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Registered Number: 13511658
England and Wales

 

 

 

PROJEKT GAP LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 August 2022

End date: 31 July 2023
Director P C Silcock - Commerman
Registered Number 13511658
Registered Office 1 Ashmount Road,
London,
United Kingdom,
N19 3BH
Accountants Blue Peak
100 Berkshire Place
GF33
Winnersh
RG41 5RD
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 875    975 
Tangible fixed assets 4 25,959    842 
26,834    1,817 
Current assets      
Debtors 5 8,874    9,525 
Cash at bank and in hand 9,590    4,597 
18,464    14,122 
Creditors: amount falling due within one year 6 (6,565)   (1,238)
Net current assets 11,899    12,884 
 
Total assets less current liabilities 38,733    14,701 
Creditors: amount falling due after more than one year 7 (28,656)  
Net assets 10,077    14,701 
 

Capital and reserves
     
Called up share capital 8 126    109 
Share premium account 9 38,782    8,191 
Profit and loss account (28,831)   6,401 
Shareholders' funds 10,077    14,701 
 


For the year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the director on 14 January 2025 and were signed by:


-------------------------------
P C Silcock - Commerman
Director
2
General Information
PROJEKT GAP LTD is a private company, limited by shares, registered in England and Wales, registration number 13511658, registration address 1 Ashmount Road,, London, , United Kingdom,, N19 3BH.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a trueand fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employees services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The companys liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.


The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority
Intangible assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:

Website costs - 10 years straight line
Website Costs
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 4 Years Straight Line
Impairment of fixed asset
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.

Average number of employees

Average number of employees during the year was 2 (2022 : 0).
3.

Intangible fixed assets

Cost Website costs   Total
  £   £
At 01 August 2022 1,000    1,000 
Additions  
Disposals  
At 31 July 2023 1,000    1,000 
Amortisation
At 01 August 2022 25    25 
Charge for year 100    100 
On disposals  
At 31 July 2023 125    125 
Net book values
At 31 July 2023 875    875 
At 31 July 2022 975    975 


4.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Total
  £   £
At 01 August 2022 934    934 
Additions 30,570    30,570 
Disposals  
At 31 July 2023 31,504    31,504 
Depreciation
At 01 August 2022 92    92 
Charge for year 5,453    5,453 
On disposals  
At 31 July 2023 5,545    5,545 
Net book values
Closing balance as at 31 July 2023 25,959    25,959 
Opening balance as at 01 August 2022 842    842 


5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 7,847    7,847 
Prepayments & Accrued Income 937    166 
Other Debtors 90    90 
8,874    8,103 

5.

Debtors: amounts falling due after one year

2023
£
  2022
£
Directors Loan Accounts   1,422 
  1,422 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Corporation Tax 100    1,238 
PAYE & Social Security 2,780   
Other Creditors 162   
Directors' Current Accounts 3,523   
6,565    1,238 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts (secured) 28,656   
28,656   

8.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Ordinary shares of £1.00 each 100    100 
26 Ordinary B shares of £1.00 each 26   
126    109 

9.

Share premium account

2023
£
  2022
£
Equity Share Premium b/fwd 8,191   
Equity Share Premium - New Issue 30,591    8,191 
38,782    8,191 

3