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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
Page
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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
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The Askefield Project Ltd Statement of financial position as at 30 June 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
69,178 
77,990 
Current assets
Inventories
6,040 
7,007 
Debtors
5,179 
3,551 
Cash at bank and in hand
57,012 
32,772 
68,231 
43,330 
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)
Net assets
59,068 
41,076 
Reserves
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
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The Askefield Project Ltd Notes to the Accounts for the year ended 30 June 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The financial statements have been prepared under the historical cost convention.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Deferred taxation
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.
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The Askefield Project Ltd Notes to the Accounts for the year ended 30 June 2024
Leased assets
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.
Pension costs
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.
Going concern
The company has net current liabilities but they have the full support of all the funders of the project.
Taxation
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 
Depreciation
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 
Net book value
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 
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The Askefield Project Ltd Notes to the Accounts for the year ended 30 June 2024
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
1,140 
- 
Accrued income and prepayments
3,399 
3,451 
Other debtors
640 
100 
5,179 
3,551 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
1,357 
1,324 
Trade creditors
1,015 
787 
Taxes and social security
2,268 
4,244 
Other creditors
219 
157 
Accruals
147 
3,122 
Deferred income
52,956 
37,836 
57,962 
47,470 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
7,580 
8,937 
Deferred income
12,799 
23,837 
20,379 
32,774 
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).
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