Propel Contracts Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

Registered number: 08640091

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		-		114
Tangible Assets	5		28,297		35,377

			28,297		35,491
CURRENT ASSETS
Stocks	6	6,000		6,000
Debtors	7	335,226		456,878
Cash at bank and in hand		149,055		43,496

		490,281		506,374
Creditors: Amounts Falling Due Within One Year	8	(166,934 )		(33,837 )

NET CURRENT ASSETS (LIABILITIES)			323,347		472,537

TOTAL ASSETS LESS CURRENT LIABILITIES			351,644		508,028

PROVISIONS FOR LIABILITIES
Deferred Taxation			(7,075 )		-

NET ASSETS			344,569		508,028

CAPITAL AND RESERVES
Called up share capital	9		200		200
Profit and Loss Account			344,369		507,828

SHAREHOLDERS' FUNDS			344,569		508,028

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Propel Contracts Ltd

Balance Sheet (continued)

As At 31 December 2024

For the year ending 31 December 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 directors acknowledge their 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.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Laurie Mitchell

Director

29/08/2025

The notes on pages 3 to 6 form part of these financial statements.

1. General Information

Propel Contracts Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08640091 . The registered office is 20 Canley Road, Coventry Business Park, Coventry, CV5 6BH.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are a patent. It is amortised to profit and loss account over its estimated economic life of 3 years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	25% reducing balance
Plant & Machinery	15% reducing balance
Motor Vehicles	25% reducing balance
Fixtures & Fittings	25% reducing balance
Computer Equipment	15% reducing balance

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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Propel Contracts Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 9 (2023: 9)

4. Intangible Assets

	Other
	£
Cost
As at 1 January 2024	1,648

As at 31 December 2024	1,648

Amortisation
As at 1 January 2024	1,534
Provided during the period	114

As at 31 December 2024	1,648

Net Book Value
As at 31 December 2024	-

As at 1 January 2024	114

5. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 January 2024	61,558	53,534	28,250	81,018
Additions	-	-	-	-
Disposals	-	(2,701 )	-	-

As at 31 December 2024	61,558	50,833	28,250	81,018

Depreciation
As at 1 January 2024	45,950	44,810	26,136	72,087
Provided during the period	3,902	964	529	1,340
Disposals	-	(404 )	-	-

As at 31 December 2024	49,852	45,370	26,665	73,427

Net Book Value
As at 31 December 2024	11,706	5,463	1,585	7,591

As at 1 January 2024	15,608	8,724	2,114	8,931

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Propel Contracts Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024


	Computer Equipment	Total
	£	£
Cost
As at 1 January 2024	-	224,360
Additions	2,701	2,701
Disposals	-	(2,701 )

As at 31 December 2024	2,701	224,360

Depreciation
As at 1 January 2024	-	188,983
Provided during the period	749	7,484
Disposals	-	(404 )

As at 31 December 2024	749	196,063

Net Book Value
As at 31 December 2024	1,952	28,297

As at 1 January 2024	-	35,377

6. Stocks

	2024	2023
	£	£
Stock	6,000	6,000

7. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	65,708	13,586
Prepayments and accrued income	-	30,214
Other debtors	-	311
Other debtors (1)	153	110
Deferred tax current asset	-	5,364
Amounts owed by group undertakings	269,365	407,293

	335,226	456,878

8. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	3,458	8,678
Bank loans and overdrafts	95	95
Corporation tax	72,870	10,279
Other taxes and social security	3,919	2,239
VAT	21,810	6,796
Other creditors	64,067	5,100
Accruals and deferred income	715	650

	166,934	33,837

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Propel Contracts Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	200	200

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