| REGISTERED NUMBER: 14625314 (England and Wales) |
| REPORT OF THE DIRECTORS AND |
| UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| PROPELLER MARKETING GROUP LIMITED |
| REGISTERED NUMBER: 14625314 (England and Wales) |
| REPORT OF THE DIRECTORS AND |
| UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| PROPELLER MARKETING GROUP LIMITED |
| PROPELLER MARKETING GROUP LIMITED (REGISTERED NUMBER: 14625314) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| For The Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Consolidated Statement of Income and Retained Earnings | 3 |
| Consolidated Balance Sheet | 4 |
| Company Balance Sheet | 6 |
| Notes to the Consolidated Financial Statements | 8 |
| PROPELLER MARKETING GROUP LIMITED |
| COMPANY INFORMATION |
| For The Year Ended 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| PROPELLER MARKETING GROUP LIMITED (REGISTERED NUMBER: 14625314) |
| REPORT OF THE DIRECTORS |
| For The Year Ended 31 December 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| POLITICAL DONATIONS AND EXPENDITURE |
| During the year, the group made donations for charitable purposes totalling £771. None of these donations were political in nature. |
| The donations were made to a variety of charities, supporting causes such as healthcare and environmental conservation. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| PROPELLER MARKETING GROUP LIMITED (REGISTERED NUMBER: 14625314) |
| CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS |
| For The Year Ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 5,626,870 | 5,613,168 |
| Cost of sales | 833,024 | 1,074,653 |
| GROSS PROFIT | 4,793,846 | 4,538,515 |
| Administrative expenses | 4,318,798 | 4,425,678 |
| OPERATING PROFIT | 475,048 | 112,837 |
| Interest receivable and similar income | 1,562 | 729 |
| 476,610 | 113,566 |
| Interest payable and similar expenses | 96,860 | 83,799 |
| PROFIT BEFORE TAXATION | 379,750 | 29,767 |
| Tax on profit | 5 | 137,549 | 161,049 |
| PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
| Retained earnings at beginning of year | (141,282 | ) | - |
| Dividends | (10,000 | ) | (10,000 | ) |
| RETAINED EARNINGS FOR THE GROUP AT END OF YEAR |
90,919 |
(141,282 |
) |
| Profit/(loss) attributable to: |
| Owners of the parent | 242,201 | (131,282 | ) |
| PROPELLER MARKETING GROUP LIMITED (REGISTERED NUMBER: 14625314) |
| CONSOLIDATED BALANCE SHEET |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 7 | 961,972 | 1,063,578 |
| Tangible assets | 8 | 62,573 | 78,959 |
| Investments | 9 | - | - |
| 1,024,545 | 1,142,537 |
| CURRENT ASSETS |
| Debtors | 10 | 946,623 | 857,340 |
| Cash in hand | 549,946 | 894,640 |
| 1,496,569 | 1,751,980 |
| CREDITORS |
| Amounts falling due within one year | 11 | 1,046,195 | 1,411,977 |
| NET CURRENT ASSETS | 450,374 | 340,003 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
1,474,919 |
1,482,540 |
| CREDITORS |
| Amounts falling due after more than one year | 12 | (1,052,366 | ) | (1,299,191 | ) |
| PROVISIONS FOR LIABILITIES | (17,335 | ) | (18,570 | ) |
| NET ASSETS | 405,218 | 164,779 |
| CAPITAL AND RESERVES |
| Called up share capital | 1,000 | 1,000 |
| Non-distributable reserves | 86,158 | 77,920 |
| Pre acquisition reserves | 14 | 227,141 | 227,141 |
| Retained earnings | 90,919 | (141,282 | ) |
| SHAREHOLDERS' FUNDS | 405,218 | 164,779 |
| The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. |
| The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006. |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
| PROPELLER MARKETING GROUP LIMITED (REGISTERED NUMBER: 14625314) |
| CONSOLIDATED BALANCE SHEET - continued |
| 31 December 2024 |
| The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
| The financial statements were approved by the Board of Directors and authorised for issue on 1 July 2025 and were signed on its behalf by: |
| K Kent - Director |
| J M Osman - Director |
| PROPELLER MARKETING GROUP LIMITED (REGISTERED NUMBER: 14625314) |
| COMPANY BALANCE SHEET |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 7 |
| Tangible assets | 8 |
| Investments | 9 |
| CURRENT ASSETS |
| Debtors | 10 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 11 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 12 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Other reserves |
| Non-distributable reserves |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 61,727 | 20,018 |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| PROPELLER MARKETING GROUP LIMITED (REGISTERED NUMBER: 14625314) |
| COMPANY BALANCE SHEET - continued |
| 31 December 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| PROPELLER MARKETING GROUP LIMITED (REGISTERED NUMBER: 14625314) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| For The Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Propeller Marketing Group Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents sales of PR, marketing and business development services, excluding value added tax, performed during the year. |
| Turnover is recognised as the right to consideration arises and adjustments are made for accrued and deferred income. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Computer equipment | - |
| Financial instruments |
| The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities. Financial instruments are recognised at amortised cost, except for investments in shares which are measured at fair value. At the end of each reporting period financial instruments are assessed for evidence of impairment, and changes are recognised in profit or loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. |
