Company No:
Contents
DIRECTOR | R Bruton |
SECRETARY | M Richardson |
REGISTERED OFFICE | 42 Colebrooke Row |
London | |
N1 8AF | |
United Kingdom |
COMPANY NUMBER | 04236148 (England and Wales) |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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315,226 | 321,893 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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4,752,883 | 4,754,454 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 4,387,700 | 4,286,958 | ||
Total assets less current liabilities | 4,702,926 | 4,608,851 | ||
Provision for liabilities | 7 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Share premium account |
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Profit and loss account |
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Total shareholders' funds |
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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:
R Bruton
Director |
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.
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 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.
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.
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.
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 |
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Fixtures and fittings |
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Office equipment |
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Computer equipment |
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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 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 creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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 in subsidiaries are carried at cost less impairment.
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.
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.
2024 | 2023 | ||
Number | Number | ||
The average number of persons employed by the company during the year was |
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Land and buildings | Fixtures and fittings | Office equipment | Computer equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 October 2023 |
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Additions |
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At 30 September 2024 |
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Accumulated depreciation | |||||||||
At 01 October 2023 |
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Charge for the financial year |
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At 30 September 2024 |
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Net book value | |||||||||
At 30 September 2024 |
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At 30 September 2023 |
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Investments in shares
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 30.09.2024 |
Ownership 30.09.2023 |
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39 W. 14th Street, Suite 204, New York, New York 10011, United States of America | Other information technology service activities |
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The subscribed shares have no par value therefore the cost value of the investment held by the company is nil (2022 - nil).
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£ | £ | ||
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to group undertakings |
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Accruals and deferred income |
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Taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
At the beginning of financial year | (
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Credited/(charged) to the Profit and Loss Account |
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At the end of financial year | (
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Commitments
The amount of financial commitments not included in the balance sheet is £226,000 (2023 - £226,000).
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.