Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-31false2023-08-01falsefalseNo description of principal activity22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13490896 2023-08-01 2024-07-31 13490896 2022-08-01 2023-07-31 13490896 2024-07-31 13490896 2023-07-31 13490896 c:Director1 2023-08-01 2024-07-31 13490896 c:Director2 2023-08-01 2024-07-31 13490896 c:RegisteredOffice 2023-08-01 2024-07-31 13490896 d:OfficeEquipment 2023-08-01 2024-07-31 13490896 d:OfficeEquipment 2024-07-31 13490896 d:OfficeEquipment 2023-07-31 13490896 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 13490896 d:CurrentFinancialInstruments 2024-07-31 13490896 d:CurrentFinancialInstruments 2023-07-31 13490896 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 13490896 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 13490896 d:ShareCapital 2024-07-31 13490896 d:ShareCapital 2023-07-31 13490896 d:RetainedEarningsAccumulatedLosses 2024-07-31 13490896 d:RetainedEarningsAccumulatedLosses 2023-07-31 13490896 c:FRS102 2023-08-01 2024-07-31 13490896 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 13490896 c:FullAccounts 2023-08-01 2024-07-31 13490896 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 13490896 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure
Company registration number: 13490896







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2024


PROJECT BRAINS LIMITED






































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PROJECT BRAINS LIMITED
 


 
COMPANY INFORMATION


Directors
S Goyal 
B B Pal 




Registered number
13490896



Registered office
4th Floor
Silverstream House 45 Fitzroy Street

Fitzrovia

London

W1T 6EB




Accountants
Menzies LLP
Chartered Accountants

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


PROJECT BRAINS LIMITED
 



CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5


 


PROJECT BRAINS LIMITED
REGISTERED NUMBER:13490896



STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,226
1,211

  
1,226
1,211

Current assets
  

Debtors: amounts falling due within one year
 5 
57,321
42,350

Cash at bank and in hand
  
56,252
35,340

  
113,573
77,690

Creditors: amounts falling due within one year
  
(149,969)
(103,384)

Net current liabilities
  
 
 
(36,396)
 
 
(25,694)

Total assets less current liabilities
  
(35,170)
(24,483)

  

Net liabilities
  
(35,170)
(24,483)


Capital and reserves
  

Called up share capital 
  
80
80

Profit and loss account
  
(35,250)
(24,563)

  
(35,170)
(24,483)

Page 1

 


PROJECT BRAINS LIMITED
REGISTERED NUMBER:13490896


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


S Goyal
Director

Date: 18 February 2025

The notes on pages 3 to 5 form part of these financial statements.
Page 2

 


PROJECT BRAINS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Project Brains Limited is a private company, limited by shares, registered in England and Wales, registration number
13490896. The registered office and principal place of business is shown on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet 31 July 2024 the company shows a deficiency of total assets over total liabilities of £35,170 (2023: £24,483).  Due to the ongoing support of the directors, and expectation regarding future trading performance, the company expects to meet its liabilities as they fall due, the company has prepared its financial statements on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is generated through business and domestic software development and is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Page 3

 


PROJECT BRAINS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 4

 


PROJECT BRAINS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 August 2023
1,453


Additions
666



At 31 July 2024

2,119



Depreciation


At 1 August 2023
242


Charge for the year on owned assets
651



At 31 July 2024

893



Net book value



At 31 July 2024
1,226



At 31 July 2023
1,211


5.


Debtors

2024
2023
£
£


Trade debtors
57,321
35,365

Other debtors
-
6,985

57,321
42,350


 
Page 5