| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 July 2025 |
| for |
| Project 11 Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 July 2025 |
| for |
| Project 11 Limited |
| Project 11 Limited (Registered number: 09118089) |
| Contents of the Financial Statements |
| for the Year Ended 31 July 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Project 11 Limited |
| Company Information |
| for the Year Ended 31 July 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 18 St Christopher's Way |
| Pride Park |
| Derby |
| Derbyshire |
| DE24 8JY |
| Project 11 Limited (Registered number: 09118089) |
| Balance Sheet |
| 31 July 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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. |
| Project 11 Limited (Registered number: 09118089) |
| Balance Sheet - continued |
| 31 July 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Project 11 Limited (Registered number: 09118089) |
| Notes to the Financial Statements |
| for the Year Ended 31 July 2025 |
| 1. | STATUTORY INFORMATION |
| Project 11 Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going Concern |
| The company has encountered significant challenges in recent years, through various global crises, economic, political and various wars around the world. |
| Although the company was able to carry out its services with only minor disruption caused by these issues, with normal activities resuming relatively quickly, other issues arose which have had a more significant impact on the company. The main issues relate to litigation claims faced by the company in recent years. Although these matters have now been settled, and recognised in the financial statements in full, ending the uncertainty around them, significant costs have been incurred. Reputational damage has also occurred, resulting in significant bad debt provisions and write off. |
| Despite the above, the sports and events sector remains strong, and has provided a good basis for the business to progress. Furthermore, significant debt restructuring and refinancing has occurred during the year, making the company well placed to continue trading. |
| The directors have taken steps to manage the company's cashflow throughout the global economic crises and during the litigation challenges it faced. The directors have also considered projections for the next twelve months accordingly, and have reported profitable post year end management accounts. Having due regard to these matters, and after making appropriate enquiries, the directors have reasonable expectations that the company has adequate resources to continue operating for the foreseeable future. |
| At the year end the company had net liabilities of -£7,422,513. However, based on the significant support provided by the company bankers, as well as the support it continues to receive from the ultimate beneficial shareholder, the directors believe the company to be a going concern. |
| Therefore the directors continue to adopt the going concern basis in preparing the financial statements. |
| Turnover |
| Turnover is recognised to the extent that it is probable that economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable for services provided in the normal course of business and is shown net of value added tax. |
| Turnover is derived from contracts for the provision of services and is recognised by reference to the stage of completion. Completion is deemed to be the date at which the sale is irrevocable and the advertising event has occurred. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Tangible fixed assets are stated at cost, net of depreciation and accumulated impairment losses. The company assesses at each reporting date whether the tangible assets are impaired. Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits. |
| Project 11 Limited (Registered number: 09118089) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, and loans from and to related parties. |
| Cash and cash equivalents |
| Cash and cash equivalents comprise cash on hand. |
| Trade debtors |
| Trade debtors are amounts due for services rendered in the ordinary course of business. |
| Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor. |
| Trade creditors |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. |
| Trade creditors are classified as current liabilities of the company and does not have an unconditional right, at the end of the reporting date, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. |
| Trade creditors are recognised at the transaction price. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
| 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. |
| 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. |
| Project 11 Limited (Registered number: 09118089) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 August 2024 |
| Disposals | ( |
) | ( |
) |
| At 31 July 2025 |
| DEPRECIATION |
| At 1 August 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 July 2025 |
| NET BOOK VALUE |
| At 31 July 2025 |
| At 31 July 2024 |
| 5. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 August 2024 |
| and 31 July 2025 |
| NET BOOK VALUE |
| At 31 July 2025 |
| At 31 July 2024 |
| Project 11 Limited (Registered number: 09118089) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2025 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Deposits | - | 102,512 |
| Amounts due from |
| related parties | - | 123 |
| Tax |
| Deferred tax asset | - | 244,293 |
| VAT |
| Prepayments and accrued income |
| Deferred expenses | 1,845,188 | 2,566,297 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 140,512 | - |
| Other creditors |
| Amounts due to related parties | 4,566,003 | 4,670,417 |
| Accruals and deferred income |
| Accrued expenses |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Other creditors |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2025 | 2024 |
| £ | £ |
| Bank loans |
| As at the year ended 31st July 2025, Clydesdale Bank PLC held a fixed and floating charge over all of the companys assets, due to the existing bank loan. |
| Project 11 Limited (Registered number: 09118089) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2025 |
| 10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 July 2025 and 31 July 2024: |
| 2025 | 2024 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Interest has been charged on the overdrawn directors loan account at 2.25% to 5th April 2025 and 3.75% thereafter. |
| 11. | RELATED PARTY DISCLOSURES |
| During the year Directors fees were paid of £NIL (2024: £20,750), and directors remuneration of £12,750 (2024: £NIL). |
| At the year end balances existed with various companies under common control and in which Mr J Epstein is a director. The balances owed between those companies and Project 11 Limited at the year end amounted to: |
| - £NIL (2024: £3,492,194 Cr.) |
| - £4,566,003 Cr. (2024: £1,178,223 Cr.) |
| All of the above balances were unsecured, interest free and repayable on demand. |
| At the year end, balances existed with LLP's under common control and in which Mr J Epstein is a member. The balances owed from those LLP's to Project 11 Limited at the year end amounted to: |
| - £NIL (2024: £123 Dr.) |
| The above balance was unsecured, interest free and repayable on demand. |
| During the year Project 11 Limited also incurred the following transactions with LLP's under common control: |
| - An inter entity balance was written off of £1,341 Dr. (2024: £622 Dr.) |
| During the year the company incurred consultancy services from a company in which Mr S Taylor is a director and controls, this amounted to £NIL (2024: £35,657). |