2023-01-012023-12-312023-12-31false12133721Project 3000 Limited2024-08-12iso4217:GBPxbrli:pure121337212023-01-01121337212023-12-31121337212023-01-012023-12-31121337212022-01-01121337212022-12-31121337212022-01-012022-12-3112133721bus:SmallEntities2023-01-012023-12-3112133721bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3112133721bus:FullAccounts2023-01-012023-12-3112133721bus:PrivateLimitedCompanyLtd2023-01-012023-12-3112133721core:WithinOneYear2023-12-3112133721core:AfterOneYear2023-12-3112133721core:WithinOneYear2022-12-3112133721core:AfterOneYear2022-12-3112133721core:ShareCapital2023-12-3112133721core:SharePremium2023-12-3112133721core:RevaluationReserve2023-12-3112133721core:OtherReservesSubtotal2023-12-3112133721core:RetainedEarningsAccumulatedLosses2023-12-3112133721core:ShareCapital2022-12-3112133721core:SharePremium2022-12-3112133721core:RevaluationReserve2022-12-3112133721core:OtherReservesSubtotal2022-12-3112133721core:RetainedEarningsAccumulatedLosses2022-12-3112133721core:LandBuildings2023-12-3112133721core:PlantMachinery2023-12-3112133721core:Vehicles2023-12-3112133721core:FurnitureFittings2023-12-3112133721core:OfficeEquipment2023-12-3112133721core:NetGoodwill2023-12-3112133721core:IntangibleAssetsOtherThanGoodwill2023-12-3112133721core:ListedExchangeTraded2023-12-3112133721core:UnlistedNon-exchangeTraded2023-12-3112133721core:LandBuildings2022-12-3112133721core:PlantMachinery2022-12-3112133721core:Vehicles2022-12-3112133721core:FurnitureFittings2022-12-3112133721core:OfficeEquipment2022-12-3112133721core:NetGoodwill2022-12-3112133721core:IntangibleAssetsOtherThanGoodwill2022-12-3112133721core:ListedExchangeTraded2022-12-3112133721core:UnlistedNon-exchangeTraded2022-12-3112133721core:LandBuildings2023-01-012023-12-3112133721core:PlantMachinery2023-01-012023-12-3112133721core:Vehicles2023-01-012023-12-3112133721core:FurnitureFittings2023-01-012023-12-3112133721core:OfficeEquipment2023-01-012023-12-3112133721core:NetGoodwill2023-01-012023-12-3112133721core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3112133721core:ListedExchangeTraded2023-01-012023-12-3112133721core:UnlistedNon-exchangeTraded2023-01-012023-12-3112133721core:MoreThanFiveYears2023-01-012023-12-3112133721core:Non-currentFinancialInstruments2023-12-3112133721core:Non-currentFinancialInstruments2022-12-3112133721dpl:CostSales2023-01-012023-12-3112133721dpl:DistributionCosts2023-01-012023-12-3112133721core:LandBuildings2023-01-012023-12-3112133721core:PlantMachinery2023-01-012023-12-3112133721core:Vehicles2023-01-012023-12-3112133721core:FurnitureFittings2023-01-012023-12-3112133721core:OfficeEquipment2023-01-012023-12-3112133721dpl:AdministrativeExpenses2023-01-012023-12-3112133721core:NetGoodwill2023-01-012023-12-3112133721core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3112133721dpl:GroupUndertakings2023-01-012023-12-3112133721dpl:ParticipatingInterests2023-01-012023-12-3112133721dpl:GroupUndertakingscore:ListedExchangeTraded2023-01-012023-12-3112133721core:ListedExchangeTraded2023-01-012023-12-3112133721dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-01-012023-12-3112133721core:UnlistedNon-exchangeTraded2023-01-012023-12-3112133721dpl:CostSales2022-01-012022-12-3112133721dpl:DistributionCosts2022-01-012022-12-3112133721core:LandBuildings2022-01-012022-12-3112133721core:PlantMachinery2022-01-012022-12-3112133721core:Vehicles2022-01-012022-12-3112133721core:FurnitureFittings2022-01-012022-12-3112133721core:OfficeEquipment2022-01-012022-12-3112133721dpl:AdministrativeExpenses2022-01-012022-12-3112133721core:NetGoodwill2022-01-012022-12-3112133721core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3112133721dpl:GroupUndertakings2022-01-012022-12-3112133721dpl:ParticipatingInterests2022-01-012022-12-3112133721dpl:GroupUndertakingscore:ListedExchangeTraded2022-01-012022-12-3112133721core:ListedExchangeTraded2022-01-012022-12-3112133721dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-01-012022-12-3112133721core:UnlistedNon-exchangeTraded2022-01-012022-12-3112133721core:NetGoodwill2023-12-3112133721core:IntangibleAssetsOtherThanGoodwill2023-12-3112133721core:LandBuildings2023-12-3112133721core:PlantMachinery2023-12-3112133721core:Vehicles2023-12-3112133721core:FurnitureFittings2023-12-3112133721core:OfficeEquipment2023-12-3112133721core:AfterOneYear2023-12-3112133721core:WithinOneYear2023-12-3112133721core:ListedExchangeTraded2023-12-3112133721core:UnlistedNon-exchangeTraded2023-12-3112133721core:ShareCapital2023-12-3112133721core:SharePremium2023-12-3112133721core:RevaluationReserve2023-12-3112133721core:OtherReservesSubtotal2023-12-3112133721core:RetainedEarningsAccumulatedLosses2023-12-3112133721core:NetGoodwill2022-12-3112133721core:IntangibleAssetsOtherThanGoodwill2022-12-3112133721core:LandBuildings2022-12-3112133721core:PlantMachinery2022-12-3112133721core:Vehicles2022-12-3112133721core:FurnitureFittings2022-12-3112133721core:OfficeEquipment2022-12-3112133721core:AfterOneYear2022-12-3112133721core:WithinOneYear2022-12-3112133721core:ListedExch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Project 3000 Limited

