Company registration number 04746864 (England and Wales)
PROJECT X (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
PAGES FOR FILING WITH REGISTRAR
PROJECT X (UK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PROJECT X (UK) LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2025
30 November 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,180
6,226
Investment properties
4
750,000
750,000
755,180
756,226
Current assets
Debtors
5
11,589
9,577
Cash at bank and in hand
17,975
16,289
29,564
25,866
Creditors: amounts falling due within one year
6
(170,267)
(181,991)
Net current liabilities
(140,703)
(156,125)
Total assets less current liabilities
614,477
600,101
Creditors: amounts falling due after more than one year
7
(20,163)
(25,666)
Provisions for liabilities
9
(78,058)
(78,191)
Net assets
516,256
496,244
Capital and reserves
Called up share capital
10
2
2
Non-distributable profits reserve
368,595
368,595
Distributable profit and loss reserves
147,659
127,647
Total equity
516,256
496,244
PROJECT X (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2025
30 November 2025
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small 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 year in question in accordance with section 476.

These financial statements have been prepared and delivered 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 1 April 2026 and are signed on its behalf by:
Mr A D Kirkham
Director
Company Registration No. 04746864
PROJECT X (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -
1
Accounting policies
Company information

Project X (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3B Kirkham Garages, Blackburn Road, Oswaldtwistle, Lancashire, BB5 4NZ.

1.1
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.

1.2
Going concern

The company is reliant upon the support of its bankers and directors. The financial statements have been prepared on a going concern basis on the assumption that this true support will continue to be made available to the company.

1.3
Turnover
Turnover represents amounts receivable for rental services net of VAT.
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.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
25% - 50% straight line
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% straight line

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.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

PROJECT X (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.6
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.

1.7
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.

1.8
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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

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

2025
2024
Number
Number
Total
2
2
PROJECT X (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2024
50,710
Additions
177
At 30 November 2025
50,887
Depreciation and impairment
At 1 December 2024
44,484
Depreciation charged in the year
1,223
At 30 November 2025
45,707
Carrying amount
At 30 November 2025
5,180
At 30 November 2024
6,226
4
Investment property
2025
£
Fair value
At 1 December 2024 and 30 November 2025
750,000

Investment property comprises commercial units known as Kirkham Garages in Oswaldtwistle, Accrington.

The investment property is included at directors' opinion of open market value as at 30 November 20 25.

The historical cost of the property is £304,331 (202 4 - £304,331).

5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
8,391
6,379
Other debtors
3,198
3,198
11,589
9,577
PROJECT X (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 6 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
5,265
5,753
Trade creditors
879
234
Taxation and social security
7,827
6,711
Other creditors
156,296
169,293
170,267
181,991

Bank loans includes a government backed Bounce Back Loan for which no security has been given. As at 30 November 202 5 the amount outstanding on the loan was £1,538 (202 4: £3,608).
Other bank loans are secured by a fixed charge over the assets of the company.

Other creditors includes interest free loans of £153,334 (202 4: £164,836) due to the company directors.

7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
20,163
25,666
Creditors which fall due after five years are payable as follows:
Payable by instalments
1,529
6,351
8
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
9
78,058
78,191
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
984
1,117
Revaluations
77,074
77,074
78,058
78,191
PROJECT X (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
9
Deferred taxation
(Continued)
- 7 -
2025
Movements in the year:
£
Liability at 1 December 2024
78,191
Credit to profit or loss
(133)
Liability at 30 November 2025
78,058

The deferred tax liability set out above includes an amount which is expected to reverse over the life of the assets concerned and relates to accelerated capital allowances that are expected to mature within the same period.
The liability also includes the expected tax payable on the gain which would be made on any disposal of the company's investment property in due course.

10
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2
2
2
2
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