Company registration number 15189949 (England and Wales)
PROJECT PENNY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
PROJECT PENNY LIMITED
COMPANY INFORMATION
Directors
Mr G West
Mr C Clark
Mr T Cullen
Mr P Opperman
Mr J Bell
(Appointed 11 March 2025)
Mr R Hopkins
(Appointed 1 November 2025)
Company number
15189949
Registered office
115 Victoria Road
Ferndown
Dorset
BH22 9HU
Auditor
Azets Audit Services
37 Commercial Road
Poole
Dorset
BH14 0HU
PROJECT PENNY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 33
PROJECT PENNY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 November 2025.

Review of the business

The Group’s core activity continues to be the provision of outsourced contact centre services, primarily handling voice communications on behalf of clients. During the period, the Group further advanced its strategic vision by integrating artificial intelligence (AI) voice solutions and Live Chat capabilities to complement its human-agent services, enhancing overall customer experience and operational efficiency.

During the year, the Group made significant investment in its AI and Live Chat technologies as part of its long-term strategy to broaden its service offering and position the business for future growth. This investment, combined with lower revenues currently associated with these emerging product lines as they scale, has had an impact on both revenue and margin for the year. The directors view this as a necessary and deliberate phase of investment, and remain confident that these capabilities will deliver meaningful returns as adoption increases and the products mature.

In addition, the Group has launched a Customer Experience (CX) consulting practice during the period. This new practice has been established to support our customers in realising improved performance across their contact centre and customer engagement operations. By combining the Group’s operational expertise with insight-led advisory services, the CX consulting practice is expected to deepen client relationships, diversify revenue streams, and reinforce the Group’s position as a strategic partner rather than solely a service provider.

Principal risks and uncertainties

Technology Risk

The Group is exposed to risks including power outages, internet disruptions, and reliance on key technology vendors. To mitigate these, the Group operates a hybrid workforce model with built-in redundancies, including independent power sources at critical sites, multiple internet providers, and failover systems. All systems are cloud-based, eliminating risks associated with on-premise infrastructure. A comprehensive disaster recovery and business continuity plan supports operational resilience.

Artificial Intelligence (AI) Risk

The growing capabilities of AI technologies present a threat to low-complexity human voice interactions, which may be replaced by automation. In response, the Group has developed and launched proprietary AI voice and Live Chat solutions that complement rather than replace human agents. Continued investment in this area, alongside the Group’s new CX consulting practice, will support consistent and reliable service delivery and enable the Group to guide clients through their own AI and customer experience transformations.

Credit Risk

There is an inherent risk of delayed or non-payment from customers. The Group actively monitors credit exposure through regular review processes and maintains open lines of communication with clients to address potential issues early.

Liquidity Risk

The Group funds its operations through a mix of retained earnings and bank facilities. Regular cash flow forecasting and scenario analysis are conducted to ensure sufficient liquidity is maintained to support both current operations and future expansion, including the ongoing development of the Group’s AI, Live Chat and CX consulting capabilities.

PROJECT PENNY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -
Key performance indicators

| 2025 | 2024
Revenue | 12,836,723 | 13,329,774
Gross Profit | 7,587,999 | 7,727,433
GP% | 59% | 58%

As noted above, revenue and gross margin for the year have been impacted by the Group’s investment in AI and Live Chat technologies, together with the lower revenues currently generated by these emerging product lines. The directors continue to monitor performance closely and remain focused on growing revenue from these capabilities, as well as from the newly launched CX consulting practice, in the periods ahead.

On behalf of the board

Mr R Hopkins
Director
28 May 2026
PROJECT PENNY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 November 2025.

Principal activities

The principal activity of the company and group is that of providing an outsourced contact centre service. The company purchased Asset Services Group Limited on the 13th December 2023, this was therefore when the company commenced trading. This purchase has not affected the trade of the rest of the purchased group.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

Mr G West
Mr C Clark
Mr T Cullen
Mr P Opperman
Mr J Bell
(Appointed 11 March 2025)
Mr J Donaldson
(Resigned 31 December 2024)
Mr J Gassner
(Resigned 11 March 2025)
Mr R Hopkins
(Appointed 1 November 2025)
Financial instruments

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

Azets Audit Services were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

PROJECT PENNY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 4 -
Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Strategic report

The true group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of Future Developments.

