Silverfin false false 31/12/2024 01/01/2024 31/12/2024 J Hawker 24/03/2005 V Baum 23/04/2024 M L Davies 27/10/2020 I Lynch 27/10/2020 H Tucker 25/04/2023 P Turner 01/02/2021 S Bate 24/02/2025 24/09/2024 J A Bukin 24/09/2024 01/02/2021 K M Doodson 09/02/2024 24/03/2011 C L Hooker 23/04/2024 27/04/2021 05 May 2025 The principal activity of the Company during the financial year was the provision of digital skills training, website production, IT technical support and related activities. 03308716 2024-12-31 03308716 bus:Director1 2024-12-31 03308716 bus:Director2 2024-12-31 03308716 bus:Director3 2024-12-31 03308716 bus:Director4 2024-12-31 03308716 bus:Director5 2024-12-31 03308716 bus:Director6 2024-12-31 03308716 bus:Director7 2024-12-31 03308716 bus:Director8 2024-12-31 03308716 bus:Director9 2024-12-31 03308716 bus:Director10 2024-12-31 03308716 2023-12-31 03308716 core:CurrentFinancialInstruments 2024-12-31 03308716 core:CurrentFinancialInstruments 2023-12-31 03308716 core:RetainedEarningsAccumulatedLosses 2024-12-31 03308716 core:RetainedEarningsAccumulatedLosses 2023-12-31 03308716 core:Goodwill 2023-12-31 03308716 core:Goodwill 2024-12-31 03308716 2024-01-01 2024-12-31 03308716 bus:FilletedAccounts 2024-01-01 2024-12-31 03308716 bus:SmallEntities 2024-01-01 2024-12-31 03308716 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 03308716 bus:CompanyLimitedByGuarantee 2024-01-01 2024-12-31 03308716 bus:Director1 2024-01-01 2024-12-31 03308716 bus:Director2 2024-01-01 2024-12-31 03308716 bus:Director3 2024-01-01 2024-12-31 03308716 bus:Director4 2024-01-01 2024-12-31 03308716 bus:Director5 2024-01-01 2024-12-31 03308716 bus:Director6 2024-01-01 2024-12-31 03308716 bus:Director7 2024-01-01 2024-12-31 03308716 bus:Director8 2024-01-01 2024-12-31 03308716 bus:Director9 2024-01-01 2024-12-31 03308716 bus:Director10 2024-01-01 2024-12-31 03308716 core:Goodwill core:TopRangeValue 2024-01-01 2024-12-31 03308716 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 03308716 (England and Wales)

PROJECT COSMIC

(A company limited by guarantee)

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

PROJECT COSMIC

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

PROJECT COSMIC

BALANCE SHEET

As at 31 December 2024
PROJECT COSMIC

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Current assets
Stocks 4 16,623 10,458
Debtors 5 161,474 164,730
Cash at bank and in hand 503,494 643,335
681,591 818,523
Creditors: amounts falling due within one year 6 ( 144,128) ( 264,811)
Net current assets 537,463 553,712
Total assets less current liabilities 537,463 553,712
Net assets 537,463 553,712
Reserves
Profit and loss account 537,463 553,712
Total reserves 537,463 553,712

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Project Cosmic (registered number: 03308716) were approved and authorised for issue by the Board of Directors on 05 May 2025. They were signed on its behalf by:

M L Davies
Director
PROJECT COSMIC

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
PROJECT COSMIC

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Project Cosmic (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is East Devon Business Centre Heathpark Way, Heathpark Industrial Estate, Honiton, EX14 1SF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

**Contract revenue recognition**

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Grants

Grants related to capital expenditure on tangible assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grants relate. The accounting treatment of Revenue Grants is to credit them to the profit and loss account in the financial period to which they relate.

The capital grant reserve contains grants related to capital expenditure on tangible assets and is credited to the profit and loss account at the same rate as the depreciation on these assets. The treatment of this as a reserve within capital and reserves on the balance sheet is considered to be a departure from the requirements of the Companies Act which states that this balance should be recognised as a liability and shown on the balance sheet within creditors. The calculation of the capital grant reserve is considered to be in line with the amount that would be shown in liabilities as set out under the Companies Act.

The capital grants are not repayable and relate to expenditure on assets which is incurred prior to the grants being received. Therefore, the directors do not consider it appropriate to categorise the balance as a liability. The directors consider that the categorisation within capital and reserves is correct in order to show a true and fair view in the accounts.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 41 47

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2024 58,500 58,500
At 31 December 2024 58,500 58,500
Accumulated amortisation
At 01 January 2024 58,500 58,500
At 31 December 2024 58,500 58,500
Net book value
At 31 December 2024 0 0
At 31 December 2023 0 0

4. Stocks

2024 2023
£ £
Work in progress 16,623 10,458

5. Debtors

2024 2023
£ £
Trade debtors 97,175 90,289
Corporation tax 6,353 0
Other debtors 57,946 74,441
161,474 164,730

Income accrued for work done on long term contracts by the balance sheet date is £8,625 (2023: £33,437) and is included within other debtors.

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 14,699
Trade creditors 1,479 3,043
Taxation and social security 66,229 66,792
Other creditors 76,420 180,277
144,128 264,811

7. Liability of members

The members of the Project Cosmic have undertaken to contribute a sum not exceeding £1 each to meet the liabilities of the Company if it should be wound up.