Company Registration No. 11326423 (England and Wales)
PROJECT BAUHAUS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
PROJECT BAUHAUS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PROJECT BAUHAUS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investments
3
215,035
215,035
Current assets
Debtors
4
9,360
9,361
Cash at bank and in hand
117
2,998
9,477
12,359
Creditors: amounts falling due within one year
5
(137,812)
(110,662)
Net current liabilities
(128,335)
(98,303)
Total assets less current liabilities
86,700
116,732
Creditors: amounts falling due after more than one year
6
(95,128)
(116,442)
Net (liabilities)/assets
(8,428)
290
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(8,429)
289
Total equity
(8,428)
290
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial Period ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PROJECT BAUHAUS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2020
31 December 2020
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 27 September 2021
D Gunn
Director
Company Registration No. 11326423
PROJECT BAUHAUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
- 3 -
1
Accounting policies
Company information
Project Bauhaus Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Barn, High Street, Hartfield, TN7 4AE.
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.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
At the time of approving the financial statements, the directors have a assessed the company’s situation regarding the COVID-19 pandemic and the likely impact on the company. The directors have a reasonable expectation that the company has adequate resources and working capital to continue in operational existence for the foreseeable future to deal with the issues arising from the COVID-19 pandemic. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The accounts cover
a 16 month period from 1 September 2019
to 31
December
20
20
.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks
and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
PROJECT BAUHAUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.6
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 recorded at transaction price. Any Losses arising form impairment are recognised in the profit and loss account in other administrative expenses.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2020
2019
Number
Number
Total
1
1
3
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
215,035
215,035
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
9,360
9,361
PROJECT BAUHAUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
- 5 -
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
22,980
19,441
Amounts owed to group undertakings
69,889
45,228
Other creditors
42,943
45,993
Accruals and deferred income
2,000
137,812
110,662
The bank loan is secured by a fixed and floating charge over all assets of the company.
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
95,128
116,442
The bank loan is secured by a fixed and floating charge over all assets of the company.
7
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
8
Events after the reporting date
Following the year end, the United Kingdom was subject to lockdown measures in the wake of the COVID-19 pandemic. These measures were designed to severely limit social contact in all areas in order that the virus was brought under control. These measures limited the company's output and the director therefore believe
s
that this will have an adverse impact on the company's results during this lockdown period and potentially beyond. However, it is not currently possible to reliably estimate the full financial effect on the company, especially on a long term basis.
9
Related party transactions
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts due to related parties
£
£
Key management personnel
41,443
43,993
The amounts due to key management personnel are interest free and repayable on demand.
PROJECT BAUHAUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
9
Related party transactions
(Continued)
- 6 -
Other information
The company has taken advantage of the exemption under the terms of FRS 102 not to disclose related party transactions with wholly owned subsidiaries within the group.
true