ACCOUNTS - Final Accounts preparation

Registered number: 16333562

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE PERIOD ENDED 31 MARCH 2026

	PROJECT PIONEER MIDCO LIMITED


PROJECT PIONEER MIDCO LIMITED

COMPANY INFORMATION

Directors	D A Adler (appointed 21 March 2025)
	J R French (appointed 21 March 2025)
	M J Lowe (appointed 11 July 2025)


Registered number	16333562


Registered office	6 Warwick Street
	London
	W1B 5LX


Accountants	Menzies LLP
	Chartered Accountants
	2nd Floor, Midas House
	62 Goldsworth Road
	Woking
	Surrey
	GU21 6LQ


PROJECT PIONEER MIDCO LIMITED

CONTENTS

	Page
Statement of financial position	1 - 2
Notes to the financial statements	3 - 6


PROJECT PIONEER MIDCO LIMITED REGISTERED NUMBER:16333562

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2026

		2026
Note		£

Fixed assets
Investments	4		1
			1
Current assets
Debtors: amounts falling due within one year	5	18,097,669
		18,097,669
Creditors: amounts falling due within one year	6	(417,269)
Net current liabilities			17,680,400
Total assets less current liabilities			17,680,401
Creditors: amounts falling due after more than one year			(19,299,639)
Provisions for liabilities
Deferred tax		(123,366)
			(123,366)
Net liabilities			(1,742,604)

Capital and reserves
Called up share capital			1
Profit and loss account			(1,742,605)
			(1,742,604)

Page 1


PROJECT PIONEER MIDCO LIMITED REGISTERED NUMBER:16333562

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2026

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 September 2026.

M J Lowe

Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2


PROJECT PIONEER MIDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2026

1.	General information

Project Pioneer Midco Limited is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's principal place of business is the same as the registered office and is disclosed on the company information page.

The company was incorporated on 21 March 2025.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis. Although the Company had net liabilities of £1,742,604 at 31 March 2026. The directors have reviewed the Company's forecast cash flows, available financing facilities and the anticipated performance of the underlying trading group. Based on this review, the directors consider that the Company will have sufficient resources to meet its obligations as they fall due for the foreseeable future and have therefore prepared the financial statements on a going concern basis.

2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3


PROJECT PIONEER MIDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.5

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.7

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Employees

The average monthly number of employees, including directors, during the period was 3.

Page 4


PROJECT PIONEER MIDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2026

4.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	Additions	1
	At 31 March 2026	1

Debtors

					31 March 2026
					£


	Amounts owed by group undertakings	18,097,669
		18,097,669

6.	Creditors: Amounts falling due within one year
		31 March 2026
		£

	Amounts owed to group undertakings	417,269
		417,269

7.	Creditors: Amounts falling due after more than one year
		2026
		£

	Other loans	19,299,639
		19,299,639

Other loans includes loan notes which are secured by a debenture comprising fixed and floating charges over the assets and undertaking of the Company, including its investment in subsidiary undertakings.

Page 5


PROJECT PIONEER MIDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2026

8.	Controlling party

The parent undertaking and controlling party is Project Pioneer Topco Limited, a company incorporated in Englandand Wales. Copies of the consolidated financial statements of Project Pioneer Topco Limited are available from theregistered office of the Company.

Page 6