Registered number |
12240246 |
PROPELLER CREATIVE LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
PAGES FOR FILING WITH REGISTRAR |
PROPELLER CREATIVE LTD | |||
CONTENTS | |||
Page | |||
Balance sheet | 1 - 2 | ||
Notes to the financial statements | 3 - 7 | ||
Balance Sheet | |||||||
as at |
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Company Registration No. | 12240246 | ||||||
Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 3 | ||||||
Current assets | |||||||
Debtors | 4 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 5 | ( |
( |
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Net current assets | |||||||
Total assets less current liabilities | |||||||
Creditors: amounts falling due after more than one year | 6 | ( |
( |
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Net assets/(liabilities) | ( |
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Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | ( |
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Shareholders' funds | ( |
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………………………………….. | |||||||
Thomas David Rose | |||||||
Director | |||||||
Approved by the board on |
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NOTES TO THE FINANCIAL STATEMENTS | ||||||||
FOR THE YEAR ENDED 31 OCTOBER 2023 | ||||||||
1 | Accounting policies | |||||||
Basis of preparation | ||||||||
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical convention. The principal accounting policies adopted are set out below. |
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Going concern | ||||||||
The validity of this assumption depends on the company being able to trade profitably in the future and the continued support of the company's director who is also a shareholder. The financial statements do not include any adjustments that would result if the company continued to make losses and such support were withdrawn. If the company was unable to continue to trade, adjustments would have to be made to reduce the value of assets to their recoverable amounts, provide for further liabilities that may arise and to reclassify fixed assets and long term liabilities as current assets and liabilities. The shareholder and director has expressed their willingness to continue supporting the company for the foreseeable future and hence it is appropriate for the financial statements to be prepared on a going concern basis. |
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Turnover | ||||||||
Tangible fixed assets | ||||||||
Fixtures, fittings and equipment | 20% straight line | |||||||
Financial instruments | ||||||||
Financial instruments are recognised in the company's balance sheet date when the company becomes party to the contractual provisions of the instruments. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective of impairments found, an impairment loss is recognised in profit and loss accounts. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
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Basic financial assets | ||||||||
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 company 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. | ||||||||
Basic financial liabilities | ||||||||
Derecognition of financial liabilities | ||||||||
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled. | ||||||||
Cash and cash equivalents | ||||||||
Taxation | ||||||||
Current tax | ||||||||
Deferred tax | ||||||||
The carrying amount of deferred tax assets is reviewed at each reporting end date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets 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 when the company has a legally enforceable right to offset current tax assets and liabilities relate to taxes levied by the same tax authority. |
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Foreign currency translation | ||||||||
Retirement benefits | ||||||||
2 | Employees | 2023 | 2022 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
3 | Tangible fixed assets | |||||||
Fixtures, fittings and equipment | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 November 2022 | ||||||||
Additions | ||||||||
At 31 October 2023 | ||||||||
Depreciation | ||||||||
At 1 November 2022 | ||||||||
Charge for the year | ||||||||
At 31 October 2023 | ||||||||
Net book value | ||||||||
At 31 October 2023 | ||||||||
At 31 October 2022 | ||||||||
4 | Debtors | 2023 | 2022 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Amounts owed by group undertakings and undertakings in which the company has a participating interest | ||||||||
Corporation tax recoverable | - | |||||||
Other debtors | ||||||||
5 | Creditors: amounts falling due within one year | 2023 | 2022 | |||||
£ | £ | |||||||
Bank loan | ||||||||
Trade creditors | ||||||||
Corporation tax | - | |||||||
Director's current account | 2,336 | 2,678 | ||||||
Other taxes and social security costs | ||||||||
Provision for bad debts | - | |||||||
Other creditors | ||||||||
6 | Creditors: amounts falling due after one year | 2023 | 2022 | |||||
£ | £ | |||||||
Bank loan | ||||||||
7 | Related party transaction | |||||||
TDR Holdings Ltd | 2023 | 2022 | ||||||
£ | £ | |||||||
Thomas David Rose is a director and shareholder of TDR Holdings Ltd. |
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During the year, services were provided by TDR Holdings Ltd. These transactions were carried out under normal commercial terms. |
65,000 | 60,000 | ||||||
Amount due to TDR Holdings Ltd as at the year end | 12,000 | 6,000 | ||||||
At the balance sheet date amount due to Espen Leithaug Blodorn-Mentzoni, | 19,850 | 7,850 | ||||||
a shareholder of the company. | ||||||||
At the balance sheet date amount due to Udgaarden AS, | 14,258 | 15,700 | ||||||
a shareholder of the company. | ||||||||
At the balance sheet date amount due from Good Taste Recordings Limited | ||||||||
Thomas David Rose is a director and shareholder of Good Taste Recordings Holdings Ltd | 4,874 | 2,728 | ||||||
7 | Other information | |||||||
Propeller Creative Ltd is a private company limited by shares and incorporated in England and Wales. The registered office is: 37 Warren Street, London, W1T 6AD. |