Registered Number
12133721
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

Project 3000 Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

C Macintosh
K Ryan

Registered Address

42 Tournay Road
London
SW6 7UF

Registered Number

12133721 (England and Wales)
Project 3000 Limited
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets56402,370
Investments688
6482,378
Current assets
Debtors719,02218,852
Cash at bank and on hand19,706285,857
38,728304,709
Creditors amounts falling due within one year8(46,338)(65,234)
Net current assets (liabilities)(7,610)239,475
Total assets less current liabilities(6,962)241,853
Net assets(6,962)241,853
Capital and reserves
Called up share capital154154
Share premium3,862,3953,862,395
Other reserves108,53582,258
Profit and loss account(3,978,046)(3,702,954)
Shareholders' funds(6,962)241,853
The financial statements were approved and authorised for issue by the Board of Directors on 12 August 2024, and are signed on its behalf by:
C Macintosh
Director
Registered Company No. 12133721
Project 3000 Limited
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
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.
Basis of preparation
The financial statements have been prepared under the historical cost convention.
Functional and presentation currency
The financial statements are presented in pound sterling (£), which is the company’s functional currency, and figures are rounded to the nearest whole pound.
Going concern
The financial statements have been prepared on the going concern basis. The company incurred losses during the year, however the directors believe that the company has sufficient financial resources to be able to meet its obligations, if and when, they become due, and that the company can continue in operational existence for a period of at least 12 months from the statement of financial position date. On this basis, the directors are of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below. Share-based payments as set out in the notes to the financial statements have been made to employees of the company. The fair value of any vested share options is recognised in the income statement. The fair value of share options is estimated with the use of a Black-scholes model. The fair value of the ordinary shares in issue at the date of granting the options is used as an input into the model. There have been no other significant judgements or estimates applied to the numbers contained within these financial statements
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Share-based payments
The company operates an equity-settled compensation plan. The fair value of the services received in exchange for the grant of the options is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled.
Foreign currency translation
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting 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 the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income Statement.
Current taxation
Taxation for the year comprises current 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 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 statement of financial position date. Tax credits shown on the income statement represent tax credits received or receivable from HMRC as a result of claims made under HMRC’s R&D tax relief schemes.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Straight line (years)
Office Equipment3
Investments
Investments in subsidiary undertakings are recognised at cost.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially,at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.
2.Staff Costs
Share Based Payment Transactions The company operates an EMI-qualifying share option scheme. At the statement of financial position date, the company had granted 3,206 (2022: 3,206) share options to 2 employees with an average weighted exercise price of £6.881 per share. At the year-end date, 3,172 share options had vested (2022: 2,404), 0 options had been exercised (2022: 0) and 0 had lapsed (2022: 0). The share options vest between 12 and 48 months and are exercisable over the company’s Ordinary shares. An amount of £26,277 has been charged to the income statement in respect of the above scheme.
3.Average number of employees

20232022
Average number of employees during the year34
4.Prior period adjustment
The comparative figures presented in these financial statements have been restated to account for an amendment to the way in which the fair value of share options was determined. The fair value of the share options have been determined with the use of Black-scholes model and the new fair values have been applied retrospectively, leading to a restatement of the comparitive figures. The effects of the restatement are that the Share Option Reserve reported at 31 December 2022 has decreased by £83,230 and the accumulated profit and loss reserve has increased by £83,230.
5.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 January 2312,84912,849
At 31 December 2312,84912,849
Depreciation and impairment
At 01 January 2310,47910,479
Charge for year1,7301,730
At 31 December 2312,20912,209
Net book value
At 31 December 23640640
At 31 December 222,3702,370
6.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 January 2388
At 31 December 2388
Net book value
At 31 December 2388
At 31 December 2288

Notes

1Investments in group undertakings and participating interests
7.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables15,0406,098
Amounts owed by group undertakings-9,009
Other debtors3,9822,512
Prepayments and accrued income-1,233
Total19,02218,852
8.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables10,61534,400
Taxation and social security39114,892
Other creditors11,615
Accrued liabilities and deferred income35,33114,327
Total46,33865,234
9.Parent-subsidiary relationships
The financial statements contain information about Project 3000 Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.