Company registration number 13072306 (England and Wales)
PROPELLER STUDIOS (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PROPELLER STUDIOS (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PROPELLER STUDIOS (HOLDINGS) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
3,199,300
3,199,300
Current assets
Debtors
5
160,189
156,282
Creditors: amounts falling due within one year
6
(1,751,506)
(1,407,664)
Net current liabilities
(1,591,317)
(1,251,382)
Total assets less current liabilities
1,607,983
1,947,918
Creditors: amounts falling due after more than one year
7
-
0
(275,000)
Net assets
1,607,983
1,672,918
Capital and reserves
Called up share capital
750,000
750,000
Profit and loss reserves
857,983
922,918
Total equity
1,607,983
1,672,918

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 22 August 2024 and are signed on its behalf by:
M Rijkse
Director
Company registration number 13072306 (England and Wales)
PROPELLER STUDIOS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Propeller Studios (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 501, The Nexus Building, Broadway, Letchworth Garden City, Herts, SG6 9BL.

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 £.

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

1.2
Fixed asset investments

Fixed asset investments are measured at cost. Any impairment is written off to the profit and loss account when identified. Fixed asset investments are measured annually for impairment by the directors.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

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 balance sheet 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.

PROPELLER STUDIOS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value, which are dealt with through profit and loss, are assessed for indicators of impairment at each reporting end date.

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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.5
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.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

PROPELLER STUDIOS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
6
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
3,199,300
3,199,300
4
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Propeller Studios Limited
England and Wales
Ordinary
100.00
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
160,189
156,282
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1,751,506
1,407,664

Bonds of £366,025 are secured by way of a fixed and floating charge over the company's assets.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
-
0
275,000

 

PROPELLER STUDIOS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
8
Related party transactions

At the balance sheet date the company owed £1,411,972 (2022: £977,826) to Propeller Studios Limited, subsidiary. There are no terms relating to the payment of interest or repayment of capital.

 

During the year bond discount of £26,250 (2022: £26,250) was paid to some of the directors as follows:-

 

N Richards £Nil (2022: £10,500)

M Rijske £16,550 (2022: £5,250)

M Stewart £Nil (2022: £10,500)

 

At the balance sheet date the company owed £Nil (2022: £50,000) to M Rijske, one of the directors.

 

At the balance sheet date the company owed £Nil (2022: £7,770) bond discount to M Rijske, one of the directors.

 

At the balance sheet date the company was owed £104,123 (2022: £101,583), in shareholders loans, by two of the directors as follows:

 

J Stafford £64,076 (2022: £62,513)

M Pedley £40,047 (2022: £39,070)

 

At the balance sheet date the company was owed £56,066 (2022: £54,698), in shareholders loans, by the shareholders who are not directors of the company.

 

These shareholders loans amounts include an interest charge at the Official Rate of interest.

9
Parent company

The company was controlled throughout the period by the directors acting in concert.

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