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REGISTERED NUMBER: 09118089 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

Project 11 Limited

Project 11 Limited (Registered number: 09118089)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Project 11 Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: J Epstein
S P Taylor





REGISTERED OFFICE: 18 St Christopher's Way
Pride Park
Derby
Derbyshire
DE24 8JY





REGISTERED NUMBER: 09118089 (England and Wales)





ACCOUNTANTS: Franklins
18 St Christopher's Way
Pride Park
Derby
Derbyshire
DE24 8JY

Project 11 Limited (Registered number: 09118089)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 13,348 30,813
Investments 5 70,000 70,000
83,348 100,813

CURRENT ASSETS
Debtors 6 4,298,395 5,687,711
Cash at bank 3,175 -
4,301,570 5,687,711
CREDITORS
Amounts falling due within one year 7 9,676,503 11,734,321
NET CURRENT LIABILITIES (5,374,933 ) (6,046,610 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(5,291,585

)

(5,945,797

)

CREDITORS
Amounts falling due after more than one
year

8

(2,538,392

)

(3,991,952

)

PROVISIONS FOR LIABILITIES (106,612 ) (184,390 )
NET LIABILITIES (7,936,589 ) (10,122,139 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (7,936,689 ) (10,122,239 )
SHAREHOLDERS' FUNDS (7,936,589 ) (10,122,139 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Project 11 Limited (Registered number: 09118089)

Balance Sheet - continued
31 July 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2025 and were signed on its behalf by:




J Epstein - Director



S P Taylor - Director


Project 11 Limited (Registered number: 09118089)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Project 11 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.

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.

Going Concern

The company has encountered significant challenges in recent years, through various global crises, economic, political and various wars around the world.

Although the company was able to carry out its services with only minor disruption caused by these issues, with normal activities resuming relatively quickly, other issues arose which have had a more significant impact on the company. The main issues relate to litigation claims faced by the company in recent years. Although these matters have now been settled, and recognised in the financial statements in full, ending the uncertainty around them, significant costs have been incurred. Reputational damage has also occurred, resulting in significant bad debt provisions and write offs.

Despite the above, the sports and events sector remains strong, and has provided a good basis for the business to progress. Furthermore, significant debt restructuring and refinancing has occurred during the year, making the company well placed to continue trading.

The directors have taken steps to manage the company's cashflow throughout the global economic crises and during the litigation challenges it faced. The directors have also prepared projections for the next twelve months accordingly, and have reported profitable post year end management accounts. Having due regard to these matters, and after making appropriate enquiries, the directors have reasonable expectations that the company has adequate resources to continue operating for the foreseeable future.

At the year end the company had net liabilities of -£7,936,589. However, based on the significant support provided by the company bankers, as well as the support it continues to receive from the ultimate beneficial shareholder, the directors believe the company to be a going concern.

Therefore the directors continue to adopt the going concern basis in preparing the financial statements.

Turnover
Turnover is recognised to the extent that it is probable that economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable for services provided in the normal course of business and is shown net of value added tax.

Turnover is derived from contracts for the provision of services and is recognised by reference to the stage of completion. Completion is deemed to be the date at which the sale is irrevocable and the advertising event has occurred.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 20% on reducing balance

Tangible fixed assets are stated at cost, net of depreciation and accumulated impairment losses. The company assesses at each reporting date whether the tangible assets are impaired. Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.

Project 11 Limited (Registered number: 09118089)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, and loans from and to related parties.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Trade debtors
Trade debtors are amounts due for services rendered in the ordinary course of business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade creditors are classified as current liabilities of the company and does not have an unconditional right, at the end of the reporting date, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Project 11 Limited (Registered number: 09118089)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 26 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 August 2023 56,515 16,578 33,154 106,247
Disposals (56,515 ) - - (56,515 )
At 31 July 2024 - 16,578 33,154 49,732
DEPRECIATION
At 1 August 2023 42,387 10,059 22,988 75,434
Charge for year 14,128 1,304 2,033 17,465
Eliminated on disposal (56,515 ) - - (56,515 )
At 31 July 2024 - 11,363 25,021 36,384
NET BOOK VALUE
At 31 July 2024 - 5,215 8,133 13,348
At 31 July 2023 14,128 6,519 10,166 30,813

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 August 2023
and 31 July 2024 70,000
NET BOOK VALUE
At 31 July 2024 70,000
At 31 July 2023 70,000

Project 11 Limited (Registered number: 09118089)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 519,813 1,163,752
Other debtors 345,897 345,899
Deposits 102,512 102,512
Amounts due from
related parties 123 15,721
Tax 378,617 177,433
Deferred tax asset 244,293 302,296
VAT 74,942 209,762
Prepayments and accrued income 65,901 275,399
Deferred expenses 2,566,297 3,094,937
4,298,395 5,687,711

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 391,335 2,124,015
Trade creditors 2,869,710 2,454,621
Other creditors 1,092,722 943,756
Amounts due to related parties 4,670,417 2,679,972
Accruals and deferred income 610,919 2,580,658
Accrued expenses 41,400 951,299
9,676,503 11,734,321

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 425,549 1,500,000
Bank loans - 2-5 years 1,839,009 750,000
Other creditors 273,834 1,741,952
2,538,392 3,991,952

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,655,868 3,750,000

As at the year ended 31st July 2024, Clydesdale Bank PLC held a fixed and floating charge over all of the companys assets, due to the existing bank loan.

Project 11 Limited (Registered number: 09118089)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2024 and 31 July 2023:

2024 2023
£    £   
J Epstein
Balance outstanding at start of year - -
Amounts advanced 8,954 115,943
Amounts repaid (8,954 ) (115,943 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Interest has been charged on the overdrawn directors loan account at 2.25%.

11. RELATED PARTY DISCLOSURES

During the year Directors fees were paid of £20,750 (2023: £14,808), and directors remuneration of £NIL (2023: £12,000).

At the year end balances existed with various companies under common control and in which Mr J Epstein is a director. The balances owed between those companies and Project 11 Limited at the year end amounted to:
- £NIL (2023: £15,721 Dr.)
- £3,492,194 Cr. (2023: £1,657,472 Cr.)
- £1,178,223 Cr. (2023: £1,022,500 Cr.)
All of the above balances were unsecured, interest free and repayable on demand.

During the year Project 11 Limited also incurred the following transactions with companies under common control:
- Management charges payable of £NIL (2023: £175,000)
- Management charges receivable of £NIL (2023: £175,000)
- Consultancy, subcontractor and event costs payable of £315,000 (2023: £1,352,667)
- Rent expenses payable of £NIL (2023: £321,000)

At the year end, balances existed with LLP's under common control and in which Mr J Epstein is a member. The balances owed from those LLP's to Project 11 Limited at the year end amounted to:
- £123 Dr. (2023: £NIL)
The above balance was unsecured, interest free and repayable on demand.
During the year Project 11 Limited also incurred the following transactions with LLP's under common control:
- Event costs payable of £NIL (2023: £1,144,368)
- An inter entity balance was written off of £622 Dr. (2023: £NIL)

During the year an intercompany balance was written off with a company in which Mr S Taylor is a director, and controls, this amounted to £NIL (2023: £220 Dr.).

During the year the company incurred consultancy services from a company in which Mr S Taylor is a director and controls, this amounted to £35,657 (2023: £88,578).