Company registration number 15710021 (England and Wales)
PROJECT GROUP INVESTMENTS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PROJECT GROUP INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
Mr J A Shanks
(Appointed 9 May 2024)
Mr A G Dickson
(Appointed 27 June 2025)
Mr B A Etherington
(Appointed 27 June 2025)
Mr R Latham
(Appointed 27 June 2025)
Mr S A Ackroyd
(Appointed 27 June 2025)
Mr N K Dimmock
(Appointed 27 June 2025)
Mr O Mackenzie
(Appointed 27 June 2025)
Mr T J A Owens
(Appointed 27 June 2025)
Mr J Watson
(Appointed 27 June 2025)
Mr M Corbett
(Appointed 27 June 2025)
Company number
15710021
Registered office
17 Harrison Road
Halifax
HX1 2AF
Accountants
MHA
80 Mosley Street
Manchester
M2 3FX
PROJECT GROUP INVESTMENTS LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
3
Profit and loss account
4
Balance sheet
5
Notes to the financial statements
6 - 10
PROJECT GROUP INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 1 -

The directors present their annual report and financial statements for the period ended 31 December 2024.

Principal activities

The company was incorporated on 9 May 2024. The principal activity of the company was that of a property letting company.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mr J A Shanks
(Appointed 9 May 2024)
Mr A G Dickson
(Appointed 27 June 2025)
Mr B A Etherington
(Appointed 27 June 2025)
Mr R Latham
(Appointed 27 June 2025)
Mr S A Ackroyd
(Appointed 27 June 2025)
Mr N K Dimmock
(Appointed 27 June 2025)
Mr O Mackenzie
(Appointed 27 June 2025)
Mr T J A Owens
(Appointed 27 June 2025)
Mr J Watson
(Appointed 27 June 2025)
Mr M Corbett
(Appointed 27 June 2025)
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr J A Shanks
Director
12 September 2025
PROJECT GROUP INVESTMENTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -

The directors are responsible for preparing the annual report 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.

PROJECT GROUP INVESTMENTS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PROJECT GROUP INVESTMENTS LIMITED FOR THE PERIOD ENDED 31 DECEMBER 2024
- 3 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Project Group Investments Limited for the period ended 31 December 2024 which comprise the profit and loss account, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the b oard of d irectors of Project Group Investments Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Project Group Investments Limited and state those matters that we have agreed to state to the b oard of d irectors of Project Group Investments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Project Group Investments Limited and its b oard of d irectors as a body, for our work or for this report.

It is your duty to ensure that Project Group Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of Project Group Investments Limited. You consider that Project Group Investments Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Project Group Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

MHA
Chartered Accountants
80 Mosley Street
Manchester
M2 3FX
12 September 2025
PROJECT GROUP INVESTMENTS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 4 -
Period
ended
31 December
2024
£
Turnover
35,251
Administrative expenses
(18,702)
Operating profit
16,549
Interest payable and similar expenses
(16,549)
Profit before taxation
-
0
Tax on profit
-
0
Profit for the financial period
-
0

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PROJECT GROUP INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 5 -
2024
Notes
£
£
Fixed assets
Tangible assets
3
1,259,754
Current assets
Debtors
4
247,629
Cash at bank and in hand
35,720
283,349
Creditors: amounts falling due within one year
5
(650,408)
Net current liabilities
(367,059)
Total assets less current liabilities
892,695
Creditors: amounts falling due after more than one year
6
(878,116)
Provisions for liabilities
(14,578)
Net assets
1
Capital and reserves
-
Called up share capital
1

For the financial period ended 31 December 2024 the company was entitled to exemption from audit under section 47 9A of the Companies Act 2006 relating to subsidiary companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These 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 12 September 2025 and are signed on its behalf by:
Mr J A Shanks
Director
Company registration number 15710021 (England and Wales)
PROJECT GROUP INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 6 -
1
Accounting policies
Company information

Project Group Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 Harrison Road, Halifax, HX1 2AF.

1.1
Reporting period

The company was incorporated on 9 May 2024. During the period it changed its reporting period end date to 31 December 2024 to align its year end with its fellow group companies.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Over 15 years

Assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

PROJECT GROUP INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

PROJECT GROUP INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 8 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

PROJECT GROUP INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 9 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
Number
Total
0
3
Tangible fixed assets
Land and buildings
£
Cost
At 9 May 2024
-
0
Additions
1,259,754
At 31 December 2024
1,259,754
Depreciation and impairment
At 9 May 2024 and 31 December 2024
-
0
Carrying amount
At 31 December 2024
1,259,754
4
Debtors
2024
Amounts falling due within one year:
£
Corporation tax recoverable
14,578
Amounts owed by group undertakings
208,526
Other debtors
24,525
247,629
5
Creditors: amounts falling due within one year
2024
£
Bank loans
32,457
Trade creditors
17,951
Amounts owed to group undertakings
600,000
650,408
PROJECT GROUP INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 10 -
6
Creditors: amounts falling due after more than one year
2024
£
Bank loans
878,116
7
Financial commitments, guarantees and contingent liabilities

The outstanding liabilities at the balance sheet date of the company have been guaranteed by the parent company Project Group UK Limited, pursuant to s479A and s479C of the Companies Act 2006.

8
Parent company

From 10 October 2024, t he company's immediate parent company is Project Group UK Limited and the ultimate parent company is Project Group UK Holdings Limited. The consolidated financial statements are available from the registered office, Dalton House, 17 Harrison Road, Halifax, HX1 2AF.

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