Project42 Future Tech Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09226825 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

PROJECT42 FUTURE TECH LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Ms L TkatŠenko

REGISTERED OFFICE:

1 Westminster Bridge Road

London

SE1 7XW

REGISTERED NUMBER:

09226825 (England and Wales)

ACCOUNTANTS:

Lewis Brownlee (Chichester) Limited

Chartered Accountants

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

FIXED ASSETS

Tangible assets

4

2,728

3,871

CURRENT ASSETS

Stocks

26,059

26,294

Debtors

5

4,362

3,554

Cash at bank and in hand

13,069

12,567

43,490

42,415

CREDITORS

Amounts falling due within one year

6

703,671

675,771

NET CURRENT LIABILITIES

(660,181

)

(633,356

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(657,453

)

(629,485

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(657,553

)

(629,585

)

(657,453

)

(629,485

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 31 May 2019 and were signed by:

Ms L TkatŠenko - Director

1.	STATUTORY INFORMATION

Project42 Future Tech Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

Financial instruments are classified by the director as basic or advanced following the conditions in FRS 102

Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method. The

company has no advanced financial instruments.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

These accounts have been prepared on the going concern basis, on the basis that the shareholders will continue

to financially support the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2017

and 31 March 2018

6,940

DEPRECIATION

At 1 April 2017

3,069

Charge for year

1,143

At 31 March 2018

4,212

NET BOOK VALUE

At 31 March 2018

2,728

At 31 March 2017

3,871

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

1,138

777

Other debtors

3,224

2,777

4,362

3,554

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

91,428

90,343

Taxation and social security

82

282

Other creditors

612,161

585,146

703,671

675,771