| Deferred tax represents the future tax consequences of material transactions and events recognised in the financial statements of current and previous periods. |
| Current and deferred tax assets and liabilities are not discounted and are recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| PROPELLER MARKETING GROUP LIMITED (REGISTERED NUMBER: 14625314) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2024 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average monthly number of employees during the year was as follows: |
| 2024 | 2023 |
| Directors | 2 | 2 |
| Employees | 50 | 46 |
| 52 | 48 |
| 4. | EXCEPTIONAL ITEMS |
| 2024 | 2023 |
| £ | £ |
| Management buyout fees | 6,123 | (91,940 | ) |
| Related party loan write off | - | (322,269 | ) |
| 6,123 | (414,209 | ) |
| Management buyout fees of £6,123 in 2024 relate solely to the recovery of VAT on costs incurred prior to the company’s VAT registration, which was completed shortly after the previous year-end. |
| 5. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | 154,405 | 158,953 |
| Over provision of tax in prior |
| years | (15,621 | ) | (1,174 | ) |
| Total current tax | 138,784 | 157,779 |
| Deferred tax | (1,235 | ) | 3,270 |
| Tax on profit | 137,549 | 161,049 |
| 6. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| PROPELLER MARKETING GROUP LIMITED (REGISTERED NUMBER: 14625314) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2024 |
| 7. | INTANGIBLE FIXED ASSETS |
| Group |
| Other |
| intangible |
| Goodwill | assets | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 | 1,160,267 | - | 1,160,267 |
| Additions | - | 15,180 | 15,180 |
| At 31 December 2024 | 1,160,267 | 15,180 | 1,175,447 |
| AMORTISATION |
| At 1 January 2024 | 96,689 | - | 96,689 |
| Charge for year | 116,027 | 759 | 116,786 |
| At 31 December 2024 | 212,716 | 759 | 213,475 |
| NET BOOK VALUE |
| At 31 December 2024 | 947,551 | 14,421 | 961,972 |
| At 31 December 2023 | 1,063,578 | - | 1,063,578 |
| Company |
| Goodwill |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| PROPELLER MARKETING GROUP LIMITED (REGISTERED NUMBER: 14625314) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2024 |
| 8. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 | 104,379 | 131,554 | 235,933 |
| Additions | 2,009 | 8,660 | 10,669 |
| At 31 December 2024 | 106,388 | 140,214 | 246,602 |
| DEPRECIATION |
| At 1 January 2024 | 88,769 | 68,205 | 156,974 |
| Charge for year | 4,991 | 22,064 | 27,055 |
| At 31 December 2024 | 93,760 | 90,269 | 184,029 |
| NET BOOK VALUE |
| At 31 December 2024 | 12,628 | 49,945 | 62,573 |
| At 31 December 2023 | 15,610 | 63,349 | 78,959 |
| 9. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 778,110 | 721,872 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 50,159 | 40,980 |
| Directors' loan accounts | - | 2,587 | - | - |
| Prepayments and accrued income | 118,354 | 91,901 |
| 946,623 | 857,340 |
| PROPELLER MARKETING GROUP LIMITED (REGISTERED NUMBER: 14625314) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2024 |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Loans | 232,334 | 211,513 |
| Deferred consideration | 140,027 | 265,025 | 140,027 | 265,025 |
| Trade creditors | 242,097 | 306,562 |
| Amounts owed to group undertakings | - | - |
| Corporation tax | 74,092 | 175,003 |
| Social security and other taxes | 244,556 | 273,440 |
| Other creditors | 28,565 | 30,530 |
| Accruals and deferred income | 84,524 | 149,904 |
| 1,046,195 | 1,411,977 |
| 12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Loans - 1-2 years | 255,205 | 232,334 |
| Loans - 2-5 years | 354,597 | 609,802 |
| Deferred consideration |
| - 1-2 years | 91,769 | 160,572 | 91,769 | 160,572 |
| Deferred consideration |
| - 2-5 years | 350,795 | 296,483 | 350,795 | 296,483 |
| 1,052,366 | 1,299,191 |
| Adjustments are made at each year-end reporting date to reflect the present value of future cash flows (PVFC) in respect of deferred consideration. As at 31 December 2024, the value of the PVFC adjustment was £86,158 and it is recognised within non-distributable reserves. The total value of the deferred consideration at 31 December 2024 before adjustments was £668,750. |
| 13. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Loans | 842,136 | 1,053,649 | 842,136 | 1,053,649 |
| Fixed and floating charges over all property or undertaking of all actively trading companies within the group were created on 27 February 2023 by Triple Point Advancr Leasing PLC, to secure all monies due or becoming due. |
| The charges include all future and present freehold and leasehold property owned by the chargor together with all buildings, structures, fixtures and fittings thereon (including all trade and tenant's fixtures). All present and future patents, patent applications, trade marks and service marks (whether registered or not), copyrights and all other intellectual property rights and all other rights relating thereto legally or beneficially owned by the chargor. The floating charge covers all the property or undertaking of the company. The charge also contains a negative pledge. |
| PROPELLER MARKETING GROUP LIMITED (REGISTERED NUMBER: 14625314) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2024 |
| 14. | RESERVES |
| Group |
| Pre |
| acquisition |
| reserves |
| £ |
| At 1 January 2024 |
| and 31 December 2024 | 227,141 |
| 15. | SUBSEQUENT EVENTS |
| After the 2024 year-end, HMRC concluded its review of the Group's R&D tax credit claim for the year ended 31 December 2021 and determined that an amount of £41,481 was repayable. Payment is expected to fall due within the next 12 months. As the outcome of the review was unknown at the year end, this amount has not been included as a liability within these financial statements. |