Registered number
11003592
PROPEL IT SERVICES LTD
Filleted Accounts
29 October 2022
PROPEL IT SERVICES LTD
Registered number: 11003592
Balance Sheet
as at 29 October 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 6,312 5,277
Current assets
Cash at bank and in hand 45,415 85,663
Creditors: amounts falling due within one year 4 (42,985) (77,492)
Net current assets 2,430 8,171
Net assets 8,742 13,448
Capital and reserves
Called up share capital 100 100
Profit and loss account 8,642 13,348
Shareholders' funds 8,742 13,448
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Wayne Fabian Johnson
Director
Approved by the board on 4 October 2023
PROPEL IT SERVICES LTD
Notes to the Accounts
for the period from 31 October 2021 to 29 October 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 31 October 2021 10,453
Additions 3,492
At 29 October 2022 13,945
Depreciation
At 31 October 2021 5,176
Charge for the period 2,457
At 29 October 2022 7,633
Net book value
At 29 October 2022 6,312
At 30 October 2021 5,277
4 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors - 1,500
Taxation and social security costs 261 34,292
Other creditors 42,724 41,700
42,985 77,492
5 Controlling party
The company was in both the current and preceding accounting periods under the ultimate control of its director by virtue of her ownership of the company’s entire issued share capital.
6 Other information
PROPEL IT SERVICES LTD is a private company limited by shares and incorporated in England. Its registered office is:
109 Perry Hill
Catford
London
SE6 4LP
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