for the period ended
29 February 2024
Mlewis Project Ltd
Report of the Accountant to the director of Mlewis Project Ltd
Period ended
29 February 2024
These financial statements have been prepared in accordance with my terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the period ended
29 February 2024
.
I have prepared these financial statements based on the accounting records, information and explanations provided by you. I do not express any opinion on the financial statements.
On the statement of financial position you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give a "true and fair view".
You have determined that the company is exempt from the statutory requirement for an audit for this accounting period. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
PAUL HAMMETT ACCOUNTING SOLUTIONS LTD
11 Manor Road
Wendover
Bucks
HP22 6HL
United Kingdom
Date:
28 November 2024
Mlewis Project Ltd
Abridged Statement of Financial Position
29 February 2024
29 Feb 202431 Aug 2022
Note££
Fixed assets    
Intangible assets 5
2,500
 
5,000
 
Tangible assets 5
21,032
 
31,320
 
23,532
 
36,320
 
Current assets    
Stocks
21,350
 
2,975
 
Debtors
41,766
 
5,712
 
Cash at bank and in hand
1,102
 
533
 
64,218
 
9,220
 
Creditors: amounts falling due within one year
(115,796
)
(40,510
)
Net current liabilities
(51,578
)
(31,290
)
Total assets less current liabilities (28,046 ) 5,030  
Creditors: amounts falling due after more than one year
(10,279
)
(16,070
)
Net liabilities
(38,325
)
(11,040
)
Capital and reserves    
Called up share capital
1
 
1
 
Profit and loss account
(38,326
)
(11,041
)
Shareholders deficit
(38,325
)
(11,040
)
For the period ending
29 February 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its abridged financial statements for the period in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of financial position and the abridged income statement for the period ended
29 February 2024
in accordance with Section 444(2A) of the Companies Act 2006.
These
abridged 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.
These
abridged financial statements
were approved by the board of directors and authorised for issue on
28 November 2024
, and are signed on behalf of the board by:
M Lewis
Director
Company registration number:
12810020
Mlewis Project Ltd
Notes to the Abridged Financial Statements
Period ended
29 February 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
12 Roundhouse Close
,
Aston Clinton
,
Aylesbury
,
HP22 5FR
, England.

2 Statement of compliance

These
abridged financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
abridged financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
abridged financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

The accounts have been prepared on a going concern basis, because, having suffered a substantial loss on a contract early in the period, the company has received support which has enabled it to continue trading profitably up to the present day

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

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 stocks to their present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

4 Average number of employees

The average number of persons employed by the company during the period was
2
(2022:
2
).

5 Fixed assets

Intangible assetsTangible assetsTotal
£££
Cost      
At
1 September 2022
10,000
 
47,165
  57,165  
Additions -  
2,005
  2,005  
At
29 February 2024
10,000
 
49,170
  59,170  
Amortisation and depreciation      
At
1 September 2022
5,000
 
15,845
  20,845  
Charge
2,500
 
12,293
  14,793  
At
29 February 2024
7,500
 
28,138
  35,638  
Carrying amount      
At
29 February 2024
2,500
 
21,032
 
23,532
 
At 31 August 2022
5,000
 
31,320
 
36,320
 

6 Director's advances, credit and guarantees

The sum owed by the Director at the Balance Sheet date amounted to £27,915 (£1,278 - 2022) and is reflected in Other Debtors above.

8 Controlling party

The controlling party at the Balance Sheet Date was Miles Lewis.