Company registration number 12171878 (England and Wales)
PROJECT 12 CONSTRUCTION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
PAGES FOR FILING WITH REGISTRAR
PROJECT 12 CONSTRUCTION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PROJECT 12 CONSTRUCTION LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2025
31 August 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
8,519
8,080
Tangible assets
4
58,697
34,003
67,216
42,083
Current assets
Debtors
5
303,543
214,246
Cash at bank and in hand
56,015
90,569
359,558
304,815
Creditors: amounts falling due within one year
6
(66,969)
(78,345)
Net current assets
292,589
226,470
Total assets less current liabilities
359,805
268,553
Creditors: amounts falling due after more than one year
7
(21,505)
(17,310)
Provisions for liabilities
(14,674)
(8,501)
Net assets
323,626
242,742
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
323,526
242,642
Total equity
323,626
242,742

For the financial year ended 31 August 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 10 February 2026 and are signed on its behalf by:
Mr L R Thomas
Director
Company registration number 12171878 (England and Wales)
PROJECT 12 CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 2 -
1
Accounting policies
Company information

Project 12 Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bonvilla, Bonvilston, Cardiff, CF5 6TQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from building and construction projects are recognised when, and to the extent that, the company obtains the right to consideration in exchange for services provided.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Other intangible assets
Not amortised
1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on cost
Computers
25% on cost
Motor vehicles
25% reducing balance
PROJECT 12 CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.8
Leases
As lessee

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

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

PROJECT 12 CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
2
2
3
Intangible fixed assets
Other intangible assets
£
Cost
At 1 September 2024
8,080
Additions
439
At 31 August 2025
8,519
Amortisation and impairment
At 1 September 2024 and 31 August 2025
-
0
Carrying amount
At 31 August 2025
8,519
At 31 August 2024
8,080
4
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2024
289
2,386
55,042
57,717
Additions
27,200
-
0
19,159
46,359
Disposals
-
0
-
0
(17,000)
(17,000)
At 31 August 2025
27,489
2,386
57,201
87,076
Depreciation and impairment
At 1 September 2024
180
1,730
21,804
23,714
Depreciation charged in the year
3,889
597
9,160
13,646
Eliminated in respect of disposals
-
0
-
0
(8,981)
(8,981)
At 31 August 2025
4,069
2,327
21,983
28,379
PROJECT 12 CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
4
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
(Continued)
- 5 -
Carrying amount
At 31 August 2025
23,420
59
35,218
58,697
At 31 August 2024
109
656
33,238
34,003
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
303,543
214,246
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
5,771
18,233
Taxation and social security
50,948
13,868
Other creditors
10,250
46,244
66,969
78,345

Included in other creditors above are obligations under finance leases totalling £6,941 (2024 - £6,463) secured by a fixed charge over the assets they finance.

7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
21,505
17,310

Included in other creditors above are obligations under finance leases totalling £21,505 (2024 - £17,310 ) secured by a fixed charge over the assets they finance.

8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
PROJECT 12 CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 6 -
9
Related party transactions

Included in other debtors is an amount of £294,328 (2024 - £209,384) for outstanding payments owed from a company under common control.

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