Scarlett Projects Limited 15771812 false 2024-06-11 2025-03-31 2025-03-31 The principal activity of the company is that of the sale and hire of media entertainment equipment Digita Accounts Production Advanced 6.30.9574.0 true true 15771812 2024-06-11 2025-03-31 15771812 2025-03-31 15771812 core:FinanceLeases core:CurrentFinancialInstruments 2025-03-31 15771812 core:FinanceLeases core:Non-currentFinancialInstruments 2025-03-31 15771812 core:CurrentFinancialInstruments 2025-03-31 15771812 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 15771812 core:Non-currentFinancialInstruments core:AfterOneYear 2025-03-31 15771812 core:FurnitureFittingsToolsEquipment 2025-03-31 15771812 bus:SmallEntities 2024-06-11 2025-03-31 15771812 bus:AuditExemptWithAccountantsReport 2024-06-11 2025-03-31 15771812 bus:FilletedAccounts 2024-06-11 2025-03-31 15771812 bus:SmallCompaniesRegimeForAccounts 2024-06-11 2025-03-31 15771812 bus:RegisteredOffice 2024-06-11 2025-03-31 15771812 bus:Director1 2024-06-11 2025-03-31 15771812 bus:PrivateLimitedCompanyLtd 2024-06-11 2025-03-31 15771812 core:FurnitureFittingsToolsEquipment 2024-06-11 2025-03-31 15771812 1 2024-06-11 2025-03-31 15771812 countries:AllCountries 2024-06-11 2025-03-31 iso4217:GBP xbrli:pure

Registration number: 15771812

Scarlett Projects Limited

Unaudited Financial Statements

for the Period from 11 June 2024 to 31 March 2025

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Scarlett Projects Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Scarlett Projects Limited

Company Information

Director

A Young

Registered office

Brebners
2nd Floor
130 Shaftesbury Avenue
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Scarlett Projects Limited

Statement of Financial Position as at 31 March 2025

Note

2025
£

Fixed assets

 

Tangible assets

4

158,201

Current assets

 

Debtors

5

119,872

Cash at bank and in hand

 

10,476

 

130,348

Creditors: Amounts falling due within one year

6

(131,300)

Net current liabilities

 

(952)

Total assets less current liabilities

 

157,249

Creditors: Amounts falling due after more than one year

6

(159,479)

Provisions for liabilities

(34,455)

Net liabilities

 

(36,685)

Capital and reserves

 

Called up share capital

100

Retained earnings

(36,785)

Shareholders' deficit

 

(36,685)

For the financial period ending 31 March 2025 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 period 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 in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The director of Scarlett Projects Limited has elected not to include a copy of the profit and loss account within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, s444.

 

Scarlett Projects Limited

Statement of Financial Position as at 31 March 2025

Approved and authorised by the director on 13 August 2025
 

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

A Young

Director

Company registration number: 15771812

 

Scarlett Projects Limited

Notes to the Unaudited Financial Statements
for the Period from 11 June 2024 to 31 March 2025

1

General information

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

The address of its registered office is:
Brebners
2nd Floor
130 Shaftesbury Avenue
London
W1D 5EU

The principal activity of the company is that of the sale and hire of media entertainment equipment

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Disclosure of long or short period

The financial statements were prepared for the period from 11 June 2024 to 31 March 2025.

Going concern

The company made a loss for the period ended 31 March 2025 and had net liabilities of £36,685 at that date.

The director has considered the potential impact of the current economic climate and believes that the impact will be manageable. The company retains the support of the director and its parent company for working capital requirements until the point that it is no longer required.

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

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.

 

Scarlett Projects Limited

Notes to the Unaudited Financial Statements
for the Period from 11 June 2024 to 31 March 2025

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied: the company has transferred the significant risks and rewards of ownership to the buyer; the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; the amount of revenue can be measured reliably; it is probable that the company will receive the consideration due under the transaction; and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Lease income

Equipment lease income recognised in the year includes both the capital repayment and interest calculated on an actuarial basis under the term of the equipment lease arrangement with the customer. Amounts are recognised on a gross basis as the company act as the intermediate party and may recognise an income and expense in respect of the lease receivable.
 

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Hire equipment

1-4 years straight line

 

Scarlett Projects Limited

Notes to the Unaudited Financial Statements
for the Period from 11 June 2024 to 31 March 2025

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.

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 income statement 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.

Finance leases and hire purchase

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 Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.Where the company transfers substantially all the risks and rewards of ownership, the arrangement is classified as a finance lease and a receivable is recognised at an amount equal to the net investment in the lease. Recognition of finance income is based on a pattern reflecting a constant periodic rate of return on the lessor's net investment in the finance lease.

Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.

The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce 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.

3

Staff numbers

The average number of persons employed by the company during the period, was 1.

 

Scarlett Projects Limited

Notes to the Unaudited Financial Statements
for the Period from 11 June 2024 to 31 March 2025

4

Tangible assets

Hire Equipment
£

Total
£

Cost or valuation

Additions

178,750

178,750

At 31 March 2025

178,750

178,750

Depreciation

Charge for the period

20,549

20,549

At 31 March 2025

20,549

20,549

Carrying amount

At 31 March 2025

158,201

158,201

5

Debtors

2025
£

Trade debtors

1,116

Other debtors

27,088

Net investment in finance leases

91,668

119,872

 

Scarlett Projects Limited

Notes to the Unaudited Financial Statements
for the Period from 11 June 2024 to 31 March 2025

6

Creditors

Creditors: amounts falling due within one year

Note

2025
£

Loans and borrowings

7

68,251

Trade creditors

 

2,606

Amounts owed to group undertakings

 

37,081

Taxation and social security

 

2,475

Accruals and deferred income

 

4,971

Other creditors

 

15,916

 

131,300

Creditors: amounts falling due after more than one year

Note

2025
£

Loans and borrowings

7

49,479

Amounts owed to group undertakings

 

110,000

 

159,479

7

Loans and borrowings

Current loans and borrowings

2025
£

Finance lease liabilities

68,251

Non-current loans and borrowings

2025
£

Finance lease liabilities

49,479

Obligations under finance leases are secured on the assets involved.

 

Scarlett Projects Limited

Notes to the Unaudited Financial Statements
for the Period from 11 June 2024 to 31 March 2025

8

Related party transactions

In accordance with FRS 102 paragraph 1AC.35 exemption is taken not to disclose transactions in the period or amounts falling due between undertakings where 100% of voting rights are controlled within the group.