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Company No: 15527092 (England and Wales)

PROPEL PROJECT MANAGEMENT LTD

Unaudited Financial Statements
For the financial period from 27 February 2024 to 31 March 2024
Pages for filing with the registrar

PROPEL PROJECT MANAGEMENT LTD

Unaudited Financial Statements

For the financial period from 27 February 2024 to 31 March 2024

Contents

PROPEL PROJECT MANAGEMENT LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
PROPEL PROJECT MANAGEMENT LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
31.03.2024
£
Current assets
Debtors 3 100
100
Creditors: amounts falling due within one year 4 ( 735)
Net current liabilities (635)
Total assets less current liabilities (635)
Net liabilities ( 635)
Capital and reserves
Called-up share capital 5 100
Profit and loss account ( 735 )
Total shareholders' deficit ( 635)

For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Propel Project Management Ltd (registered number: 15527092) were approved and authorised for issue by the Director. They were signed on its behalf by:

S M L Jelley
Director

27 August 2024

PROPEL PROJECT MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 27 February 2024 to 31 March 2024
PROPEL PROJECT MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 27 February 2024 to 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Propel Project Management Ltd (the Company) 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 registered office is 3+5 Hospital Approach Broomfield, Chelmsford, CM1 7FA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Financial instruments

The Company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

2. Employees

Period from
27.02.2024 to
31.03.2024
Number
Monthly average number of persons employed by the company during the period, including the director 1

3. Debtors

31.03.2024
£
Other debtors 100

4. Creditors: amounts falling due within one year

31.03.2024
£
Trade creditors 35
Accruals 700
735

5. Called-up share capital

31.03.2024
£
Allotted, called-up and fully-paid
50 Ordinary shares of £ 1.00 each 50
50 Ordinary A shares of £ 1.00 each 50
100