Statement of disclosure to auditor

Directors’ confirmations

In the case of each director in office at the date the directors’ report is approved:

- so far as the director is aware, there is no relevant audit information of which the company’s auditors are unaware; and

- they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

On behalf of the board
Mr R Hopkins
Director
28 May 2026
PROJECT PENNY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 5 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law).

Under company law, 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 the financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- state whether applicable United Kingdom Accounting Standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements;

- make judgements and accounting estimates that are reasonable and prudent; and

- 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 safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are also 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.

PROJECT PENNY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PROJECT PENNY LIMITED
- 6 -
Opinion

We have audited the financial statements of Project Penny Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 30 November 2025 and of the group's loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

PROJECT PENNY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PROJECT PENNY LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

PROJECT PENNY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PROJECT PENNY LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Richard Hutchinson (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
37 Commercial Road
Poole
Dorset
BH14 0HU
28 May 2026
PROJECT PENNY LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 9 -
Year
Period
ended
ended
30 November
30 November
2025
2024
as restated
Notes
£
£
Turnover
3
12,836,723
13,329,774
Cost of sales
(5,248,724)
(5,602,341)
Gross profit
7,587,999
7,727,433
Administrative expenses
(10,792,286)
(9,909,309)
Other operating income
283
-
0
Operating loss
4
(3,204,004)
(2,181,876)
Interest receivable and similar income
8
10,669
20,129
Interest payable and similar expenses
9
(7,454,130)
(6,635,537)
Loss before taxation
(10,647,465)
(8,797,284)
Tax on loss
10
(580,712)
(141,995)
Loss for the financial year
24
(11,228,177)
(8,939,279)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The notes on pages 15 to 33 form part of these financial statements.

PROJECT PENNY LIMITED
GROUP BALANCE SHEET
AS AT
30 NOVEMBER 2025
30 November 2025
- 10 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
12
45,291,986
51,710,277
Other intangible assets
12
533,043
147,452
Total intangible assets
45,825,029
51,857,729
Tangible assets
11
345,189
353,612
46,170,218
52,211,341
Current assets
Debtors
15
1,679,119
2,802,852
Cash at bank and in hand
995,474
1,799,737
2,674,593
4,602,589
Creditors: amounts falling due within one year
16
(13,908,420)
(9,342,432)
Net current liabilities
(11,233,827)
(4,739,843)
Total assets less current liabilities
34,936,391
47,471,498
Creditors: amounts falling due after more than one year
17
(54,516,846)
(55,928,611)
Provisions for liabilities
Deferred tax liability
19
186,316
81,481
(186,316)
(81,481)
Net liabilities
(19,766,771)
(8,538,594)
Capital and reserves
Called up share capital
22
4,104
4,104
Share premium account
23
396,581
396,581
Profit and loss reserves
24
(20,167,456)
(8,939,279)
Total equity
(19,766,771)
(8,538,594)
The financial statements were approved by the board of directors and authorised for issue on 28 May 2026 and are signed on its behalf by:
28 May 2026
Mr R Hopkins
Director
Company registration number 15189949 (England and Wales)
PROJECT PENNY LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2025
30 November 2025
- 11 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Investments
13
52,934,560
52,934,560
52,934,560
52,934,560
Current assets
Debtors
15
1,563,262
3,935,102
Cash at bank and in hand
28,378
235,818
1,591,640
4,170,920
Creditors: amounts falling due within one year
16
(13,765,158)
(7,314,453)
Net current liabilities
(12,173,518)
(3,143,533)
Total assets less current liabilities
40,761,042
49,791,027
Creditors: amounts falling due after more than one year
17
(54,516,846)
(55,928,611)
Net liabilities
(13,755,804)
(6,137,584)
Capital and reserves
Called up share capital
22
4,104
4,104
Share premium account
23
396,581
396,581
Profit and loss reserves
24
(14,156,489)
(6,538,269)
Total equity
(13,755,804)
(6,137,584)

