Registered number
13793986
Prop Options Limited
Unaudited Filleted Accounts
31 December 2024
Prop Options Limited
Statement of Financial Position
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 14,753 19,898
Current assets
Stocks 237,985 239,933
Debtors 5 45,137 50,814
Cash at bank and in hand 423 42,520
283,545 333,267
Creditors: amounts falling due within one year 6 (47,200) (78,843)
Net current assets 236,345 254,424
Total assets less current liabilities 251,098 274,322
Creditors: amounts falling due after more than one year 7 (20,207) -
Provisions for liabilities (3,553) (4,975)
Net assets 227,338 269,347
Capital and reserves
Called up share capital 20 20
Profit and loss account 227,318 269,327
Shareholders' funds 227,338 269,347
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Bradley Young
Director
Approved by the board on 10 April 2025
Company registration number: 13793986
Prop Options Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover 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.
Going Concern
The financial statements have been prepared on a going concern basis. The Directors have prepared forecasts for a period greater than one year from the date of signature of the financial statements and have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery etc over 2-4 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Profit before taxation 2024 2023
£ £
Profit before taxation is stated after charging:
Depreciation of tangible assets 8,904 6,499
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 7
4 Tangible fixed assets
Leasehold Improvements Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 1,478 20,811 14,700 36,989
Additions 542 5,199 - 5,741
Disposals - (5,027) - (5,027)
At 31 December 2024 2,020 20,983 14,700 37,703
Depreciation
At 1 January 2024 1,478 9,182 6,431 17,091
Charge for the year - 5,703 3,201 8,904
On disposals - (3,045) - (3,045)
At 31 December 2024 1,478 11,840 9,632 22,950
Net book value
At 31 December 2024 542 9,143 5,068 14,753
At 31 December 2023 - 11,629 8,269 19,898
5 Debtors 2024 2023
£ £
Trade debtors - 9,142
Other taxes 23,790 -
Other debtors 21,347 41,672
45,137 50,814
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 22,323 7,411
Corporation tax 2,477 32,323
Other taxation and social security costs 2,976 6,403
Directors loans 16,589 27,921
Other creditors 2,835 4,785
47,200 78,843
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 20,207 -
8 Related party transactions
Debtors include £11,393 (2023: £10,000) advanced to a company under common control which is repayable on demand.
Creditors include an amount of £25,000 due to Emily Lamb. This loan is repayable over 5 years and carries interest at 6% per annum.
In addition to the above loan, creditors include a further balance of £8,164 (2023: £14,696) due to Emily Lamb and £3,992 (2023: £13,224) due to Bradley Young.  These amounts are repayable on demand and do not carry any interest.
9 Other information
Prop Options Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1b
6 Holton Point
Poole
Dorset
BH14 0AP
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