Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-31OC3674402024-12-31false2024-01-010false0trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC367440 2024-01-01 2024-12-31 OC367440 2023-01-01 2023-12-31 OC367440 2024-12-31 OC367440 2023-12-31 OC367440 c:FurnitureFittings 2024-01-01 2024-12-31 OC367440 c:FurnitureFittings 2024-12-31 OC367440 c:FurnitureFittings 2023-12-31 OC367440 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 OC367440 c:FreeholdInvestmentProperty 2024-01-01 2024-12-31 OC367440 c:FreeholdInvestmentProperty 2024-12-31 OC367440 c:FreeholdInvestmentProperty 2023-12-31 OC367440 c:FreeholdInvestmentProperty 2 2024-01-01 2024-12-31 OC367440 c:FreeholdInvestmentProperty 3 2024-01-01 2024-12-31 OC367440 c:CurrentFinancialInstruments 2024-12-31 OC367440 c:CurrentFinancialInstruments 2023-12-31 OC367440 c:CurrentFinancialInstruments c:WithinOneYear 2024-12-31 OC367440 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 OC367440 e:FRS102 2024-01-01 2024-12-31 OC367440 e:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 OC367440 e:FullAccounts 2024-01-01 2024-12-31 OC367440 e:LimitedLiabilityPartnershipLLP 2024-01-01 2024-12-31 OC367440 e:PartnerLLP1 2024-01-01 2024-12-31 OC367440 c:FurtherSpecificReserve1ComponentTotalEquity 2024-12-31 OC367440 c:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 OC367440 c:FurtherSpecificReserve2ComponentTotalEquity 2024-12-31 OC367440 c:FurtherSpecificReserve2ComponentTotalEquity 2023-12-31 OC367440 f:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure



















Propeller Investments LLP

Registered number: OC367440
Information for filing with the 
Registrar
For the year ended 31 December 2024

 
 OC367440
31 December 2024
PROPELLER INVESTMENTS LLP
REGISTERED NUMBER: OC367440

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
622
778

Investment property
 5 
-
2,225,000

  
622
2,225,778

Current assets
  

Debtors: amounts falling due within one year
 6 
3,002,500
37,495

Cash at bank and in hand
  
316,555
315,043

  
3,319,055
352,538

Creditors: amounts falling due within one year
 7 
(28,034)
(332,707)

Net current assets
  
 
 
3,291,021
 
 
19,831

Total assets less current liabilities
  
3,291,643
2,245,609

  

Net assets
  
3,291,643
2,245,609


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
3,291,643
1,182,087

Revaluation reserve
  
-
1,063,522

  
3,291,643
2,245,609


Total members' interests
  

Members' other interests
  
3,291,643
2,245,609

  
3,291,643
2,245,609


- 1 -

 
 OC367440
31 December 2024
PROPELLER INVESTMENTS LLP
REGISTERED NUMBER: OC367440
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 6 June 2025.




S M Shonn
Member

The notes on pages 3 to 11 form part of these financial statements.

Propeller Investments LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

- 2 -

 
 OC367440
31 December 2024
PROPELLER INVESTMENTS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The LLP is registered in England and Wales. The address of the registered office is the The Old School House, George Leigh Street, Manchester, M4 6AF.
The principal activity of the LLP during the year was the rental of commerical property. 
These financial statements have been presented in pound sterling which is the functional currency of the LLP, and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

 
2.2

Going concern

The members have assessed the LLP's ability to continue as a going concern and concluded that the use of the going concern basis of accounting is appropriate because there are no material uncertainties to events or conditions that may cast significant doubt about the ability of the LLP to continue as a going concern. The LLP’s projections, taking account of reasonable possible changes in trading performance, show that the LLP will continue to operate within its current facilities.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

- 3 -

 
 OC367440
31 December 2024
PROPELLER INVESTMENTS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.4

