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REGISTERED NUMBER: 14232729 (England and Wales)






















Project Emanuel Topco Limited

Report of the Directors and

Consolidated Financial Statements for the Year Ended 30th September 2024






Project Emanuel Topco Limited (Registered number: 14232729)






Contents of the Consolidated Financial Statements
for the year ended 30th September 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Consolidated Income Statement 6

Consolidated Other Comprehensive Income 7

Consolidated Balance Sheet 8

Company Balance Sheet 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Notes to the Consolidated Financial Statements 12


Project Emanuel Topco Limited

Company Information
for the year ended 30th September 2024







DIRECTORS: J Barrett
S B Braham
Bridges Fund Management Limited





REGISTERED OFFICE: Sidings Business Park
Freightliner Road
Hull
HU3 4XA





REGISTERED NUMBER: 14232729 (England and Wales)





AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Project Emanuel Topco Limited (Registered number: 14232729)

Report of the Directors
for the year ended 30th September 2024

The directors present their report with the financial statements of the company and the group for the year ended 30th September 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st October 2023 to the date of this report.

J Barrett
S B Braham
Bridges Fund Management Limited

Other changes in directors holding office are as follows:

S Richards - resigned 31st March 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Smailes Goldie, will be proposed for re-appointment in accordance with Section 485 of the Companies Act 2006.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





J Barrett - Director


29th May 2025

Report of the Independent Auditors to the Members of
Project Emanuel Topco Limited

Opinion
We have audited the financial statements of Project Emanuel Topco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30th September 2024 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other matter - Prior period unaudited
The prior period financial statements are unaudited.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors.

Report of the Independent Auditors to the Members of
Project Emanuel Topco Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, FRS 102, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Project Emanuel Topco Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




William Cowell ACA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

29th May 2025

Project Emanuel Topco Limited (Registered number: 14232729)

Consolidated Income Statement
for the year ended 30th September 2024

2024 2023
(Unaudited)
Notes £    £   

TURNOVER 6,357,165 6,421,402

Cost of sales 1,110,494 949,507
GROSS PROFIT 5,246,671 5,471,895

Administrative expenses 4,062,790 32,059,966
OPERATING PROFIT/(LOSS) 4 1,183,881 (26,588,071 )


Interest payable and similar expenses 2,072,342 2,657,508
LOSS BEFORE TAXATION (888,461 ) (29,245,579 )

Tax on loss (23,545 ) 295,739
LOSS FOR THE FINANCIAL YEAR (864,916 ) (29,541,318 )
Loss attributable to:
Owners of the parent (864,916 ) (29,541,318 )

Project Emanuel Topco Limited (Registered number: 14232729)

Consolidated Other Comprehensive Income
for the year ended 30th September 2024

2024 2023
(Unaudited)
Notes £    £   

LOSS FOR THE YEAR (864,916 ) (29,541,318 )


OTHER COMPREHENSIVE INCOME
Purchase of own shares 3,795 -
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

3,795

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(861,121

)

(29,541,318

)

Total comprehensive income attributable to:
Owners of the parent (861,121 ) (29,541,318 )

Project Emanuel Topco Limited (Registered number: 14232729)

Consolidated Balance Sheet
30th September 2024

2024 2023
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 379,295 185,659
Tangible assets 8 669,454 1,037,005
1,048,749 1,222,664

CURRENT ASSETS
Debtors 9 2,514,374 2,628,577
Cash at bank 921,699 1,787,762
3,436,073 4,416,339
CREDITORS
Amounts falling due within one year 10 3,053,660 3,234,869
NET CURRENT ASSETS 382,413 1,181,470
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,431,162

2,404,134

CREDITORS
Amounts falling due after more than one
year

11

(30,720,161

)

(30,727,855

)

PROVISIONS FOR LIABILITIES 13 (129,648 ) (302,597 )
NET LIABILITIES (29,418,647 ) (28,626,318 )

CAPITAL AND RESERVES
Called up share capital 14 10,890 9,150
Share premium 972,902 905,850
Capital redemption reserve 4,246 -
Retained earnings (30,406,685 ) (29,541,318 )
SHAREHOLDERS' FUNDS (29,418,647 ) (28,626,318 )

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

The financial statements were approved by the Board of Directors and authorised for issue on 29th May 2025 and were signed on its behalf by:





J Barrett - Director


Project Emanuel Topco Limited (Registered number: 14232729)

Company Balance Sheet
30th September 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 9 1,118,227 996,670
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,118,227

996,670

CAPITAL AND RESERVES
Called up share capital 14 10,890 9,150
Share premium 972,902 905,850
Capital redemption reserve 4,246 -
Retained earnings 130,189 81,670
SHAREHOLDERS' FUNDS 1,118,227 996,670

Company's profit for the financial year 48,970 81,670

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

The financial statements were approved by the Board of Directors and authorised for issue on 29th May 2025 and were signed on its behalf by:





J Barrett - Director


Project Emanuel Topco Limited (Registered number: 14232729)

Consolidated Statement of Changes in Equity
for the year ended 30th September 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   

Changes in equity
Issue of share capital 9,150 - 905,850 - 915,000
Total comprehensive income - (29,541,318 ) - - (29,541,318 )
Balance at 30th September 2023 9,150 (29,541,318 ) 905,850 - (28,626,318 )

Changes in equity
Increase in share capital 5,986 - 67,052 - 73,038
Reduction in share capital (4,246 ) - - - (4,246 )
Total comprehensive income - (865,367 ) - 4,246 (861,121 )
Balance at 30th September 2024 10,890 (30,406,685 ) 972,902 4,246 (29,418,647 )

