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REGISTERED NUMBER: 09982547 (England and Wales)















PROJECT 12 LIMITED

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE PERIOD 1 MAY 2024 TO 31 MARCH 2025






PROJECT 12 LIMITED (REGISTERED NUMBER: 09982547)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MAY 2024 TO 31 MARCH 2025




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 7

Balance Sheet 8

Notes to the Financial Statements 9


PROJECT 12 LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 MAY 2024 TO 31 MARCH 2025







DIRECTORS: Mr D J King
Mr R J Neumann
Mr A K Vijay



REGISTERED OFFICE: 15 High Street
Brackley
Northamptonshire
NN13 7DH



REGISTERED NUMBER: 09982547 (England and Wales)



SENIOR STATUTORY AUDITOR: Devender Arora ACA



AUDITORS: The Corporate Practice Limited
65 Delamere Road
Hayes
Middlesex
UB4 0NN

PROJECT 12 LIMITED (REGISTERED NUMBER: 09982547)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 MAY 2024 TO 31 MARCH 2025

The directors present their report with the financial statements of the company for the period 1 May 2024 to 31 March 2025.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of carbon fibre finishing and coatings.

DIVIDENDS
During the reporting period, the company has declared and paid a dividend amounting to £983,482 to the parent company, Rockman Advance Composite UK Limited. This distribution related to profits earned prior to the acquisition date.

DIRECTORS
The beneficial interest of the director holding office on 31 March 2025 and 30 April 2024 in the issued share capital of the company was as follows :

31.03.25 30.04.24
Ordinary 50p shares
Mr D King - 450
Mrs K Davis - 50
Mr G Davis - 50
Mrs T King - 450
Rockman Advanced Composites UK Limited 1000 -

The directors have opted to make a full disclosure of their shareholdings in this report.

DIRECTORS' RESPONSIBILITIES STATEMENT
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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GOING CONCERN
The Board has undertaken a comprehensive review of the company forecasts and its environment. As part of this review the directors considered the potential impact of reasonable downside scenarios on the company. This particularly included an assessment of the potential impact of Covid-19 on the company projections.
Based on the expected trading patterns and a strong balance sheet the outlook for foreseeable future remains positive despite the challenge of Covid-19. At the time of approving the financial statements, the directors consider that the Company has adequate resources to remain in operation and have no reason to believe that a material uncertainty exists that may cast significant doubt about the Company's ability to continue as a going concern. Accordingly, the financial statements have been prepared on the going concern basis of accounting.

PROJECT 12 LIMITED (REGISTERED NUMBER: 09982547)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 MAY 2024 TO 31 MARCH 2025


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 company'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 company's auditors are aware of that information.

AUDITORS
The auditors, The Corporate Practice Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

The 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:





Mr D J King - Director


3 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PROJECT 12 LIMITED

Opinion
We have audited the financial statements of Project 12 Limited (the 'company') for the period ended 31 March 2025 which comprise the Income Statement, Balance Sheet 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 company's affairs as at 31 March 2025 and of its profit for the period 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 company 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.

Our evaluation of the directors’ assessment of the entity’s ability to continue to adopt the going concern basis of accounting included the positive working capital of the company, also the company has reported a net profit for the year. Further, as disclosed in the note, the management is confident of the Group's ability to generate sufficient cash flows to support the operations of the Company. Accordingly, the standalone financial statements have been prepared on a going concern basis.

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 entity'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 information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PROJECT 12 LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 Strategic Report.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement 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 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 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 an auditor’s report 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. Our audit procedures were designed to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, financial reporting legislation, the Companies Act 2006, health and safety regulations, distributable profits legislation and UK pensions and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, review of board and committee meeting minutes, enquiries with management, enquiries of external legal advisors, review of correspondence with external legal advisors and review of external press releases.
There are inherent limitations in the audit procedures described above and, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

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 12 LIMITED


Other Matter
We draw attention to the fact that the financial statements of company for the year ended 30th April 2024 were unaudited. Our opinion is not modified in respect of this matter.

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.




Devender Arora ACA (Senior Statutory Auditor)
for and on behalf of The Corporate Practice Limited
65 Delamere Road
Hayes
Middlesex
UB4 0NN

3 June 2025

PROJECT 12 LIMITED (REGISTERED NUMBER: 09982547)

INCOME STATEMENT
FOR THE PERIOD 1 MAY 2024 TO 31 MARCH 2025

Period
1/5/24
to Year ended
31/3/25 30/4/24
Notes £    £   

TURNOVER 4,587,655 5,833,859

Cost of sales 3,288,684 3,768,511
GROSS PROFIT 1,298,971 2,065,348

Administrative expenses 1,261,280 1,191,617
37,691 873,731

Other operating income 161 476
OPERATING PROFIT 4 37,852 874,207

Interest receivable and similar income 15,498 11,419
53,350 885,626

Interest payable and similar expenses 3,544 8,204
PROFIT BEFORE TAXATION 49,806 877,422

Tax on profit 5 (30,772 ) 167,006
PROFIT FOR THE FINANCIAL PERIOD 80,578 710,416

PROJECT 12 LIMITED (REGISTERED NUMBER: 09982547)

