REGISTERED NUMBER: 04174582 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

THE FALCON PROJECT LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

DM Jubb

SECRETARY:

Mrs G O Jubb

REGISTERED OFFICE:

25 Withington Drive

Astley

Manchester

M29 7NW

REGISTERED NUMBER:

04174582 (England and Wales)

ACCOUNTANTS:

Mattocks Grindley

18 Mulberry Avenue

Turnstone Park

Widnes

Cheshire

WA8 0WN

FIXED ASSETS

Intangible assets

4

691,400

616,889

Tangible assets

5

4,273,195

484,241

Investments

6

46,000

46,000

5,010,595

1,147,130

CURRENT ASSETS

Stocks

219,000

199,682

Debtors

2,362,706

6,862,623

Cash at bank

3,008,482

190,341

5,590,188

7,252,646

CREDITORS

Amounts falling due within one year

7,228,626

2,741,149

NET CURRENT (LIABILITIES)/ASSETS

(1,638,438

)

4,511,497

TOTAL ASSETS LESS CURRENT LIABILITIES

3,372,157

5,658,627

CREDITORS

Amounts falling due after more than one year

(26,673

)

(62,753

)

PROVISIONS FOR LIABILITIES

9

(1,002,504

)

(3,973,705

)

NET ASSETS

2,342,980

1,622,169

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

2,341,980

1,621,169

SHAREHOLDERS' FUNDS

2,342,980

1,622,169

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 23 December 2025 and were signed by:

DM Jubb - Director

1.	STATUTORY INFORMATION

The Falcon Project 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.

Turnover

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

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.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investments in associates

Investments in associate undertakings are recognised at cost.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year 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.

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 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 28 (2024 - 24 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2024

2,994,024

Additions

373,796

At 31 March 2025

3,367,820

AMORTISATION

At 1 April 2024

2,377,135

Amortisation for year

299,285

At 31 March 2025

2,676,420

NET BOOK VALUE

At 31 March 2025

691,400

At 31 March 2024

616,889

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2024

1,336,986

Additions

3,928,993

At 31 March 2025

5,265,979

DEPRECIATION

At 1 April 2024

852,745

Charge for year

140,039

At 31 March 2025

992,784

NET BOOK VALUE

At 31 March 2025

4,273,195

At 31 March 2024

484,241

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 April 2024

and 31 March 2025

46,000

NET BOOK VALUE

At 31 March 2025

46,000

At 31 March 2024

46,000

7.

LOANS

An analysis of the maturity of loans is given below:

31.3.25

31.3.24

£

£

Amounts falling due within one year or on demand:

Other loans

68,272

97,968

Amounts falling due between two and five years:

Other loans - 2-5 years

26,673

62,753

8.	FINANCIAL INSTRUMENTS

At 31st March 2025 the company held the following financial instruments.

£

The Funding Circle

46,174

Novuna HP

48,771

94,945

9.	PROVISIONS FOR LIABILITIES

31.3.25

31.3.24

£

£

Deferred tax

Accelerated capital allowances

-

(104,736

)

Deferred tax

88,180

205,415

88,180

100,679

Other provisions

914,324

3,873,026

Aggregate amounts

1,002,504

3,973,705

Deferred

Other

tax

provisions

£

£

Balance at 1 April 2024

100,679

3,873,026

Credit to Income Statement during year

(12,499

)

(2,958,702

)

Balance at 31 March 2025

88,180

914,324

The provision included in Other provisions above is in respect of the exceptional item as detailed in the Exceptional Item note.

10.	RELATED PARTY DISCLOSURES

During the year the company sold goods and services of £6,233,792 (£706,114 : 2024) to UK Energetic Materials Limited (company registration number 11375241). Both companies are under common control.

11.	EXCEPTIONAL ITEM

The director took the decision in the year ended 31 March 2024 to include in turnover an amount of £3,873,026 which was income that had been invoiced and payment had been received in that year. The invoice was in respect of a long term project. The success of the project is contingent on certain conditions being met. If these conditions are not met the amount is repayable in full. As at the date the balance sheet for the year ended 31 March 2024 was approved the conditions had not been fully met and the director could not confirm that it was more likely than not that they would be met. Included in the accounts for the year ended 31 March 2024 was a provision for the full amount which resulted in an exceptional expense to the profit and loss account of £3,873,026.

During the year to 31 March 2025 this provision has been reduced by £2,958,702, this has resulted in a exceptional income being included in the profit and loss account of £2,958,702 which is the amount expended on the project during the year. As at the date the balance sheet was approved the conditions to complete the project had not been fully met and the director could not confirm that it was more likely than not that they would be met. The remaining provision included in the balance sheet as at 31 March 2025 is £914,324.