Proper Content Limited
Unaudited Financial Statements
For the year ended 31 December 2024
Pages for Filing with Registrar
Company Registration No. 10369370 (England and Wales)
Proper Content Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Proper Content Limited
Balance Sheet
As at 31 December 2024
Page 1
2024
Notes
£
£
Fixed assets
Tangible assets
3
18,204
Current assets
Stock
1,942
Debtors
4
133,820
Cash at bank and in hand
1,860
137,622
Creditors: amounts falling due within one year
5
(494,405)
Net current liabilities
(356,783)
Total assets less current liabilities
(338,579)
Creditors: amounts falling due after more than one year
6
(435,403)
Net liabilities
(773,982)
Capital and reserves
Called up share capital
133
Share premium account
429,967
Profit and loss reserves
(1,204,082)
Total equity
(773,982)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Proper Content Limited
Balance Sheet (Continued)
As at 31 December 2024
Page 2
The financial statements were approved and signed by the director and authorised for issue on 14 April 2025
David DeHaney
Director
Company Registration No. 10369370
Proper Content Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 3
1
Accounting policies
Company information
Proper Content Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor Charlotte Building, 17 Gresse Street, London, W1T 1QL. The principal place of business is West Wing, Somerset House, Strand, London, United Kingdom, WC2R 1LA.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The director has considered the cash requirements of the company for a period of at least 12 months from the date of signing these financial statements and has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for at least 12 months from the date of approval of these financial statements . The company has the continued financial support of one of the shareholders and investors over this 12 month period such that the company is able to meet its liabilities as they fall due. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
over 3 years on a straight line basis
Computers
over 3 years on a straight line basis
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.
Proper Content Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 4
1.5
Stock
Work in progress is stated at the lower of cost and estimated selling price less costs to complete and sell.
1.6
Financial instruments
The company only has basic financial instruments measured at amortised cost using the effective interest method. There are no financial instruments classified as other or basic instruments measured at fair value.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was
2024
Number
Total
10
Proper Content Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
65,454
Additions
825
At 31 December 2024
66,279
Depreciation and impairment
At 1 January 2024
30,972
Depreciation charged in the year
17,103
At 31 December 2024
48,075
Carrying amount
At 31 December 2024
18,204
4
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
6,140
Other debtors
13,049
Prepayments and accrued income
114,631
133,820
5
Creditors: amounts falling due within one year
2024
£
Bank loans and overdrafts
13,044
Trade creditors
166,092
Taxation and social security
86,534
Accruals and deferred income
228,735
494,405
Included in creditors at the year end are outstanding pension contributions of £1,707 (2023: £3,450).
Proper Content Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 6
6
Creditors: amounts falling due after more than one year
2024
£
Bank loans and overdrafts
435,403
On 3 February 2023 a fixed and floating charge was created over all of the company's property in favour of the charge as security for all sums due or owing, now or in the future, by the company to the charge.
On 21 August 2024 a further fixed and floating charge was created over all of the company's property in favour of the charge as security for all sums due or owing, now or in the future, by the company to the charge.
7
Deferred taxation
There were no deferred tax movements in the year.
Deferred tax has not been recognised in respect of tax losses of £1,152,884 (2023: £756,680) as there is uncertainty over the timing of when these losses will be recovered against future taxable profits.
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
£
Within one year
58,032
Between two and five years
4,836
62,868
Proper Content Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 7
9
Related party transactions
Included within other debtors at the balance sheet date is an amount of £3,890 (2023: £18,330) owed from the director. This loan is repayable on demand, unsecured and interest free. The balance has been repaid by the director within 9 months of the year end.