Company Registration No. 10774370 (England and Wales)
The Askefield Project Ltd
Unaudited accounts
for the year ended 30 June 2024
The Askefield Project Ltd
Unaudited accounts
Contents
The Askefield Project Ltd
Company Information
for the year ended 30 June 2024
Directors
Peter William Blevins
Ross Bryan Anderson
David John Reeves
Boyd Smith
Company Number
10774370 (England and Wales)
Registered Office
Peters Eden Farm, Howgarth Lane
Friskney
Boston
Lincolnshire
PE22 8PQ
Accountants
Kime Consultancy Limited
Office F5 - Workspace
Kirton Business Park
Willington Road
Kirton, Boston
Lincolnshire
PE20 1NN
The Askefield Project Ltd
Statement of financial position
as at 30 June 2024
Tangible assets
69,178
77,990
Cash at bank and in hand
57,012
32,772
Creditors: amounts falling due within one year
(57,962)
(47,470)
Net current assets/(liabilities)
10,269
(4,140)
Total assets less current liabilities
79,447
73,850
Creditors: amounts falling due after more than one year
(20,379)
(32,774)
Profit and loss account
59,068
41,076
Members' funds
59,068
41,076
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 5 February 2025 and were signed on its behalf by
Boyd Smith
Director
Company Registration No. 10774370
The Askefield Project Ltd
Notes to the Accounts
for the year ended 30 June 2024
The Askefield Project Ltd is a private company, limited by guarantee, registered in England and Wales, registration number 10774370. The registered office is Peters Eden Farm, Howgarth Lane, Friskney, Boston, Lincolnshire, PE22 8PQ.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% on a straight line basis
Plant & machinery
20% on a reducing balance basis
Fixtures & fittings
33% on a reducing balance basis
Computer equipment
33% on a reducing balance basis
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
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 accounts. 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, due to the nature of the company's activities are not recognised in the accounts.
Deferred tax liabilities are not discounted.
The Askefield Project Ltd
Notes to the Accounts
for the year ended 30 June 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The company has net current liabilities but they have the full support of all the funders of the project.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 July 2023
72,377
23,234
5,995
1,376
1,116
104,098
Additions
-
4,034
-
-
296
4,330
Disposals
-
(1,110)
-
-
-
(1,110)
At 30 June 2024
72,377
26,158
5,995
1,376
1,412
107,318
At 1 July 2023
18,163
4,730
1,499
939
777
26,108
Charge for the year
7,238
3,935
1,124
146
193
12,636
On disposals
-
(604)
-
-
-
(604)
At 30 June 2024
25,401
8,061
2,623
1,085
970
38,140
At 30 June 2024
46,976
18,097
3,372
291
442
69,178
At 30 June 2023
54,214
18,504
4,496
437
339
77,990
The Askefield Project Ltd
Notes to the Accounts
for the year ended 30 June 2024
Amounts falling due within one year
Accrued income and prepayments
3,399
3,451
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
1,357
1,324
Taxes and social security
2,268
4,244
Deferred income
52,956
37,836
7
Creditors: amounts falling due after more than one year
2024
2023
Deferred income
12,799
23,837
Aggregate of amounts that fall due for payment after five years
-
3,428
Bank loans are bounce back loans taken out by the company
8
Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
The company's reserves are made up of:
Restricted funds - £11,606
Unrestricted funds - £47,462
9
Average number of employees
During the year the average number of employees was 4 (2023: 4).