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £7,618,220 (2024 - £6,538,269 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 28 May 2026 and are signed on its behalf by:
28 May 2026
Mr R Hopkins
Director
Company registration number 15189949 (England and Wales)
PROJECT PENNY LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 30 November 2024:
Balance at 5 October 2023
-
0
-
0
-
0
-
Period ended 30 November 2024:
Loss and total comprehensive income
-
-
(8,939,279)
(8,939,279)
Issue of share capital
22
4,104
396,581
-
400,685
Balance at 30 November 2024
4,104
396,581
(8,939,279)
(8,538,594)
Year ended 30 November 2025:
Loss and total comprehensive income
-
-
(11,228,177)
(11,228,177)
Balance at 30 November 2025
4,104
396,581
(20,167,456)
(19,766,771)
PROJECT PENNY LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 30 November 2024:
Balance at 5 October 2023
-
0
-
0
-
0
-
Period ended 30 November 2024:
Loss and total comprehensive income for the period
-
-
(6,538,269)
(6,538,269)
Issue of share capital
22
4,104
396,581
-
400,685
Balance at 30 November 2024
4,104
396,581
(6,538,269)
(6,137,584)
Year ended 30 November 2025:
Profit and total comprehensive income
-
-
(7,618,220)
(7,618,220)
Balance at 30 November 2025
4,104
396,581
(14,156,489)
(13,755,804)
PROJECT PENNY LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 14 -
2025
2024
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
8,151,817
7,484,418
Interest paid
(7,454,130)
(3,078,019)
Income taxes refunded/(paid)
545,000
(509,838)
Net cash inflow from operating activities
1,242,687
3,896,561
Investing activities
Capitialised acquisition costs
-
(4,016,287)
Purchase of intangible assets
(466,736)
-
Purchase of tangible fixed assets
(94,250)
-
Proceeds from disposal of subsidiaries, net of cash disposed
-
(46,943,327)
Interest received
10,669
20,129
Net cash used in investing activities
(550,317)
(50,939,485)
Financing activities
Proceeds from issue of shares
-
400,685
- Loan notes
35,786,316
- Bank loans
21,907,000
Bank loan arrangement fee
-
(780,000)
Repayment of bank loans
(1,411,765)
(8,560,097)
Net cash (used in)/generated from financing activities
(1,411,765)
48,753,904
Net (decrease)/increase in cash and cash equivalents
(719,395)
1,710,980
Cash and cash equivalents at beginning of year
1,710,980
-
0
Cash and cash equivalents at end of year
991,585
1,710,980
Relating to:
Cash at bank and in hand
995,474
1,799,737
Bank overdrafts included in creditors payable within one year
(3,889)
(88,757)
PROJECT PENNY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 15 -
1
Accounting policies
Company information

Project Penny Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 115 Victoria Road, Ferndown, United Kingdom, BH22 9HU.

The group consists of Project Penny Limited and all of its subsidiaries.

1.1
Reporting period

The previous financial year represents a 14 month period where the year end has been aligned with the rest of the group. However, the first investment was not aquired until 13th December 2023, therefore the previous period will not be entirely comparable with future periods.

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.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

PROJECT PENNY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.3
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Project Penny Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 November 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.5
Going concern

The Group has incurred a loss for the financial year ended 202 5 amounting to £10,897,890, and, as at the balance sheet date, it has net liabilities of £19,436,484. These conditions indicate the existence of a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern.

However, the Directors have reviewed the Group’s plans and forecasts, the bank financing in place to meet projected funding and cashflow requirements, and believe that the Group can continue to meet its obligations for at least the next 12 months. The financial statements have therefore been prepared on a going concern basis.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

PROJECT PENNY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 17 -

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.7
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.8
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.9
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
33% straight line
Development costs
33% straight line
Customer listing
50% straight line
1.10
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:

Leasehold land and buildings
Straight line over the term of the lease
Fixtures and fittings
25% reducing balance
Computers
33% 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 recognised in the profit and loss account.

