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REGISTERED NUMBER: 04491940 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 October 2023

for

PROJECT FINANCE LIMITED

PROJECT FINANCE LIMITED (REGISTERED NUMBER: 04491940)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PROJECT FINANCE LIMITED

Company Information
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: D J Medlock
R J Kupa
S J Medlock





REGISTERED OFFICE: Suite 4 St George's Lodge
33 Oldfield Road
Bath
Somerset
BA2 3NE





REGISTERED NUMBER: 04491940 (England and Wales)





ACCOUNTANTS: Haines Watts
Bath House
6-8 Bath Street
Bristol
BS1 6HL

PROJECT FINANCE LIMITED (REGISTERED NUMBER: 04491940)

Balance Sheet
31 OCTOBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Investments 4 2,599,855 2,609,856

CURRENT ASSETS
Debtors 5 17,925,361 18,130,962
Cash at bank 20,198 626,696
17,945,559 18,757,658
CREDITORS
Amounts falling due within one year 6 (2,051,917 ) (2,779,411 )
NET CURRENT ASSETS 15,893,642 15,978,247
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,493,497

18,588,103

CREDITORS
Amounts falling due after more than one
year

7

(10,000,000

)

(10,000,000

)
NET ASSETS 8,493,497 8,588,103

CAPITAL AND RESERVES
Called up share capital 8 2,624 2,624
Capital redemption reserve 40 40
Retained earnings 8,490,833 8,585,439
SHAREHOLDERS' FUNDS 8,493,497 8,588,103

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

PROJECT FINANCE LIMITED (REGISTERED NUMBER: 04491940)

Balance Sheet - continued
31 OCTOBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





D J Medlock - Director


PROJECT FINANCE LIMITED (REGISTERED NUMBER: 04491940)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 OCTOBER 2023


1. COMPANY INFORMATION

Project Finance 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.

The principal activity of the company in the year under review was that of a group management holding company for its group undertakings.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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 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.

Basic financial assets
Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

PROJECT FINANCE LIMITED (REGISTERED NUMBER: 04491940)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 November 2022 2,609,856
Impairments (10,001 )
At 31 October 2023 2,599,855
NET BOOK VALUE
At 31 October 2023 2,599,855
At 31 October 2022 2,609,856

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 4,275,470 4,222,076
Amounts owed by related party 13,594,590 13,888,501
Other debtors 18,245 18,245
VAT 37,056 2,140
17,925,361 18,130,962

PROJECT FINANCE LIMITED (REGISTERED NUMBER: 04491940)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 1,683,876 2,584,605
Other creditors 25,087 7,500
Directors' current accounts 155,647 -
Accruals and deferred income 187,307 187,306
2,051,917 2,779,411

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Shares classed as financial
liabilities 10,000,000 10,000,000
10,000,000 10,000,000

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
262,431 Ordinary £0.01 2,624 2,624

9. CONTINGENT LIABILITIES

The company is party to an Omnibus Guarantee and Set-Off Agreement in favour of the company's bankers in respect of the following related companies; Chatleigh Limited, Anglo Welsh Limited, BuildWales Homes Limited, Beeley Wood Properties Limited, DPRS Finance Limited, SG Aerospace (UK) Limited, Hebron & Medlock Properties Limited, Panda Sanctuaries Holdings Limited, Panda Sanctuaries Limited, Plymouth House Offices Limited and Tony Morris Homes Limited. As at 31 October 2023 the potential liability was £Nil (2022 : £Nil).

PROJECT FINANCE LIMITED (REGISTERED NUMBER: 04491940)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


10. RELATED PARTY DISCLOSURES

Beeley Wood Properties Limited is a group undertaking. During the year the company repaid loans of £2,746 to Beeley Wood Properties Limited. At the year end the company owed £1,647,211 (2022: £1,649,957) to Beeley Wood Properties Limited. This loan is interest free and has no set date of repayment.

Greensky Developments Limited is a group undertaking. During the year the company repaid loans of £5,514 to Greensky Developments Limited. At the year end the company owed £Nil (2022: £5,514) to Greensky Developments Limited.

Graphic Engineering Design GmbH is a group undertaking. There were no transactions during the year. At the year end the company owed £1,665 (2022: £1,665) to Graphic Engineering Design GmbH. This loan is interest free and has no set date of repayment.

SG Aerospace (UK) Limited is a group undertaking. There were no transactions during the year. At the year end the company owed £35,000 (2022: £35,000) to SG Aerospace (UK) Limited. This loan is interest free and has no set date of repayment.

Upton Developments Limited is a group undertaking There were no transactions during the year. At the year end Upton Developments Limited owed £3,703 (2022: £3,703) to the company. This loan is interest free and has no set date of repayment.

Chatleigh Limited is a company under common control. During the year Chatleigh Limited repaid loans of £290,208 to the company. At the year end Chatleigh Limited owed £13,442,804 (2022: £13,733,012) to the company. This loan is interest free and has no set date of repayment.

Panda Sanctuaries Holdings Limited is a company under common control. There were no transactions during the year. At the year end Panda Sanctuaries Holdings Limited owed £151,786 (2022: £151,786) to the company. This loan is interest free and has no set date of repayment.

DPRS Finance Limited is a group undertaking. During the year the company advanced loans of £113,260 to DPRS Finance Limited. At the year end DPRS Finance Limited owed £113,260 (2022: £Nil) to the company. This loan is interest free and has no set date of repayment.

BuildWales Homes Limited is a company under common control. During the year the company repaid loans of £570,487 and advanced a further loan of £49,071 to BuildWales Homes Limited. At the year end BuildWales Homes Limited owed £49,071 (2022: £570,487 due from the company) to the company. This loan is interest free and has no set date of repayment.

Tony Morris Homes Limited is a company under common control. During the year Tony Morris Homes Limited repaid loans of £555,215 to the company. At the year end Tony Morris Homes Limited owed £3,454,324 (2022: £4,009,539) to the company. This loan is interest free and has no set date of repayment.

Yerbury Homes Limited is a company under common control. During the year the company advanced loans of £442,573 to Yerbury Homes Limited. At the year end Yerbury Homes Limited owed £655,111 (2022: £212,538) to the company. This loan is interest free and has no set date of repayment.

Hilperton Developments Limited is a company under common control. During the year the company repaid loans of £321,981 to Hilperton Development Limited. At the year end the company owed £Nil (2022: £321,981) to Hilperton Development Limited. The loan is interest free and has no set date of repayment.