Company Registration No. 6247168 (England and Wales)
Propeller Research Limited
Unaudited accounts
for the year ended 31 May 2023
Propeller Research Limited
Unaudited accounts
Contents
Propeller Research Limited
Company Information
for the year ended 31 May 2023
Company Number
6247168 (England and Wales)
Registered Office
33 Baddeley Close
STEVENAGE
SG2 9SL
Accountants
Tarrens Accountants Limited
11 Wheatsheaf Close
Ripon
HG4 2SH
Propeller Research Limited
Statement of financial position
as at 31 May 2023
Cash at bank and in hand
10,374
30,141
Creditors: amounts falling due within one year
(16,655)
(14,255)
Net current assets
30,239
41,188
Called up share capital
700
700
Capital redemption reserve
350
350
Profit and loss account
29,590
40,138
Shareholders' funds
30,640
41,188
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 31 January 2024 and were signed on its behalf by
Stuart Bolitho
Director
Company Registration No. 6247168
Propeller Research Limited
Notes to the Accounts
for the year ended 31 May 2023
Propeller Research Limited is a private company, limited by shares, registered in England and Wales, registration number 6247168. The registered office is 33 Baddeley Close , STEVENAGE, SG2 9SL.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% reducing balance
Computer equipment
33% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 June 2022
80
1,267
1,347
At 31 May 2023
80
1,280
1,360
At 1 June 2022
80
1,267
1,347
Charge for the year
-
197
197
Propeller Research Limited
Notes to the Accounts
for the year ended 31 May 2023
Amounts falling due within one year
Trade debtors
28,520
16,192
6
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
54
54
Other creditors
3,176
3,171
Loans from directors
7,677
7,047
7
Average number of employees
During the year the average number of employees was 2 (2022: 2).