Registered number
02996849
PROPELLER DESIGN LIMITED
Filleted Accounts
31 July 2024
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
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