Company registration number 04746864 (England and Wales)
PROJECT X (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PROJECT X (UK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
PROJECT X (UK) LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,226
7,266
Investment properties
4
750,000
750,000
756,226
757,266
Current assets
Debtors
5
9,577
9,594
Cash at bank and in hand
16,289
16,232
25,866
25,826
Creditors: amounts falling due within one year
6
(181,991)
(193,995)
Net current liabilities
(156,125)
(168,169)
Total assets less current liabilities
600,101
589,097
Creditors: amounts falling due after more than one year
7
(25,666)
(31,443)
Provisions for liabilities
9
(78,191)
(78,454)
Net assets
496,244
479,200
Capital and reserves
Called up share capital
10
2
2
Non-distributable profits reserve
368,595
368,595
Distributable profit and loss reserves
127,647
110,603
Total equity
496,244
479,200
PROJECT X (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 11 February 2025 and are signed on its behalf by:
Mr A D Kirkham
Director
Company Registration No. 04746864
PROJECT X (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2022
2
143,595
108,705
252,302
Year ended 30 November 2023:
Profit and total comprehensive income
-
225,000
5,898
230,898
Dividends
-
-
(4,000)
(4,000)
Balance at 30 November 2023
2
368,595
110,603
479,200
Year ended 30 November 2024:
Profit and total comprehensive income
-
-
19,044
19,044
Dividends
-
-
(2,000)
(2,000)
Balance at 30 November 2024
2
368,595
127,647
496,244
PROJECT X (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
1
Accounting policies
Company information
Project X (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY.
1.1
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 true and 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. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is reliant upon the support of its bankers and directors. The financial statements have been prepared on a going concern basis on the assumption that this truesupport will continue to be made available to the company.
1.3
Turnover
Turnover represents amounts receivable for rental services net of VAT.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
25% - 50% straight line
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
PROJECT X (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.7
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.
1.8
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 company’s 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.
1.9
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 employee’s 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
PROJECT X (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2023
50,357
Additions
353
At 30 November 2024
50,710
Depreciation and impairment
At 1 December 2023
43,090
Depreciation charged in the year
1,394
At 30 November 2024
44,484
Carrying amount
At 30 November 2024
6,226
At 30 November 2023
7,266
4
Investment property
2024
£
Fair value
At 1 December 2023 and 30 November 2024
750,000
Investment property comprises commercial units known as Kirkham Garages in Oswaldtwistle, Accrington.
The investment property is included at directors' opinion of open market value as at 30 November 2024.
The historical cost of the property is £304,331 (2023 - £304,331).
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,379
5,574
Other debtors
3,198
4,020
9,577
9,594
PROJECT X (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,753
5,533
Trade creditors
234
954
Taxation and social security
6,711
180
Other creditors
169,293
187,328
181,991
193,995
Bank loans includes a government backed Bounce Back Loan for which no security has been given. As at 30 November 2024 the amount outstanding on the loan was £3,608 (2023 - £5,817).
Other bank loans are secured by a fixed charge over the assets of the company.
Other creditors includes interest free loans of £164,836 (2023: £183,674) due to the company directors.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
25,666
31,443
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
6,351
10,889
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
78,191
78,454
PROJECT X (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,117
1,380
Revaluations
77,074
77,074
78,191
78,454
2024
Movements in the year:
£
Liability at 1 December 2023
78,454
Credit to profit or loss
(263)
Liability at 30 November 2024
78,191
The deferred tax liability set out above includes an amount which is expected to reverse over the life of the assets concerned and relates to accelerated capital allowances that are expected to mature within the same period..
The liability also includes the expected tax payable on the gain which would be made on any disposal of the company's investment property in due course.
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2
2
2
2
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