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REGISTERED NUMBER: 06850091 (England and Wales)















PROPEL IT LIMITED

Unaudited Financial Statements

for the Year Ended 31 March 2024






PROPEL IT LIMITED (REGISTERED NUMBER: 06850091)

Contents of the Financial Statements
for the year ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PROPEL IT LIMITED

Company Information
for the year ended 31 March 2024







Directors: N Datsov
K Hristozov





Registered office: 20-22 Wenlock Road
London
N1 7GU





Registered number: 06850091 (England and Wales)





Accountants: Cooper Parry Advisory Limited
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

PROPEL IT LIMITED (REGISTERED NUMBER: 06850091)

Balance Sheet
31 March 2024

2024 2023
Notes £ £
Current assets
Cash at bank 15,193 11,835

Creditors
Amounts falling due within one year 4 (19,610 ) (16,386 )
Net current liabilities (4,417 ) (4,551 )
Total assets less current liabilities (4,417 ) (4,551 )

Capital and reserves
Called up share capital 1,000 1,000
Retained earnings 5 (5,417 ) (5,551 )
Shareholders' funds (4,417 ) (4,551 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 10 October 2024 and were signed on its behalf by:





N Datsov - Director


PROPEL IT LIMITED (REGISTERED NUMBER: 06850091)

Notes to the Financial Statements
for the year ended 31 March 2024


1. Statutory information

Propel IT Limited 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents amounts receivable for services provided in the year and is stated net of VAT.

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.

Going concern
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment.

3. Employees and directors

The average number of employees during the year was 1 (2023 - 1 ) .

4. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 180 -
Taxation and social security 14,524 11,480
Other creditors 4,906 4,906
19,610 16,386

PROPEL IT LIMITED (REGISTERED NUMBER: 06850091)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


5. Reserves
Retained
earnings
£

At 1 April 2023 (5,551 )
Profit for the year 134
At 31 March 2024 (5,417 )

6. Related party disclosures

During the year the company made payments of £276,000 (2023 : £225,734) in respect of services to Intermedia Ltd a company owned by both directors.