PROJECT PENNY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.11
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.12
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

PROJECT PENNY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 19 -
1.14
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 m ethod 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

PROJECT PENNY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 20 -
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. Amounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

Equity instruments issued by the group 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 group.

1.16
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PROJECT PENNY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 21 -
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 if, and only if, there is 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.

1.17
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.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

PROJECT PENNY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 22 -
Key sources of estimation uncertainty
Intangibles amortisation

Intangibel assets are split between basic intangibles and goodwill on acquisition of investment.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

Other intangibles are recognised at cost and are amortised over either 2 or 3 years, disclosed within the accounting policies. Where applicable a regular impairment review is completed to ensure that the intangibles have the correct carrying value within the financial statements.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Outsourced contact centre service fees
12,836,723
13,329,774
2025
2024
£
£
Other revenue
Interest income
10,669
20,129
283
-
4
Operating loss
2025
2024
£
£
Operating loss for the year is stated after charging:
Exchange losses
88
-
Depreciation of owned tangible fixed assets
102,673
139,980
Amortisation of intangible assets
6,099,436
5,979,306
Operating lease charges
176,881
159,344
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
14,000
27,000
Audit of the financial statements of the company's subsidiaries
48,000
38,000
62,000
65,000
PROJECT PENNY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
5
Auditor's remuneration
(Continued)
- 23 -
For other services
Accounts preparation services
12,500
14,500
Other taxation services
21,000
11,000
33,500
25,500
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
438,269
702,803
Company pension contributions to defined contribution schemes
1,761
14,214
440,030
717,017
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
215,000
154,385
Company pension contributions to defined contribution schemes
1,321
-

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 2).

7
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors
6
6
6
6
Employees
249
272
2
-
Total
255
278
8
6
PROJECT PENNY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
7
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
6,070,154
6,253,958
623,778
870,825
Social security costs
645,390
515,841
103,918
103,384
Pension costs
82,889
113,178
17,401
14,324
6,798,433
6,882,977
745,097
988,533
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
114
18,873
Other interest income
10,555
1,256
Total income
10,669
20,129
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
2,016,480
2,009,781
Interest on fixed loan notes
5,405,192
4,625,739
Other interest
32,458
17
Total finance costs
7,454,130
6,635,537
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
105,523
150,421
Adjustments in respect of prior periods
351,940
35,038
Total current tax
457,463
185,459
Deferred tax
Origination and reversal of timing differences
123,249
(43,464)
Total tax charge
580,712
141,995
PROJECT PENNY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
10
Taxation
(Continued)
- 25 -

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Loss before taxation
(10,647,465)
(8,797,284)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(2,661,866)
(2,199,321)
Tax effect of expenses that are not deductible in determining taxable profit
2,870,479
2,299,563
Tax effect of income not taxable in determining taxable profit
-
0
(26,095)
Adjustments in respect of prior years
351,940
35,038
Permanent capital allowances in excess of depreciation
20,159
32,810
Taxation charge
580,712
141,995
11
Tangible fixed assets
Group
Leasehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 December 2024
341,637
14,456
137,499
493,592
Additions
-
0
-
0
94,250
94,250
At 30 November 2025
341,637
14,456
231,749
587,842
Depreciation and impairment
At 1 December 2024
46,762
3,524
89,694
139,980
Depreciation charged in the year
46,822
2,733
53,118
102,673
At 30 November 2025
93,584
6,257
142,812
242,653
Carrying amount
At 30 November 2025
248,053
8,199
88,937
345,189
At 30 November 2024
294,875
10,932
47,805
353,612
The company had no tangible fixed assets at 30 November 2025 or 30 November 2024.
PROJECT PENNY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 26 -
12
Intangible fixed assets
Group
Goodwill
Software
Development costs
Customer listing
Total
£
£
£
£
£
Cost
At 1 December 2024
57,558,367
45,100
82,222
103,346
57,789,035
Additions - internally developed
-
0
403,396
-
0
-
0
403,396
Additions - separately acquired
-
0
8,368
-
0
54,972
63,340
Disposals
(400,000)
-
0
-
0
-
0
(400,000)
At 30 November 2025
57,158,367
456,864
82,222
158,318
57,855,771
Amortisation and impairment
At 1 December 2024
5,848,090
43,568
39,648
-
0
5,931,306
Amortisation charged for the year
6,018,291
45,923
35,222
-
0
6,099,436
At 30 November 2025
11,866,381
89,491
74,870
-
0
12,030,742
Carrying amount
At 30 November 2025
45,291,986
367,373
7,352
158,318
45,825,029
At 30 November 2024
51,710,277
1,532
42,574
103,346
51,857,729
The company had no intangible fixed assets at 30 November 2025 or 30 November 2024.

