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COMPANY REGISTRATION NUMBER: 12459477
PROJECT 5 ACOUSTICS LTD
Filleted Unaudited Financial Statements
31 July 2024
PROJECT 5 ACOUSTICS LTD
Financial Statements
Year ended 31 July 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
PROJECT 5 ACOUSTICS LTD
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
£
Current assets
Debtors
5
38,760
41,497
Cash at bank and in hand
10,194
8,836
--------
--------
48,954
50,333
Creditors: amounts falling due within one year
6
26,513
41,326
--------
--------
Net current assets
22,441
9,007
--------
-------
Total assets less current liabilities
22,441
9,007
--------
-------
Net assets
22,441
9,007
--------
-------
Capital and reserves
Called up share capital
2
2
Profit and loss account
22,439
9,005
--------
-------
Shareholders funds
22,441
9,007
--------
-------
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.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PROJECT 5 ACOUSTICS LTD
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 13 April 2025 , and are signed on behalf of the board by:
Mr K A Worthington
Director
Company registration number: 12459477
PROJECT 5 ACOUSTICS LTD
Notes to the Financial Statements
Year ended 31 July 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 Pedley Barn, Pedley Hill, Adlington, Cheshire, SK10 4LB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Debtors
2024
2023
£
£
Trade debtors
38,247
41,497
Other debtors
513
--------
--------
38,760
41,497
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
15,200
17,013
Other creditors
11,313
24,313
--------
--------
26,513
41,326
--------
--------
7. Directors' advances, credits and guarantees
Included within other creditors above is an amount of £10,000 (2023: £23,000) owed to the directors. No interest has been charged on the amount which is repayable on demand.