Company registration number 14896978 (England and Wales)
Project Future Limited
Unaudited Financial Statements
For the period ended 31 May 2024
PAGES FOR FILING WITH REGISTRAR
Project Future Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Project Future Limited
Balance Sheet
As at 31 May 2024
31 May 2024
- 1 -
2024
Notes
£
£
Fixed assets
Investment property
3
413,759
Current assets
Debtors
4
11,288
Cash at bank and in hand
6,691
17,979
Creditors: amounts falling due within one year
5
(416,038)
Net current liabilities
(398,059)
Net assets
15,700
Capital and reserves
Called up share capital
100
Profit and loss reserves
15,600
Total equity
15,700
For the financial period ended 31 May 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 of its financial statements for the period in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 25 February 2025 and are signed on its behalf by:
Mr S P Fuller
Director
Company registration number 14896978 (England and Wales)
Project Future Limited
Notes to the Financial Statements
For the Period ended 31 May 2024
- 2 -
1
Accounting policies
Company information
Project Future Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3 Sovereign Park, Cleveland Way, Hemel Hempstead, Hertfordshire, HP2 7DA.
1.1
Reporting period
These financial statements have been prepared for the period from incorporation (26 May 2023) to 31 May 2024, a period slightly longer than a year.
1.2
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, 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.
1.3
Turnover
Turnover represents rental income from the letting of commercial property. Rental income is recognised in the profit and loss account on a straight-line basis over the term of the lease unless another systematic and rational basis is deemed to be more representative.
Service charge income is recognised in the period in which the associated service is provided.
Any lease incentives or rent-free periods are amortised over the term of the lease and are offset against rental income.
1.4
Investment property
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.
1.5
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.
Project Future Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 May 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 and Section 12 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.
1.7
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
2
3
Investment property
2024
£
Fair value
At 26 May 2023
Additions
413,759
At 31 May 2024
413,759
Project Future Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 May 2024
3
Investment property
(Continued)
- 4 -
Investment property comprises 1 commercial property. The fair value of the investment property has been arrived at on the basis of the total costs of purchasing the property in August 2023, The valuation was made based on the open market purchase price.
4
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
11,288
5
Creditors: amounts falling due within one year
2024
£
Corporation tax
3,896
Other creditors
412,142
416,038
6
Directors' transactions
Included in Other Creditors is a loan from the directors of £399,900.