BALANCE SHEET
31 MARCH 2025

2025 2024
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 316,189 264,230

CURRENT ASSETS
Stocks 97,145 102,175
Debtors 7 795,927 1,223,903
Cash at bank 309,203 1,211,561
1,202,275 2,537,639
CREDITORS
Amounts falling due within one year 8 398,394 763,595
NET CURRENT ASSETS 803,881 1,774,044
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,120,070

2,038,274

CREDITORS
Amounts falling due after more than one
year

9

-

(27,644

)

PROVISIONS FOR LIABILITIES (61,025 ) (48,681 )
NET ASSETS 1,059,045 1,961,949

CAPITAL AND RESERVES
Called up share capital 11 500 500
Retained earnings 1,058,545 1,961,449
SHAREHOLDERS' FUNDS 1,059,045 1,961,949

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 3 June 2025 and were signed on its behalf by:





Mr D J King - Director


PROJECT 12 LIMITED (REGISTERED NUMBER: 09982547)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MAY 2024 TO 31 MARCH 2025

1. STATUTORY INFORMATION

Project 12 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 presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

When the outcome of a project can be estimated reliably, project costs and turnover are recognised by reference to the stage of completion at the balance sheet date.

Where the outcome cannot be measured reliably and there is a deemed obligation to settle, project costs are recognised as an expense in the period in which they are incurred and project turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that project costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 15% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the period comprises current and deferred 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 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.


PROJECT 12 LIMITED (REGISTERED NUMBER: 09982547)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2024 TO 31 MARCH 2025

2. ACCOUNTING POLICIES - continued
Deferred taxation
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 period 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Government grants
Government grants are recognised when there is reasonable assurance that the Company will comply with the conditions attaching to the grant and the grant will be received.

A grant that becomes receivable as compensation for costs already incurred is recognised as income in the period in which it becomes receivable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 72 (2024 - 66 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

Period
1/5/24
to Year ended
31/3/25 30/4/24
£    £   
Depreciation - owned assets 67,591 67,945

PROJECT 12 LIMITED (REGISTERED NUMBER: 09982547)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2024 TO 31 MARCH 2025

5. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the period was as follows:
Period
1/5/24
to Year ended
31/3/25 30/4/24
£    £   
Current tax:
UK corporation tax 5,391 182,607
Fines and penalties - 40
Provision for R&D tax credits (48,506 ) (18,164 )
Total current tax (43,115 ) 164,483

Deferred tax 12,343 2,523
Tax on profit (30,772 ) 167,006

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1/5/24
to Year ended
31/3/25 30/4/24
£    £   
Profit before tax 49,806 877,422
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2024 - 25%)

12,452

219,356

Effects of:
Depreciation in excess of capital allowances 12,343 2,523
Adjustments to tax charge in respect of previous periods (4,072 ) 39
R&D tax claims (48,506 ) (18,163 )
Marginal tax rate reduction (2,989 ) (36,749 )
Total tax (credit)/charge (30,772 ) 167,006

PROJECT 12 LIMITED (REGISTERED NUMBER: 09982547)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2024 TO 31 MARCH 2025

6. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 May 2024 166,856 371,593 17,730
Additions 72,981 44,397 877
At 31 March 2025 239,837 415,990 18,607
DEPRECIATION
At 1 May 2024 91,403 202,533 13,196
Charge for period 22,467 40,236 1,029
At 31 March 2025 113,870 242,769 14,225
NET BOOK VALUE
At 31 March 2025 125,967 173,221 4,382
At 30 April 2024 75,453 169,060 4,534

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2024 12,422 44,813 613,414
Additions - 1,295 119,550
At 31 March 2025 12,422 46,108 732,964
DEPRECIATION
At 1 May 2024 11,183 30,869 349,184
Charge for period 802 3,057 67,591
At 31 March 2025 11,985 33,926 416,775
NET BOOK VALUE
At 31 March 2025 437 12,182 316,189
At 30 April 2024 1,239 13,944 264,230

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 763,447 1,149,790
Other debtors 20,000 21,174
Prepayments and accrued income 12,480 52,939
795,927 1,223,903

PROJECT 12 LIMITED (REGISTERED NUMBER: 09982547)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2024 TO 31 MARCH 2025

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Bank loans and overdrafts 30,977 40,000
Trade creditors 154,286 198,545
Tax 5,391 164,034
Social security and other taxes 53,488 65,960
VAT 82,818 230,542
Other creditors 15,590 19,989
Directors' current accounts - 1,937
Accruals and deferred income 55,844 42,588
398,394 763,595

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2025 2024
£    £   
Bank loans - 2-5 years - 27,644

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2025 2024
£    £   
Within one year 123,571 59,500
Between one and five years 214,200 143,667
In more than five years 91,133 -
428,904 203,167

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
1,000 Ordinary shares 50p 500 500

12. RELATED PARTY DISCLOSURES

During the period the company paid £983,482.in dividends to its parent company Rockman Advanced Composites UK Limited.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is considered to be Rockman Advanced Composites Private Limited, based in India.