Project Kahn Limited - Filleted accounts

Registered number

04960463

Project Kahn Limited

Unaudited Accounts

31 December 2024

Project Kahn Limited
Report and accounts
Contents




Page

Company information	1
Balance sheet	2
Accounting policies	3-4
Notes to the accounts	4-6

Project Kahn Limited

Company Information

Director

J Khan

Accountants

Mayden Group Ltd

Chartered Certified Accountants

Auburn House, 4th Floor

42 Upper Piccadilly

BD1 3NU

Registered office

240 Canal Road

Bradford

BD1 4SX

Registered number

04960463

Project Kahn Limited
Registered number:		04960463
Balance Sheet
as at 31 December 2024
Notes			2024			2023
£				£
Fixed assets
Tangible assets	2		7,631			7,976
			7,631			7,976
Current assets
Stocks		2,225,785			2,735,894
Debtors	3	3,006,002			1,913,221
Cash at bank and in hand		1,253			319,277
		5,233,040			4,968,392

Creditors: amounts falling due within one year	4	(1,025,152)			(753,541)

Net current assets			4,207,888			4,214,851
Net assets			4,215,519			4,222,827

Capital and reserves
Called up share capital	5		128			128
Share premium			499,972			499,972
Profit and loss account	6		3,715,419			3,722,727
Shareholder's funds			4,215,519			4,222,827


The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.


J Khan
Director
Approved by the board on 15 September 2025

Project Kahn Limited
Notes to the Accounts
for the year ended 31 December 2024


1	Accounting policies

	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).

	Turnover
	Turnover comprises the fair value of the consideration received for the sale of goods in the ordinary course of the company's activities. Turnover is shown net of value added tax and discounts and is recognised when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity. The sale of a vehicle is recognised on the date on which the customer takes possession of the vehicle.

	Going concern
	The Director has considered the going concern basis of preparation of the accounts. As disclosed in the contingent liabilities note, the Company is part of a banking group ("The Group") involving other related companies and is potentially liable for certain banking liabilities of those companies. The Group also benefits from the potential access to funds of other related companies outside of the banking group. Accordingly, the Director has considered the going concern basis of preparation of the accounts with regard to these potential liabilities and access to other funds. The Company has prepared cash flow forecasts for a period of twelve months following the date of approval of these accounts which have been prepared on a cautious basis. Having reviewed the forecast information referred to above, the Director is confident that the business can settle its debts as they fall due over the next 12 months. Accordingly, the Director has concluded that no material uncertainty in relation to going concern exists and has prepared the accounts on a going concern basis.

	Tangible fixed assets
	Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
	Plant & machinery	25% reducing balance
	Fixtures & fittings	20% reducing balance
	Computer equipment	25% reducing balance

	Stocks
	Stocks are stated at the lower of cost and estimated selling price less cost to complete and sell. The cost of finished goods and work in progress comprises direct material and, where applicable, direct labour cost and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to the selling price less cost to complete and sell; the impairment loss is recognised immediately in profit or loss.

	Share capital
	Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of direct costs of issuing equity instruments.

	Foreign exchange
	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.

	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.

	Trade creditors
	Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method.

	Cash and cash equivalent
	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.



2	Tangible fixed assets
		Plant & machinery		Fixture & fittings		Total
£			£		£
	Cost
	At 1 January 2024	19,564		40,971		60,535
	Disposals	-		1,418		1,418
	At 31 December 2024	19,564		42,389		61,953

	Depreciation
	At 1 January 2024	16,956		34,296		51,252
	Charge for the year	583		1,180		1,763
	At 31 December 2024	17,539		35,476		53,015

	Net book value
	At 31 December 2024	2,025		5,606		7,631
	At 31 December 2023	2,608		5,368		7,976



3	Debtors			2024		2023
£					£
	Amounts due from group and related undertakings			2,942,639		1,643,034
	Other debtors			10,963		-
	Prepayments and accrued income			52,400		270,187
				3,006,002		1,913,221

4	Creditors: amounts falling due within one year			2024		2023
£					£
	Bank loans and overdrafts			268,186		-
	Trade creditors			116,692		141,042
	Amounts due to group and related undertakings			590,113		530,431
	Taxation and social security			7,344		37,402
	Other creditors			4,000		5,319
	Accruals			38,817		39,347
				1,025,152		753,541

5	Called-up share capital			Authorised	Alloted
£					£
	The authorised and allotted share capital at 31 December 2024 and 31 December 2023 was:
	Equity shares
	Ordinary shares of £1 each			128		128

6	Reserves			Profit and loss account
£
	At 1 January 2024					3,722,727
	Loss for the financial year					(7,308)
	At 31 December 2024					3,715,419

7	Employees			2024		2023
Number					Number
	Average number of employees during the period			9		9

8	Contingent liabilities

	The Company has provided a cross guarantee for debts owed by A Kahn Design Limited, Kahn Landmark Limited, Chelsea Truck Company Limited and Kensington Landmark Limited. These debts are secured by fixed and floating charges over all property, assets and rights of the Company, present and future. At 31 December 2024, the gross debt owed by these companies under the guarantee amounted to £2,080,017. The net debt of fellow group companies covered under the guarantee amounted to £1,813,084.

9	Controlling party

	The Company is controlled by Mr A Kahn by virtue of his shareholding.

10	Other information

	Project Kahn Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
	240 Canal Road
	Bradford
	BD1 4SX