Company Registration No. 05901271 (England and Wales)
Propacea Limited
Unaudited accounts
for the year ended 31 August 2024
Propacea Limited
Unaudited accounts
Contents
Propacea Limited
Company Information
for the year ended 31 August 2024
Company Number
05901271 (England and Wales)
Registered Office
Congress House
14 Lyon Road
Harrow
HA1 2EN
Accountants
Balmoral Consultancy Services Limited
Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN
Propacea Limited
Statement of financial position
as at 31 August 2024
Investments
679,254
678,840
Cash at bank and in hand
166,442
239,286
Creditors: amounts falling due within one year
(130,405)
(110,380)
Net current assets
36,037
128,906
Net assets
716,091
808,812
Called up share capital
20
20
Profit and loss account
716,071
808,792
Shareholders' funds
716,091
808,812
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 16 May 2025 and were signed on its behalf by
G Brazg
Director
Company Registration No. 05901271
Propacea Limited
Notes to the Accounts
for the year ended 31 August 2024
Propacea Limited is a private company, limited by shares, registered in England and Wales, registration number 05901271. The registered office is Congress House, 14 Lyon Road, Harrow, HA1 2EN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 .
The following principal accounting policies have been applied:
Revenue represents amounts receivable for the provision of data, services and advice.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.
Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Propacea Limited
Notes to the Accounts
for the year ended 31 August 2024
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
Computer equipment - 25% reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Propacea Limited
Notes to the Accounts
for the year ended 31 August 2024
4
Tangible fixed assets
Computer equipment
At 1 September 2023
27,808
At 1 September 2023
26,742
5
Investments
Other investments
Valuation at 1 September 2023
678,840
Valuation at 31 August 2024
679,254
6
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
79,168
72,333
Loans from directors
19,581
20,298
Allotted, called up and fully paid:
20 Ordinary shares of £1 each
20
20
8
Transactions with related parties
At the year-end date, the company owed to the director the sum of £19,581(2023: £20,298). This loan is unsecured, interest-free and repayable on demand.
During the year under review, the director, G Brazg received dividends amounting to £329,842 (2023: £277,350).
The company is controlled by the director, G Brazg, and family members by virtue of their majority shareholding.
Propacea Limited
Notes to the Accounts
for the year ended 31 August 2024
10
Average number of employees
During the year the average number of employees was 1 (2023: 1).