PROPELLER DESIGN LIMITED |
Registered number: |
02996849 |
Balance Sheet |
as at 31 July 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Investments |
4 |
|
|
120,851 |
|
|
120,851 |
|
Current assets |
Debtors |
5 |
|
59,500 |
|
|
115,485 |
Cash at bank and in hand |
|
|
1,014 |
|
|
33,324 |
|
|
|
60,514 |
|
|
148,809 |
|
Creditors: amounts falling due within one year |
6 |
|
(86,528) |
|
|
(144,496) |
|
Net current (liabilities)/assets |
|
|
|
(26,014) |
|
|
4,313 |
|
Total assets less current liabilities |
|
|
|
94,837 |
|
|
125,164 |
|
Creditors: amounts falling due after more than one year |
7 |
|
|
(8,773) |
|
|
(19,062) |
|
|
|
Net assets |
|
|
|
86,064 |
|
|
106,102 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
110 |
|
|
110 |
Profit and loss account |
|
|
|
85,954 |
|
|
105,992 |
|
Shareholders' funds |
|
|
|
86,064 |
|
|
106,102 |
|
|
|
|
|
|
|
|
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. |
|
|
|
|
S J Stebbings |
Director |
Approved by the board on 28 April 2025 |
|
PROPELLER DESIGN LIMITED |
Notes to the Accounts |
for the year ended 31 July 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 comprises revenue earned from the rendering of services and 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. |
|
|
Freehold investment property |
|
Investment property is included in the balance sheet at its fair value and is not depreciated. When material changes in fair value arise they are taken to the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), 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. 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. 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. Current and deferred tax assets and liabilities are not discounted. |
|
|
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 company had no finance leases in the period under review. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
6 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Furniture etc |
£ |
|
Cost |
|
At 1 August 2023 |
9,667 |
|
At 31 July 2024 |
9,667 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 August 2023 |
9,667 |
|
At 31 July 2024 |
9,667 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2024 |
- |
|
|
4 |
Investments |
|
Other |
investments |
£ |
|
Cost (£851) / Fair value (£120,000) |
|
At 1 August 2023 |
120,851 |
|
|
At 31 July 2024 |
120,851 |
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 1 August 2023 |
139,703 |
|
At 31 July 2024 |
139,703 |
|
|
|
|
|
|
|
|
|
|
Investments include a freehold investment property at a market value of £120,000 (2023: £120,000). The market value at each year end has been estimated by the directors (who are not professional valuers), based on the advertised selling price of similar properties. The original cost was £139,703 and if the property were to be sold at its market value, there would be no tax payable on the sale. In the opinion of the directors there was no material change in the market value in the year ended 31st July 2024. |
|
|
5 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
22,812 |
|
77,195 |
|
Other debtors |
36,688 |
|
32,052 |
|
Prepayments and accrued income |
- |
|
6,238 |
|
|
|
|
|
|
59,500 |
|
115,485 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans and overdrafts |
29,037 |
|
33,057 |
|
Trade creditors |
5,736 |
|
35,311 |
|
Taxation and social security costs |
49,434 |
|
66,806 |
|
Other creditors |
- |
|
6,001 |
|
Accruals and deferred income |
2,321 |
|
3,321 |
|
|
|
|
|
|
86,528 |
|
144,496 |
|
|
|
|
|
|
|
|
|
|
The directors have given personal guarantees to the bank for the bank overdraft. |
|
7 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
8,773 |
|
19,062 |
|
|
|
|
|
|
|
|
|
|
8 |
Loans |
2024 |
|
2023 |
£ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
19,062 |
|
29,097 |
|
|
|
|
|
|
|
|
|
|
The bank loan is a Coronavirus Business Interruption Loan, secured by government guarantee. |
|
|
9 |
Other financial commitments |
2024 |
|
2023 |
£ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
14,337 |
|
19,247 |
|
|
|
|
|
|
|
|
|
|
10 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
|
S P Milldown |
|
Director's current account, interest-free and repayable on demand |
- |
|
1,904 |
|
- |
|
1,904 |
|
|
S J Stebbings |
|
Director's current account, interest-free and repayable on demand |
- |
|
2,614 |
|
- |
|
2,614 |
|
|
|
- |
|
4,518 |
|
- |
|
4,518 |
|
|
|
|
|
|
|
|
|
|
11 |
Other information |
|
|
PROPELLER DESIGN LIMITED is a private company limited by shares and incorporated in England & Wales. Its registered office is: |
|
39, 40 and 41 Epsilon House |
|
Ransomes Europark |
|
West Road |
|
Ipswich |
|
IP3 9FJ |