Members' partcipation rights

Member’s participation rights are the rights of a member against the LLP that arise under the members’ agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits). 
Members’ participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP’s perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, and the requirements of the Statement applicable in the UK and the Republic of Ireland’, and the requirements of the Statement of Recommended Practice ‘Accounting by Limited Liability Partnerships’.  A member participation right results in a liability unless the right to any payment is discretion on the party of the LLP.
Amounts subscribed or otherwise contributed by members, for example members’ capital are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities. 
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statements of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position. 
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as appropriation of equity rather than as an expense. They are therefore shown as residual amount available for discretionary division among members in the statement of  comprehensive income and are equity appropriations in the statement of financial position. 
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each chase, an unconditional right to refuse payment. 
All amounts due to members’ that are classified as liabilities are present in the statement of financial position with ‘Loans and other debts due to members’ are charged to statement of comprehensive income within ‘Members’ remuneration charged as an expense’. Amounts due to members that are classified as required are shown in the statement of financial position within ‘Members’ other interests’. 

- 4 -

 
 OC367440
31 December 2024
PROPELLER INVESTMENTS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

The LLP has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard  to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.6

Finance costs

Finance costs are charged to profit or loss 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.

 
2.7

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the Statement of Comprehensive Income.

 
2.8

Tangible fixed assets

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.

- 5 -

 
 OC367440
31 December 2024
PROPELLER INVESTMENTS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
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 profit or loss.

 
2.9

Investment property

Investment property is carried at fair value determined annually by the Members and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised through a Revaluation Reserve in Members capital.

 
2.10

Debtors

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.

 
2.11

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.

 
2.12

Creditors

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.

- 6 -

 
 OC367440
31 December 2024
PROPELLER INVESTMENTS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the LLP's Statement of Financial Position when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date. 
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 
- 7 -

 
 OC367440
31 December 2024
PROPELLER INVESTMENTS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.

- 8 -

 
 OC367440
31 December 2024
PROPELLER INVESTMENTS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Members and employees

The LLP has no employees other than the members, who did not receive any remuneration (2023 - £Nil).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 January 2024
10,999



At 31 December 2024

10,999



Depreciation


At 1 January 2024
10,221


Charge for the year
156



At 31 December 2024

10,377



Net book value



At 31 December 2024
622



At 31 December 2023
778

- 9 -

 
 OC367440
31 December 2024
PROPELLER INVESTMENTS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Investment property


Freehold investment property

£





At 1 January 2024
2,225,000


Disposals
-


Surplus on revaluation
1,275,000


Disposals
(3,500,000)



At 31 December 2024
-

The last professional valuation was in September 2024 by Nolan Redshaw Ltd, on an open market value for existing use basis. This valuation was made before the property was sold to a connected company in October 2024. 





6.


Debtors

2024
2023
£
£


Amounts owed by related parties
3,000,000
-

Other debtors
2,500
34,500

Prepayments and accrued income
-
2,995

3,002,500
37,495


Amounts owed by entities under common control, is typically charged at 7.5% interest per annum and is secured over the property sold during the year, detailed in note 5. However, no interest has been charged for this period as it has been waived.


7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
24,484
59,800

Other creditors
-
269,731

Accruals and deferred income
3,550
3,176

28,034
332,707


- 10 -

 
 OC367440
31 December 2024
PROPELLER INVESTMENTS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Members' partcipation rights

In the event of a winding up the amounts included in 'Members' other interests' will rank equally to unsecured creditors.







9.


Related party transactions

In the opinion of the members there is no controlling party as defined by FRS 102. 
Included within creditors due within one year is an amount owed to 151 Products Limited of £Nil (2023: £269,731). During the year, £168,750 (2023: £120,000) of rent was received and sales were made of £5,990 (2023: £270,000) from 151 Products Limited. 151 Products Limited is a related party by virtue of the directorship of S M Shonn.
During the year, £100,000 (2023: £100,000) of sales were made to B7 Venture companies who are related by common directorship.
Included within debtors due within one year is an amount due from an entity under common control relating to the sale of the investment property detailed in note 5. 

- 11 -