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Company No: 03906474 (England and Wales)

SPLASH PROJECTS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

SPLASH PROJECTS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

SPLASH PROJECTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
SPLASH PROJECTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 96,591 63,184
96,591 63,184
Current assets
Debtors 4 141,908 180,610
Cash at bank and in hand 5 302,653 175,415
444,561 356,025
Creditors: amounts falling due within one year 6 ( 420,043) ( 296,034)
Net current assets 24,518 59,991
Total assets less current liabilities 121,109 123,175
Creditors: amounts falling due after more than one year 7 ( 29,711) ( 28,390)
Provision for liabilities ( 20,572) ( 15,678)
Net assets 70,826 79,107
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 70,726 79,007
Total shareholders' funds 70,826 79,107

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Splash Projects Limited (registered number: 03906474) were approved and authorised for issue by the Board of Directors on 30 January 2025. They were signed on its behalf by:

Rachel Anne Poole
Director
Simon James Poole
Director
SPLASH PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
SPLASH PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Splash Projects Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Suite 2-4 1 Victoria Road, Strand Court Chambers, Exmouth, EX8 1DL, United Kingdom. The registered number of the company is 03906474.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 10

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 May 2023 33,683 85,789 4,527 61,160 185,159
Additions 4,471 51,436 0 4,430 60,337
At 30 April 2024 38,154 137,225 4,527 65,590 245,496
Accumulated depreciation
At 01 May 2023 18,744 49,873 3,772 49,586 121,975
Charge for the financial year 2,669 16,871 113 7,277 26,930
At 30 April 2024 21,413 66,744 3,885 56,863 148,905
Net book value
At 30 April 2024 16,741 70,481 642 8,727 96,591
At 30 April 2023 14,939 35,916 755 11,574 63,184

4. Debtors

2024 2023
£ £
Trade debtors 49,714 104,011
Prepayments and accrued income 54,965 53,372
VAT recoverable 37,229 23,227
141,908 180,610

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 302,653 175,415
Less: Bank overdrafts 0 ( 20)
302,653 175,395

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 10,783 10,803
Trade creditors 16,224 26,392
Amounts owed to directors 23,156 36,727
Accruals and deferred income 322,841 180,174
Taxation and social security 30,316 22,285
Obligations under finance leases and hire purchase contracts 7,765 6,771
Other creditors 8,958 12,882
420,043 296,034

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 16,166 24,147
Obligations under finance leases and hire purchase contracts 13,545 4,243
29,711 28,390

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 2,601 1,111

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to directors 23,156 36,727

No interest is charged on the above amount owed to the directors and there are no fixed repayment terms.