Company Registration No. 01726275 (England and Wales)
PROPONENT U.K. LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PROPONENT U.K. LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
PROPONENT U.K. LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
1,497,899
1,524,010
Current assets
Trade and other receivables
4
283,597
237,723
Cash and cash equivalents
417,493
283,295
701,090
521,018
Current liabilities
5
(284,048)
(242,173)
Net current assets
417,042
278,845
Total assets less current liabilities
1,914,941
1,802,855
Provisions for liabilities
(8,600)
(3,000)
Net assets
1,906,341
1,799,855
Equity
Called up share capital
6
96
96
Capital redemption reserve
24
24
Retained earnings
1,906,221
1,799,735
Total equity
1,906,341
1,799,855

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 9 August 2024 and are signed on its behalf by:
Mr S Frields
Mr J A Hodges
Director
Director
Company registration number 01726275 (England and Wales)
PROPONENT U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Proponent U.K. Limited is a private company limited by shares incorporated in England and Wales. The registered office is 37 Woolmer Way, Bordon, Hampshire, GU35 9QE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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 £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis. The directors have considered relevant group wide information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The group is financially strong with performance levels since the year end satisfactory and the parent company has confirmed its support for the UK operations of the group for at least twelve months from the approval of these financial statements.

 

Based on these assessments and having regard to the resources available to the company, the directors have concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.

1.3
Revenue

Revenue represents amounts receivable for the rendering of services net of VAT. Services are recognised on a time apportioned basis within the period to which the services are rendered.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings leasehold
Over the term of the lease or 15% straight line for any improvements
Plant and machinery
25% diminishing balance per annum
Fixtures, fittings and equipment
25% diminishing balance per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.

PROPONENT U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with bank and cash in hand.

1.7
Financial assets and liabilities

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

 

The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and loans from related parties.

 

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

 

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

PROPONENT U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 18 (2023 - 19).

3
Property, plant and equipment
Land and buildings leasehold
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
£
Cost
At 1 April 2023
2,129,891
246,751
257,364
2,634,006
Additions
-
0
14,762
12,107
26,869
At 31 March 2024
2,129,891
261,513
269,471
2,660,875
Depreciation and impairment
At 1 April 2023
657,496
209,662
242,838
1,109,996
Depreciation charged in the year
37,303
11,186
4,491
52,980
At 31 March 2024
694,799
220,848
247,329
1,162,976
Carrying amount
At 31 March 2024
1,435,092
40,665
22,142
1,497,899
At 31 March 2023
1,472,395
37,089
14,526
1,524,010

Leasehold land and buildings are secured by way of a debenture in the name of the parent, Proponent, Inc, a company incorporated in the United States of America.

4
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
255,163
214,053
Amounts owed by group undertakings
6,687
-
0
Other receivables
21,747
23,670
283,597
237,723

The trade receivables balance is owed in full by the parent company. Given the nature of the balance owed, this has been disclosed as trade receivables in the financial statements.

PROPONENT U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Current liabilities
2024
2023
£
£
Trade payables
8,230
6,807
Amounts due to group undertakings
-
0
379
Other taxation and social security
144,565
125,012
Other payables
131,253
109,975
284,048
242,173
6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
96 Ordinary shares of £1 each
96
96
96
96
7
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases totalling £nil (2023 - £2,653).

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Christopher Reeves ACA FCCA
Statutory Auditor:
Sumer Audit
Date of audit report:
22 August 2024
Sumer Audit is the trading name of Sumer Auditco Limited
9
Parent company

The company was under the control of Proponent, Inc, a company incorporated in the United States of America. This parent company prepares group consolidated financial statements and their registered office is: 3120 Enterprise Street, Brea, CA 92821, United States.

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