More information on impairment movements in the year is given in note .

The directors consider that goodwill cannot be further broken down into separable identifiable intangible assets to measure fair value of each with sufficient reliability.

13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
52,934,560
52,934,560
PROJECT PENNY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
13
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2024 and 30 November 2025
52,934,560
Carrying amount
At 30 November 2025
52,934,560
At 30 November 2024
52,934,560
14
Subsidiaries

Details of the company's subsidiaries at 30 November 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Asset Services Group Limited
UK
Holiding company
Ordinary
100.00
-
Assets Services Limited
UK
The provision of outsourced contact centre services
Ordinary
0
100.00
Internet Communications (Services) Limited
UK
The provision of outsourced contact centre services
Ordinary
0
100.00
PHD In Communications Limited
UK
The provision of outsourced contact centre services
Ordinary
0
100.00
ICLPearl Limited
UK
Dormant
Ordinary
0
100.00
Best Business Services Limited
UK
The provision of outsourced contact centre services
Ordinary
0
100.00
Message Direct Limited
UK
Dormant
Ordinary
0
100.00
PROJECT PENNY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 28 -
15
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
617,201
950,839
-
0
-
0
Corporation tax recoverable
5,631
581,000
-
0
-
0
Amounts owed by group undertakings
-
0
-
0
974,625
3,266,905
Other debtors
146,862
159,568
112,413
26,384
Prepayments and accrued income
909,425
1,092,699
476,224
636,977
1,679,119
2,784,106
1,563,262
3,930,266
Amounts falling due after more than one year:
Deferred tax asset (note 19)
-
0
18,746
-
0
4,836
Total debtors
1,679,119
2,802,852
1,563,262
3,935,102
16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
18
3,889
88,757
-
0
-
0
Other borrowings
18
1,411,764
1,411,764
1,411,764
1,411,764
Trade creditors
237,504
110,434
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,150,000
752,559
Corporation tax payable
610,470
150,421
6,612
-
0
Other taxation and social security
749,894
878,756
40,178
40,178
Deferred income
20
6,615
-
0
-
0
-
0
Other creditors
288,846
986,410
-
0
30,000
Accruals and deferred income
10,599,438
5,715,890
10,156,604
5,079,952
13,908,420
9,342,432
13,765,158
7,314,453
17
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Other borrowings
18
54,516,846
55,928,611
54,516,846
55,928,611
PROJECT PENNY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 29 -
18
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank overdrafts
3,889
88,757
-
0
-
0
Other loans
55,928,610
57,340,375
55,928,610
57,340,375
55,932,499
57,429,132
55,928,610
57,340,375
Payable within one year
1,415,653
1,500,521
1,411,764
1,411,764
Payable after one year
54,516,846
55,928,611
54,516,846
55,928,611

The long-term loans are secured by fixed charges over all property and asset now or subsequently owned by the group. The loan totalling £17,893,158 is unsecured.

The secured and unsecured loan has a repayment term to 2028. This includes an interest charged at a blended rate of 9.6% on variable rate loans and 12% on fixed rate loans.

