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Company No: 04236148 (England and Wales)

PROPELLER COMMUNICATIONS LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

PROPELLER COMMUNICATIONS LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

PROPELLER COMMUNICATIONS LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2024
PROPELLER COMMUNICATIONS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2024
DIRECTOR R Bruton
SECRETARY M Richardson
REGISTERED OFFICE 42 Colebrooke Row
London
N1 8AF
United Kingdom
COMPANY NUMBER 04236148 (England and Wales)
PROPELLER COMMUNICATIONS LIMITED

BALANCE SHEET

As at 30 September 2024
PROPELLER COMMUNICATIONS LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 315,226 321,893
315,226 321,893
Current assets
Debtors 5 2,960,080 3,093,400
Cash at bank and in hand 1,792,803 1,661,054
4,752,883 4,754,454
Creditors: amounts falling due within one year 6 ( 365,183) ( 467,496)
Net current assets 4,387,700 4,286,958
Total assets less current liabilities 4,702,926 4,608,851
Provision for liabilities 7 ( 29,191) ( 29,769)
Net assets 4,673,735 4,579,082
Capital and reserves
Called-up share capital 110 110
Share premium account 27,990 27,990
Profit and loss account 4,645,635 4,550,982
Total shareholders' funds 4,673,735 4,579,082

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Propeller Communications Limited (registered number: 04236148) were approved and authorised for issue by the Director on 20 February 2025. They were signed on its behalf by:

R Bruton
Director
PROPELLER COMMUNICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
PROPELLER COMMUNICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

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

General information and basis of accounting

Propeller Communications Limited (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 42 Colebrooke Row, London, N1 8AF, England.

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention.

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

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover comprises the fair value of the considerations received or receivable for the provision of website design and maintenance for the hospitality sector. Turnover is shown net of value added tax and discounts.

The company recognises income in respect of website set up and design according to the stage of completion. Income arising from the ongoing maintenance fees is recognised over the period it relates to.

Taxation

Current tax
Under an agreement between companies within the group, the claimant company that utilises tax losses surrendered for group relief recognises the tax saving generated from the loss relief claim. The tax saving is recognised in the period to which the loss relief claim relates and is recorded as a tax credit in the claimant company.

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax creditors in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible fixed assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land, over their estimated useful lives, as follows:

Land and buildings 50 years straight line
Fixtures and fittings 20 % reducing balance
Office equipment 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Trade and other debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade and other creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Ordinary share capital

Ordinary shares are classified as equity.

Dividends

Interim dividend distributions to the company's shareholders are recognised in the financial statements in the reporting period in which they are paid and final dividends are recognised when approved by the member.

Investments

Investments in subsidiaries are carried at cost less impairment.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2. Employees

2024 2023
Number Number
The average number of persons employed by the company during the year was 33 32

3. Tangible assets

Land and buildings Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 October 2023 306,842 170,053 430,121 41,660 948,676
Additions 0 1,463 2,818 8,119 12,400
At 30 September 2024 306,842 171,516 432,939 49,779 961,076
Accumulated depreciation
At 01 October 2023 44,861 163,628 403,982 14,312 626,783
Charge for the financial year 3,012 1,667 6,659 7,729 19,067
At 30 September 2024 47,873 165,295 410,641 22,041 645,850
Net book value
At 30 September 2024 258,969 6,221 22,298 27,738 315,226
At 30 September 2023 261,981 6,425 26,139 27,348 321,893

4. Fixed asset investments

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
30.09.2024
Ownership
30.09.2023
Propellor Studio Inc 39 W. 14th Street, Suite 204, New York, New York 10011, United States of America Other information technology service activities Common Stock, without par value. 100.00% 100.00%

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are shown above.

The subscribed shares have no par value therefore the cost value of the investment held by the company is nil (2022 - nil).

5. Debtors

2024 2023
£ £
Trade debtors 778,866 976,780
Amounts owed by group undertakings 1,954,890 1,899,493
Other debtors 226,324 217,127
2,960,080 3,093,400

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 50,186 29,150
Amounts owed to group undertakings 816 0
Accruals and deferred income 33,920 46,635
Taxation and social security 272,260 383,125
Other creditors 8,001 8,586
365,183 467,496

Included within other creditors is a balance of £3,190 (2022 - £4,115) of contributions payable to a defined contribution pension scheme.

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 29,769) ( 28,621)
Credited/(charged) to the Profit and Loss Account 578 ( 1,148)
At the end of financial year ( 29,191) ( 29,769)

8. Financial commitments

Commitments

The amount of financial commitments not included in the balance sheet is £226,000 (2023 - £226,000).

9. Off Balance Sheet arrangements

A mortgage was taken out by a group company to purchase a property rented to Propeller and as a result of which a charge is in place on all the assets of Propeller Communications Ltd in both the current and prior year.

10. Ultimate controlling party

Propeller Communications Limited has one subsidiary, Propeller Studio, Inc. incorporated in the United States.

The company's immediate and ultimate parent is Spinnaker Group, incorporated in England and Wales.

The group does not prepare consolidated financial statements.