Project Emanuel Topco Limited (Registered number: 14232729)

Company Statement of Changes in Equity
for the year ended 30th September 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   

Changes in equity
Issue of share capital 9,150 - 905,850 - 915,000
Total comprehensive income - 81,670 - - 81,670
Balance at 30th September 2023 9,150 81,670 905,850 - 996,670

Changes in equity
Increase in share capital 5,986 - 67,052 - 73,038
Reduction in share capital (4,246 ) - - - (4,246 )
Total comprehensive income - 48,519 - 4,246 52,765
Balance at 30th September 2024 10,890 130,189 972,902 4,246 1,118,227

Project Emanuel Topco Limited (Registered number: 14232729)

Notes to the Consolidated Financial Statements
for the year ended 30th September 2024

1. STATUTORY INFORMATION

Project Emanuel Topco 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 General 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.

Basis of consolidation
The group financial statements consolidate the financial statements of Project Emanuel Topco Limited and all its subsidiaries for the year ended 30 September 2024. No statement of comprehensive income is presented for Project Emanuel Topco Limited as permitted by Section 408 of the Companies Act 2006.

Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover represents the amounts invoiced during the year, exclusive of Value Added Tax.

Revenue from the provision of services is recognised when the amount of revenue can be measured reliably, it is probable that the associated economic benefit will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business has been fully amortised in prior years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on cost
Plant and machinery etc - 15% on reducing balance

Project Emanuel Topco Limited (Registered number: 14232729)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th September 2024

2. ACCOUNTING POLICIES - continued

Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probably that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of the asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Project Emanuel Topco Limited (Registered number: 14232729)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th September 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 69 (2023 - 70 ) .

The average number of employees by undertakings that were proportionately consolidated during the year was 69 (2023 - 70 ) .

4. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

2024 2023
(Unaudited)
£    £   
Depreciation - owned assets 310,780 191,910
Computer software amortisation 67,373 1,773
Goodwill impairment (695,000 ) 26,910,334
Auditors remuneration 19,550 -

5. EXCEPTIONAL ITEMS
2024 2023
(Unaudited)
£    £   
Exceptional items (596,927 ) (840,653 )

6. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


7. INTANGIBLE FIXED ASSETS

Group
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1st October 2023 26,910,334 187,432 27,097,766
Additions - 261,009 261,009
At 30th September 2024 26,910,334 448,441 27,358,775
AMORTISATION
At 1st October 2023 26,910,334 1,773 26,912,107
Charge for year - 67,373 67,373
At 30th September 2024 26,910,334 69,146 26,979,480
NET BOOK VALUE
At 30th September 2024 - 379,295 379,295
At 30th September 2023 - 185,659 185,659

Project Emanuel Topco Limited (Registered number: 14232729)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th September 2024

8. TANGIBLE FIXED ASSETS

Group
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st October 2023 453,380 1,446,636 1,900,016
Additions 12,696 20,026 32,722
Disposals - (90,626 ) (90,626 )
At 30th September 2024 466,076 1,376,036 1,842,112
DEPRECIATION
At 1st October 2023 184,663 678,348 863,011
Charge for year 45,840 264,940 310,780
Eliminated on disposal - (1,133 ) (1,133 )
At 30th September 2024 230,503 942,155 1,172,658
NET BOOK VALUE
At 30th September 2024 235,573 433,881 669,454
At 30th September 2023 268,717 768,288 1,037,005

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
(Unaudited)
£    £    £    £   
Trade debtors 1,356,291 1,643,656 - -
Amounts owed by group undertakings - - 1,057,027 996,670
Other debtors 1,158,083 984,921 61,200 -
2,514,374 2,628,577 1,118,227 996,670

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
(Unaudited
£    £   
Bank loans and overdrafts 500,000 320,000
Hire purchase contracts (see note 12) 72,314 73,199
Trade creditors 979,936 876,219
Taxation and social security 225,998 65,640
Other creditors 1,275,412 1,899,811
3,053,660 3,234,869

Project Emanuel Topco Limited (Registered number: 14232729)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th September 2024

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
(Unaudited
£    £   
Bank loans 8,560,000 9,480,000
Hire purchase contracts (see note 12) 16,361 140,780
Other creditors 22,143,800 21,107,075
30,720,161 30,727,855

Amounts falling due in more than five years:

Group
2024 2023
(Unaudited
£    £   
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 8,560,000 8,000,000

12. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
(Unaudited
£    £   
Net obligations repayable:
Within one year 72,314 73,199
Between one and five years 16,361 140,780
88,675 213,979

Group
Non-cancellable operating leases
2024 2023
(Unaudited)
£    £   
Within one year 68,157 69,518
Between one and five years 65,872 120,114
134,029 189,632

Project Emanuel Topco Limited (Registered number: 14232729)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th September 2024

13. PROVISIONS FOR LIABILITIES

Group
2024 2023
(Unaudited
£    £   
Deferred tax 129,648 302,597

Group
Deferred
tax
£   
Balance at 1st October 2023 302,597
Provided during year (172,949 )
Balance at 30th September 2024 129,648

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
850,000 Ordinary A £0.01 8,500 4,554
NIL Ordinary B £0.01 - 3,946
239,000 Ordinary C £0.01 2,390 650
10,890 9,150

15. RELATED PARTY TRANSACTIONS

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

16. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Bridges Fund Management Limited.