1 01/09/2023 31/08/2024 2024-08-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-09-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 07334629 2023-09-01 2024-08-31 07334629 2024-08-31 07334629 2023-08-31 07334629 2022-09-01 2023-08-31 07334629 2023-08-31 07334629 2022-08-31 07334629 core:NetGoodwill 2023-09-01 2024-08-31 07334629 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 07334629 core:MotorVehicles 2023-09-01 2024-08-31 07334629 bus:Director1 2023-09-01 2024-08-31 07334629 core:NetGoodwill 2024-08-31 07334629 core:FurnitureFittingsToolsEquipment 2023-08-31 07334629 core:FurnitureFittingsToolsEquipment 2024-08-31 07334629 core:MotorVehicles 2024-08-31 07334629 core:WithinOneYear 2024-08-31 07334629 core:WithinOneYear 2023-08-31 07334629 core:ShareCapital 2024-08-31 07334629 core:ShareCapital 2023-08-31 07334629 core:RetainedEarningsAccumulatedLosses 2024-08-31 07334629 core:RetainedEarningsAccumulatedLosses 2023-08-31 07334629 core:NetGoodwill 2023-08-31 07334629 bus:Director1 2023-08-31 07334629 bus:Director1 2024-08-31 07334629 bus:Director1 2022-08-31 07334629 bus:Director1 2023-08-31 07334629 bus:Director1 2022-09-01 2023-08-31 07334629 bus:SmallEntities 2023-09-01 2024-08-31 07334629 bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 07334629 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 07334629 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 07334629 bus:FullAccounts 2023-09-01 2024-08-31
Company registration number: 07334629
Praxis Project Management Limited
Unaudited filleted financial statements
31 August 2024
Praxis Project Management Limited
Contents
Statement of financial position
Notes to the financial statements
Praxis Project Management Limited
Statement of financial position
31 August 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 2,866 -
_______ _______
2,866 -
Current assets
Debtors 7 12,942 11,890
Cash at bank and in hand 12,218 5,984
_______ _______
25,160 17,874
Creditors: amounts falling due
within one year 8 ( 16,478) ( 6,454)
_______ _______
Net current assets 8,682 11,420
_______ _______
Total assets less current liabilities 11,548 11,420
_______ _______
Net assets 11,548 11,420
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account 11,538 11,410
_______ _______
Shareholders funds 11,548 11,420
_______ _______
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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;
- The director acknowledges their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 January 2025 , and are signed on behalf of the board by:
Mr. D Pringle
Director
Company registration number: 07334629
Praxis Project Management Limited
Notes to the financial statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite FF10 Brooklands House, 58 Marlborough Road, Lancing, West Sussex, BN15 8AF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 33.33 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 September 2023 and 31 August 2024 40,000 40,000
_______ _______
Amortisation
At 1 September 2023 and 31 August 2024 40,000 40,000
_______ _______
Carrying amount
At 31 August 2024 - -
_______ _______
At 31 August 2023 - -
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 September 2023 4,925 - 4,925
Additions 601 2,518 3,119
_______ _______ _______
At 31 August 2024 5,526 2,518 8,044
_______ _______ _______
Depreciation
At 1 September 2023 4,925 - 4,925
Charge for the year 201 52 253
_______ _______ _______
At 31 August 2024 5,126 52 5,178
_______ _______ _______
Carrying amount
At 31 August 2024 400 2,466 2,866
_______ _______ _______
At 31 August 2023 - - -
_______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 12,207 10,320
Other debtors 735 1,570
_______ _______
12,942 11,890
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 6,395 974
Social security and other taxes 5,240 1,623
Other creditors 4,843 3,857
_______ _______
16,478 6,454
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr. D Pringle ( 635) ( 44,097) 44,699 ( 33)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr. D Pringle ( 601) ( 34) - ( 635)
_______ _______ _______ _______
The loan from the director is interest free and is repayable on demand.