REGISTERED NUMBER: 12133721 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

PROJECT 3000 LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

Ms C Macintosh

K P Ryan

Registered office:

42 Tournay Road

London

SW6 7UF

Registered number:

12133721 (England and Wales)

Accountants:

Cooper Parry Advisory Limited

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Fixed assets

Tangible assets

4

73

640

Investments

5

8

8

81

648

Current assets

Debtors

6

28,706

19,022

Cash at bank

12,413

19,706

41,119

38,728

Creditors

Amounts falling due within one year

7

94,298

46,338

Net current liabilities

(53,179

)

(7,610

)

Total assets less current liabilities

(53,098

)

(6,962

)

Capital and reserves

Called up share capital

8

154

154

Share premium

3,862,395

3,862,395

Other reserves

109,664

108,535

Retained earnings

(4,025,311

)

(3,978,046

)

Shareholders' funds

(53,098

)

(6,962

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

Ms C Macintosh - Director

1.	Statutory information

Project 3000 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.

Going concern

The financial statements have been prepared on the going concern basis. The company incurred losses during the year, however the directors believe that the company has sufficient financial resources to be able to meet its obligations, if and when, they become due, and that the company can continue in operational existence for a period of at least 12 months from the statement of financial position date. On this basis, the directors are of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Share-based payments as set out in the notes to the financial statements have been made to

employees of the company. The fair value of any vested share options is recognised in the income

statement. The fair value of share options is estimated with the use of a Black-scholes model. The fair value of the ordinary shares in issue at the date of granting the options is used as an input into the model.

Turnover

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

Revenue from the rendering of services

Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

Straight line over 3 years

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

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.

Share-based payments

The company operates an equity-settled compensation plan. The fair value of the services received in exchange for the grant of the options is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Nonmarket vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled.

Investments in subsidiaries and associates

Investments in subsidiaries are recognised at cost less impairment.

At each reporting date, the carrying amount of investments is reviewed to determine whether there is any indication of impairment. If such indication exists, the recoverable amount is estimated and an impairment loss is recognised to the extent that the carrying amount exceeds the recoverable amount.

3.	Employees and directors

The average number of employees during the year was 2 (2023 - 3 ) .

4.	Tangible fixed assets

Computer

equipment

£

Cost

At 1 January 2024

12,849

Disposals

(9,073

)

At 31 December 2024

3,776

Depreciation

At 1 January 2024

12,209

Charge for year

387

Eliminated on disposal

(8,893

)

At 31 December 2024

3,703

Net book value

At 31 December 2024

73

At 31 December 2023

640

5.	Fixed asset investments

Investments

in groups

£

Cost

At 1 January 2024

and 31 December 2024

8

Net book value

At 31 December 2024

8

At 31 December 2023

8

6.

Debtors: amounts falling due within one year

2024

2023

£

£

Trade debtors

21,896

15,040

Other debtors

6,810

3,982

28,706

19,022

7.

Creditors: amounts falling due within one year

2024

2023

£

£

Trade creditors

2,640

10,615

Taxation and social security

3,437

391

Other creditors

88,221

35,332

94,298

46,338

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

104,434

Ordinary

£0.001

104

104

49,488

Seed

Preferred

£0.001

50

50

154

154

All shares rank pari passu.

9.	Related party disclosures

During the year, the director advanced loans to the company of £50,000.

The balance due to the director at year end is £50,000 (2023 : £Nil). The loan is interest free and repayable on demand. The loan is presented within other creditors

10.	Post balance sheet events

Subsequent to the balance sheet date, the company has initiated a group reconstruction. Under the proposed arrangement, the existing shareholders will be bought out, and their shares in the company will be transferred to a newly incorporated parent entity, which will be wholly owned by the current main shareholder.

This transaction had not been completed as at the date the financial statements were authorised for issue. As such, it is considered a non-adjusting post balance sheet event. The reconstruction is not expected to have a material impact on the company’s net assets but will result in a change in the ownership structure.

The directors will continue to monitor the progress of the transaction and assess any implications for future reporting periods.

11.	Parent-subsidiary relationships

The financial statements contain information about Project 3000 Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

12.	Share based payments

The company operates an EMI-qualifying share option scheme. At the statement of financial position date, the company had granted 3,206 (2023: 3,206) share options to 2 employees with an average weighted exercise price of £6.881 per share. At the year-end date, 3,206 share options had vested (2023: 3,172 ), 0 options had been exercised (2023: 0) and 0 had lapsed (2023: 0). The share options vest between 12 and 48 months and are exercisable over the company’s Ordinary shares. An amount of £1,129 (2023: £26,277) has been charged to the income statement in respect of the above scheme.