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REGISTERED NUMBER: 10476321 (England and Wales)












Unaudited Financial Statements

for the Year Ended 30 November 2023

for

Propio Ltd

Propio Ltd (Registered number: 10476321)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Propio Ltd

Company Information
for the Year Ended 30 November 2023







DIRECTOR: L M Jackson





REGISTERED OFFICE: c/o Locke Williams Associates LLP
Blackthorn House
St Pauls Square
Birmingham
West Midlands
B3 1RL





REGISTERED NUMBER: 10476321 (England and Wales)





ACCOUNTANTS: Locke Williams Associates LLP
Chartered Accountants
c/o Blackthorn House
St Pauls Square
Birmingham
West Midlands
B3 1RL

Propio Ltd (Registered number: 10476321)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,586,086 1,586,086

CURRENT ASSETS
Debtors 5 23,205 27,186
Cash at bank 4,735 33,204
27,940 60,390
CREDITORS
Amounts falling due within one year 6 1,328,027 1,413,033
NET CURRENT LIABILITIES (1,300,087 ) (1,352,643 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

285,999

233,443

CAPITAL AND RESERVES
Called up share capital 7 1 1
Retained earnings 285,998 233,442
SHAREHOLDERS' FUNDS 285,999 233,443

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 July 2024 and were signed by:





L M Jackson - Director


Propio Ltd (Registered number: 10476321)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Propio Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
In preparing the financial statements, the director is required to make estimates and assumptions which affect reported income, expenditure, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

The key estimations used in these financial statements include:
Investment property - The director has revalued the property to fair value at the year end. In doing so, they have considered the acquisition costs in the period and the current condition and occupation of the property at the year end date.

The director considers that there are no significant areas of key judgement or estimation uncertainty other than those identified in the accounting policies above.

Turnover
Turnover, being rents receivable, is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes and is recognised in accordance with the lease term.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

For the purposes of clarity, as this surplus or deficit is not realised, a transfer is made to a separate 'Fair Value revaluation reserve', net of any deferred tax provision arising on the surplus or deficit. This reserve does not form part of the company's distributable reserves.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Propio Ltd (Registered number: 10476321)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022
and 30 November 2023 1,586,086
NET BOOK VALUE
At 30 November 2023 1,586,086
At 30 November 2022 1,586,086

It is the opinion of the director that the fair value of the investment property, valued on an open market basis at 30 November 2023 is not materially changed from the valuation at 30 November 2022.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 7,020 8,790
Amounts owed by participating interests 8,000 8,000
Other debtors 8,185 10,396
23,205 27,186

Propio Ltd (Registered number: 10476321)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade creditors 6,844 6,813
Amounts owed to participating interests 40,353 30,353
Amounts owed to associates 13,937 13,937
Taxation and social security 19,665 11,664
Other creditors 1,247,228 1,350,266
1,328,027 1,413,033

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
1 Ordinary £1 1 1