2023-07-312024-07-312024-07-31false12092037THE SPREAD LOVE PROJECT 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THE SPREAD LOVE PROJECT LTD

Registered Number
12092037
(England and Wales)

Unaudited Financial Statements for the Period ended
31 July 2024

THE SPREAD LOVE PROJECT LTD
Company Information
for the period from 31 July 2023 to 31 July 2024

Director

WINDROSS, Norris Edmond

Registered Address

108 Wades Hill Wades Hill
London
N21 1AJ

Registered Number

12092037 (England and Wales)
THE SPREAD LOVE PROJECT LTD
Balance Sheet as at
31 July 2024

Notes

2024

2023

£

£

£

£

Current assets
Debtors320,48139,731
Cash at bank and on hand994
20,49039,825
Creditors amounts falling due within one year4(20,318)(16,989)
Net current assets (liabilities)17222,836
Total assets less current liabilities17222,836
Creditors amounts falling due after one year5(6,054)(27,762)
Net assets(5,882)(4,926)
Capital and reserves
Called up share capital77
Profit and loss account(5,889)(4,933)
Shareholders' funds(5,882)(4,926)
The financial statements were approved and authorised for issue by the Director on 24 April 2025, and are signed on its behalf by:
WINDROSS, Norris Edmond
Director
Registered Company No. 12092037
THE SPREAD LOVE PROJECT LTD
Notes to the Financial Statements
for the period ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the directors that they will continue to provide financial support to the company for twelve months from the date of signing these financial statements. On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue 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 transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
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.
2.Average number of employees

20242023
Average number of employees during the year11
3.Debtors: amounts due within one year

2024

2023

££
Other debtors20,48139,731
Total20,48139,731
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
4.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts10,3569,821
Other creditors7,6925,692
Accrued liabilities and deferred income2,2701,476
Total20,31816,989
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
5.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts6,05427,762
Total6,05427,762
The creditors over one year relate to bounce back loan secured by the Government's loan guarantee scheme. The loan has standard terms announced by the Government.
6.Related party transactions
A Polite Solutions Ltd - A related company by virtue of common control & directorship: At the balance sheet date, the company was owed £15,481 (2023 :£34,731) by the related company. The loan was interest free with no fixed date for repayment. Loans from the directors: At the balance sheet date, the company owed £7,692 to the directors (2023 - £5,692), which is an interest free loan repyable on demand.