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Company registration number: 13490896
| UNAUDITED FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 JULY 2025
| PROJECT BRAINS LIMITED
PROJECT BRAINS LIMITED |  |
COMPANY INFORMATION
Directors | S Goyal
| B B Pal
Registered number | 13490896
Registered office | 4th Floor
| Silverstream House 45 Fitzroy Street
| Fitzrovia
| London
| W1T 6EB
Accountants | Menzies LLP
| Chartered Accountants
| 4th Floor
| 95 Gresham Street
| London
| EC2V 7AB
PROJECT BRAINS LIMITED |  |
CONTENTS
| Page
Statement of financial position | 1
Notes to the financial statements | 2 - 4
PROJECT BRAINS LIMITED REGISTERED NUMBER:13490896 |  |
STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 1,435 |  | 1,226
|  |  | 1,435 |  | 1,226
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 51,405 |  | 57,321 |
Cash at bank and in hand |  | 63,332 |  | 56,252 |
|  | 114,737 |  | 113,573 |
Creditors: amounts falling due within one year |  | (193,391) |  | (149,969) |
Net current liabilities |  |  | (78,654) |  | (36,396)
Total assets less current liabilities |  |  | (77,219) |  | (35,170)
Net liabilities |  |  | (77,219) |  | (35,170)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 80 |  | 80
Profit and loss account |  |  | (77,299) |  | (35,250)
|  |  | (77,219) |  | (35,170)
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
S Goyal
Director
Date: 3 October 2025
The notes on pages 2 to 4 form part of these financial statements. Page 1
PROJECT BRAINS LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
1. | General information
Project Brains Limited is a private company, limited by shares, registered in England and Wales, registration number 13490896. The registered office and principal place of business is shown on the company information page. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
At the balance sheet date of 31 July 2025 the company shows a deficiency of total assets over total liabilities of £77,219 (2024: £35,170). Due to the ongoing support of the directors, and expectation regarding future trading performance, the company expects to meet its liabilities as they fall due, the company has prepared its financial statements on a going concern basis.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is generated through business and domestic software development and is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Page 2
PROJECT BRAINS LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.5 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Office equipment | - | 3 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.6 | Financial instruments
Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 3
PROJECT BRAINS LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
4. | Tangible fixed assets
|  | Office equipment
|  | £
| Cost or valuation |
| At 1 August 2024 | 2,119
| Additions | 1,290
| At 31 July 2025 | 3,409
| Depreciation |
| At 1 August 2024 | 893
| Charge for the year on owned assets | 1,081
| At 31 July 2025 | 1,974
| Net book value |
| At 31 July 2025 | 1,435
| At 31 July 2024 | 1,226
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 51,144 | 57,321
| Prepayments and accrued income | 261 | -
|  | 51,405 | 57,321
Page 4