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Registration number: 06356109

Man Projects Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Man Projects Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 11

 

Man Projects Limited

Company Information

Director

I R Pateman

Registered office

Business & Technology Centre
Bessemer Drive
Stevenage
Herts
SG1 2DX

Accountants

Robert A Harris & Co
Mr R A Harris BA ACMABusiness & Technology Centre
Bessemer Drive
Stevenage
Herts
SG1 2DX

 

Chartered Management Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Man Projects Limited
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Man Projects Limited for the year ended 31 August 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Chartered Institute of Management Accountants (CIMA), we are subject to its ethical and other professional requirements. These requirements can be found at www.aicpa-cima.com

This report is made solely to the Board of Directors of Man Projects Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Man Projects Limited and state those matters that we have agreed to state to the Board of Directors of Man Projects Limited, as a body, in this report . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Man Projects Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Man Projects Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Man Projects Limited. You consider that Man Projects Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Man Projects Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Robert A Harris & Co
Mr R A Harris BA ACMA
Business & Technology Centre
Bessemer Drive
Stevenage
Herts
SG1 2DX

27 May 2025

 

Man Projects Limited

(Registration number: 06356109)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

54,309

41,495

Current assets

 

Debtors

6

256,989

119,703

Cash at bank and in hand

 

1

1,002

 

256,990

120,705

Creditors: Amounts falling due within one year

7

(231,219)

(143,801)

Net current assets/(liabilities)

 

25,771

(23,096)

Total assets less current liabilities

 

80,080

18,399

Creditors: Amounts falling due after more than one year

7

(62,916)

-

Net assets

 

17,164

18,399

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

17,064

18,299

Shareholders' funds

 

17,164

18,399

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 May 2025
 

.........................................
I R Pateman
Director

 

Man Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Business & Technology Centre
Bessemer Drive
Stevenage
Herts
SG1 2DX
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are presented in Sterling and all monetary values are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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

Sales are recognised on a supply of labour basis. Invoicing is processed on the basis of timesheets presented.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Man Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance basis

Furniture and fittings

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

3 years straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Man Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Man Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 6).

 

Man Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

7,000

7,000

At 31 August 2024

7,000

7,000

Amortisation

At 1 September 2023

7,000

7,000

At 31 August 2024

7,000

7,000

Carrying amount

At 31 August 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

7,028

94,824

36,293

138,145

Additions

-

61,093

375

61,468

Disposals

-

(79,074)

-

(79,074)

At 31 August 2024

7,028

76,843

36,668

120,539

Depreciation

At 1 September 2023

5,338

62,902

28,410

96,650

Charge for the year

478

15,798

2,558

18,834

Eliminated on disposal

-

(49,254)

-

(49,254)

At 31 August 2024

5,816

29,446

30,968

66,230

Carrying amount

At 31 August 2024

1,212

47,397

5,700

54,309

At 31 August 2023

1,690

31,922

7,883

41,495

6

Debtors

Current

2024
£

2023
£

Trade debtors

247,952

103,262

Prepayments

1,532

-

Other debtors

7,505

16,441

 

256,989

119,703

 

Man Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

57,544

60,529

Trade creditors

 

124,229

59,185

Taxation and social security

 

20,108

9,841

Accruals and deferred income

 

13,405

10,339

Other creditors

 

15,933

3,907

 

231,219

143,801

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

62,916

-

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Finance lease liabilities

41,961

-

Other borrowings

20,955

-

62,916

-

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

23,242

22,583

Finance lease liabilities

7,056

37,946

Other borrowings

27,246

-

57,544

60,529

 

Man Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil per each Ordinary shares of £1

-

-

 

 
 

Man Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

11

Related party transactions

Transactions with the director

2024

At 1 September 2023
£

Repayments by director
£

Other payments made to company by director
£

At 31 August 2024
£

I R Pateman

Director current account

5,032

-

(5,142)

(110)

-

-

-

-

5,032

-

(5,142)

(110)

Ms S Mardel

(2,524)

2,418

-

(106)

-

-

-

-

(2,524)

2,418

-

(106)

2023

At 1 September 2022
£

Repayments by director
£

Other payments made to company by director
£

At 31 August 2023
£

I R Pateman

Director current account

28,049

(23,017)

-

5,032

-

-

-

-

28,049

(23,017)

-

5,032

Ms S Mardel

-

-

(2,524)

(2,524)

-

-

-

-

-

-

(2,524)

(2,524)