Silverfin false false 31/10/2024 01/11/2023 31/10/2024 Joel Coren 01/11/2021 06 June 2025 no description of principal activity 13714566 2024-10-31 13714566 bus:Director1 2024-10-31 13714566 2023-10-31 13714566 core:CurrentFinancialInstruments 2024-10-31 13714566 core:CurrentFinancialInstruments 2023-10-31 13714566 core:ShareCapital 2024-10-31 13714566 core:ShareCapital 2023-10-31 13714566 core:SharePremium 2024-10-31 13714566 core:SharePremium 2023-10-31 13714566 core:OtherCapitalReserve 2024-10-31 13714566 core:OtherCapitalReserve 2023-10-31 13714566 core:RetainedEarningsAccumulatedLosses 2024-10-31 13714566 core:RetainedEarningsAccumulatedLosses 2023-10-31 13714566 2022-10-31 13714566 core:OtherResidualIntangibleAssets 2023-10-31 13714566 core:OtherResidualIntangibleAssets 2024-10-31 13714566 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-10-31 13714566 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-10-31 13714566 2023-11-01 2024-10-31 13714566 bus:FilletedAccounts 2023-11-01 2024-10-31 13714566 bus:SmallEntities 2023-11-01 2024-10-31 13714566 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 13714566 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 13714566 bus:Director1 2023-11-01 2024-10-31 13714566 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-11-01 2024-10-31 13714566 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-11-01 2024-10-31 13714566 2022-11-01 2023-10-31 13714566 core:OtherResidualIntangibleAssets 2023-11-01 2024-10-31 iso4217:GBP xbrli:pure

Company No: 13714566 (England and Wales)

THE BROOKES PROJECT LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

THE BROOKES PROJECT LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

THE BROOKES PROJECT LIMITED

COMPANY INFORMATION

For the financial year ended 31 October 2024
THE BROOKES PROJECT LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 October 2024
DIRECTOR Joel Coren
REGISTERED OFFICE Treviot House
186-192 High Road
Ilford
IG1 1LR
United Kingdom
COMPANY NUMBER 13714566 (England and Wales)
ACCOUNTANT Gravita Essex Limited
Treviot House
186-192 High Road
Ilford
Essex
IG1 1LR
United Kingdom
THE BROOKES PROJECT LIMITED

BALANCE SHEET

As at 31 October 2024
THE BROOKES PROJECT LIMITED

BALANCE SHEET (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 4 6,948 12,765
6,948 12,765
Current assets
Debtors 5 10,173 456
Cash at bank and in hand 1,073 5,617
11,246 6,073
Creditors: amounts falling due within one year 6 ( 208,911) ( 71,011)
Net current liabilities (197,665) (64,938)
Total assets less current liabilities (190,717) (52,173)
Net liabilities ( 190,717) ( 52,173)
Capital and reserves
Called-up share capital 128 128
Share premium account 515,534 515,534
Other reserves 62,738 0
Profit and loss account ( 769,117 ) ( 567,835 )
Total shareholders' deficit ( 190,717) ( 52,173)

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of The Brookes Project Limited (registered number: 13714566) were approved and authorised for issue by the Director on 06 June 2025. They were signed on its behalf by:

Joel Coren
Director
THE BROOKES PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
THE BROOKES PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Brookes Project Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Treviot House, 186-192 High Road, Ilford, IG1 1LR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Share-based payment

The grant date fair value of share-based payments awards granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period in which the employees become unconditionally entitled to the awards. The fair value of the awards granted is measured using an option valuation model, taking into account the terms and conditions upon which the awards were granted. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Share-based payments

Equity-settled share-based payment schemes

The company operates an unapproved share option scheme. The options are granted with a fixed exercise price determined at the grant of the option. The options vest over periods ranging 1 to 4 years following the date of the grant. The options are exercisable until up to the 5th anniversary from the date of grant. Employees are not entitled to dividends until the shares are exercised. Vesting of options is subject to continued employment with the company. The shares are exercisable once vested.

Details of the share options outstanding during the financial year are as follows:

2024 2023
Weighted Average Weighted Average
Number of share options Average exercise price (£) Number of share options Average exercise price (£)
Outstanding at beginning of period 4,741 9.970 1,890 16.670
Granted during the period 4,426 0.001 2,851 5.530
Outstanding at the end of the period 9,167 5.160 4,741 9.970
Exercisable at the end of the period 6,308 7.490 2,520 18.750

The fair value of the share options at the grant date was calculated using the Black Scholes model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value.

The Company recognised total expenses of £ 0 and £ 0 related to equity-settled share-based payment transactions in 2024 and 2023 respectively.

4. Intangible assets

Other intangible assets Total
£ £
Cost/Valuation
At 01 November 2023 16,589 16,589
Revaluations ( 780) ( 780)
At 31 October 2024 15,809 15,809
Accumulated amortisation
At 01 November 2023 3,824 3,824
Charge for the financial year 1,537 1,537
Impairment losses 3,500 3,500
At 31 October 2024 8,861 8,861
Net book value
At 31 October 2024 6,948 6,948
At 31 October 2023 12,765 12,765

Revaluation of intangible assets

If these intangible assets had not been revalued they would have been included at the following amounts:

2024 2023
£ £
Historical cost 25,506 0
Accumulated amortisation (5,361) 0
Accumulated impairment loss (7,500) 0
Carrying value 12,645 0

5. Debtors

2024 2023
£ £
Other debtors 10,173 456

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 16,213 540
Amounts owed to related parties 184,606 50,000
Other taxation and social security 1,155 5,248
Other creditors 6,937 15,223
208,911 71,011

7. Operating Loss

The operating loss is stated after charging :

2024 2023
£ £
NFT amortisation 750 750
Trademarks amortisation 787 787