REGISTERED NUMBER: |
Project Furnishings Limited |
Financial Statements for the Period 9th October 2023 to 30th June 2024 |
REGISTERED NUMBER: |
Project Furnishings Limited |
Financial Statements for the Period 9th October 2023 to 30th June 2024 |
Project Furnishings Limited (Registered number: 15198997) |
Contents of the Financial Statements |
for the period 9th October 2023 to 30th June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Project Furnishings Limited |
Company Information |
for the period 9th October 2023 to 30th June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
Project Furnishings Limited (Registered number: 15198997) |
Balance Sheet |
30th June 2024 |
Notes | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Project Furnishings Limited (Registered number: 15198997) |
Notes to the Financial Statements |
for the period 9th October 2023 to 30th June 2024 |
1. | STATUTORY INFORMATION |
Project Furnishings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in starling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Project Furnishings Limited (Registered number: 15198997) |
Notes to the Financial Statements - continued |
for the period 9th October 2023 to 30th June 2024 |
2. | ACCOUNTING POLICIES - continued |
Debtors and creditors receivable/ payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | 1 | 100 |
100 Ordinary shares of 1 each were allotted and fully paid for |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | CONTINGENT LIABILITIES |
The company has given unlimited guarantees in respect of the bank borrowings of fellow group companies. The amount outstanding under this guarantee at 30 June 2024 was £817,729. |
National Westminster Bank plc hold a charge created on 10th January 2024. The charge consists of a fixed and floating charge over all assets. The floating charge covers all of the property or undertaking of the company. The charge contains a negative pledge. |
Project Furnishings Limited (Registered number: 15198997) |
Notes to the Financial Statements - continued |
for the period 9th October 2023 to 30th June 2024 |
9. | ULTIMATE CONTROLLING PARTY |
The company's immediate parent company is Bonus Accessories Limited, a company registered in England. Copies of the parent financial statements can be obtained from Unit 1 Kingswood Business Park, Connaught Road, Hull, England, HU7 3AP. |
In the opinion of the directors, the company's ultimate parent company is Bonus Electrical Group Limited, a company registered in England. Copies of the group consolidated financial statements of Bonus Electrical Group Limited can be obtained from The Registrar of Companies, Companies House, Crown Way, Cardiff CF14 3UZ. |
The directors consider the controlling party to be Mr T S E Boanas, a director of Bonus Electrical Group Limited. |