19
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Group
£
£
£
£
Accelerated capital allowances
183,979
81,481
-
18,746
Provisions
2,337
-
-
-
186,316
81,481
-
18,746
Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Company
£
£
£
£
Accelerated capital allowances
-
-
-
4,836
Group
Company
2025
2025
Movements in the year:
£
£
Liability/(Asset) at 1 December 2024
62,735
(4,836)
Charge to profit or loss
123,581
4,836
Liability at 30 November 2025
186,316
-
PROJECT PENNY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
19
Deferred taxation
(Continued)
- 30 -

T he deferred tax liability set out above is expected to reverse over the useful life of the asset and relates to accelerated capital allowances that are expected to mature within the same period.

20
Deferred income
Group
Company
2025
2024
2025
2024
£
£
£
£
Other deferred income
6,615
-
-
-
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
82,889
113,178

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. At the balance sheet date the amount due to the fund was £nil.

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 0.2p each
800,000
800,000
1,600
1,600
Ordinary B shares of 1p each
13,266
13,266
133
133
Ordinary C shares of 1p each
237,162
237,162
2,371
2,371
1,050,428
1,050,428
4,104
4,104

All issued share capital has been fully paid.

23
Share premium account

This share premium reserve represents the amounts received in excess of the nominal value of shares issued.

24
Profit and loss reserves

The profit and loss reserve represents the cumulative realised profits or losses net of dividends paid and other adjustments.

PROJECT PENNY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 31 -
25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
245,614
236,369
-
-
Between two and five years
256,531
158,349
-
-
502,145
394,718
-
-
26
Related party transactions

The company has taken advantage of the exemption in FRS 102 Section 33 from the requirement to disclose transactions with group companies on the grounds that the company is a wholly owned subsidiary within the group or its ultimate holding company.

During the year, payments of £129,583 (2024: £118,462) were made to LDC (Managers) Ltd, a company that is a member of the group which includes LDC GP LLP, which has significant influence over the company by virtue of its shareholding.

27
Cash generated from group operations
2025
2024
£
£
Loss after taxation
(11,228,177)
(8,939,279)
Adjustments for:
Taxation charged
580,712
141,995
Finance costs
7,454,130
6,635,537
Investment income
(10,669)
(20,129)
Amortisation and impairment of intangible assets
6,099,436
5,979,306
Depreciation and impairment of tangible fixed assets
102,673
139,980
Increase in provisions
33,287
-
Movements in working capital:
Decrease in debtors
529,618
3,055,466
Increase in creditors
4,184,192
491,542
Increase in deferred income
6,615
-
Decrease in deferred consideration
400,000
Cash generated from operations
8,151,817
7,484,418
PROJECT PENNY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 32 -
28
Analysis of changes in net debt - group
1 December 2024
Cash flows
30 November 2025
£
£
£
Cash at bank and in hand
1,799,737
(804,263)
995,474
Bank overdrafts
(88,757)
84,868
(3,889)
1,710,980
(719,395)
991,585
Borrowings excluding overdrafts
(57,340,375)
1,411,765
(55,928,610)
(55,629,395)
692,370
(54,937,025)
29
Prior period adjustment

The prior period has been restated to correctly recognise current and non current borrowings. Current liabilites have been reduced by £11,134,014 and non current liabilities have been increased by the same amount.

The prior period has also been restated to reallocate wages costs totalling £1,103,397 from administration expenses to cost of sales for Best Business Services Limited, in line with group policy.

Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 30 Nov 2024
£
£
£
Creditors due within one year
Loans and overdrafts
(12,634,535)
11,134,014
(1,500,521)
Creditors due after one year
Loans and overdrafts
(44,794,597)
(11,134,014)
(55,928,611)
Net assets
(8,538,594)
-
(8,538,594)
Capital and reserves
Total equity
(8,538,594)
-
(8,538,594)
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 30 November 2024
£
£
£
Cost of sales
(4,498,944)
(1,103,397)
(5,602,341)
Administrative expenses
(11,012,706)
1,103,397
(9,909,309)
Loss after taxation
(8,939,279)
-
(8,939,279)
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
PROJECT PENNY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
29
Prior period adjustment
(Continued)
- 33 -
Reconciliation of changes in loss for the previous financial period
2024
£
Adjustments to prior year
Total adjustments
-
Loss as previously reported
(6,538,269)
Loss as adjusted
(6,538,269)
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