Company No:
Contents
Note | 2024 | 2023 | ||
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Current assets | ||||
Stocks | 4 |
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Debtors | 5 |
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Cash at bank and in hand |
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681,591 | 818,523 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 537,463 | 553,712 | ||
Total assets less current liabilities | 537,463 | 553,712 | ||
Net assets |
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Reserves | ||||
Profit and loss account |
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Total reserves |
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Directors' responsibilities:
The financial statements of Project Cosmic (registered number:
M L Davies
Director |
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.
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 £.
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.
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.
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.
Goodwill |
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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.
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.
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Goodwill | Total | ||
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Cost | |||
At 01 January 2024 |
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At 31 December 2024 |
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Accumulated amortisation | |||
At 01 January 2024 |
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At 31 December 2024 |
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Net book value | |||
At 31 December 2024 |
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At 31 December 2023 |
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2024 | 2023 | ||
£ | £ | ||
Work in progress |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Corporation tax |
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Other debtors |
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£ | £ | ||
Bank loans |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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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.