| 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 |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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. |
| Other changes in directors holding office are as follows: |
| 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: |
| 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. |
| for and on behalf of |
| Chartered Accountants |
| Statutory Auditor |
| Regent's Court |
| Princess Street |
| Hull |
| East Yorkshire |
| HU2 8BA |
| 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 | ( |
) | ( |
) |
| 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 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 14 |
| Share premium |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 48,970 | 81,670 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 | - | - |
| Total comprehensive income | - | - |
| Balance at 30th September 2023 |
| Changes in equity |
| Increase in share capital | 5,986 | - | 67,052 | - | 73,038 |
| Reduction in share capital | (4,246 | ) | - | - | - | (4,246 | ) |
| Total comprehensive income | - | - |
| Balance at 30th September 2024 |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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. |
| Tangible fixed assets |
| Land and buildings | - |
| Plant and machinery etc | - |
| 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 |
| 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 | - | - |
| Other debtors | 1,158,083 | 984,921 |
| 2,514,374 | 2,628,577 |
| 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: | £ | £ |
| Ordinary A | £0.01 | 8,500 | 4,554 |
| NIL | Ordinary B | £0.01 | - | 3,946 |
| 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. |