2022-10-012023-09-302023-09-30false12858721PROPEL COLLECTIVE 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PROPEL COLLECTIVE LTD

Registered Number
12858721
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2023

PROPEL COLLECTIVE LTD
Company Information
for the year from 1 October 2022 to 30 September 2023

Director

WILLCOCKS, Matthew Thomas Jake

Registered Address

Gems
Mount Hawke
Nr Truro
TR4 8DJ

Registered Number

12858721 (England and Wales)
PROPEL COLLECTIVE LTD
Balance Sheet as at
30 September 2023

Notes

2023

2022

£

£

£

£

Current assets
Debtors51,08113,104
Cash at bank and on hand2,7143,986
53,79517,090
Creditors amounts falling due within one year3(82,286)(11,857)
Net current assets (liabilities)(28,491)5,233
Total assets less current liabilities(28,491)5,233
Creditors amounts falling due after one year4(14,905)-
Net assets(43,396)5,233
Capital and reserves
Called up share capital1010
Share premium49,99014,990
Profit and loss account(93,396)(9,767)
Shareholders' funds(43,396)5,233
The financial statements were approved and authorised for issue by the Director on 29 October 2024, and are signed on its behalf by:
WILLCOCKS, Matthew Thomas Jake
Director
Registered Company No. 12858721
PROPEL COLLECTIVE LTD
Notes to the Financial Statements
for the year ended 30 September 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Finance costs
Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2.Average number of employees

20232022
Average number of employees during the year00
3.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables80,0869,716
Bank borrowings and overdrafts-1,683
Taxation and social security-458
Other creditors1,200-
Accrued liabilities and deferred income1,000-
Total82,28611,857
Federal Capital Loan - £10,000 over 12 months will be cleared in the next financial year. Interest costs of £3062 over 12 months. Felximise loan - £20,000 over 24 months, next 12 months £9670.57 repaid in capital with £4966.45 paid in interest over this period.
4.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts14,905-
Total14,905-
Felximise loan - £20,000 over 24 months, remaining balance of £8846.93 repaid in with £2483.22 paid in interest over this period.
5.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
WILLCOCKS, Matthew Thomas Jake014,53611,1863,350
014,53611,1863,350
Funds were repaid within 30 days of 2023 year end