| Proplug Limited |
| Notes to the Accounts |
| for the year ended 31 May 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
over 5 years |
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Fixtures, fittings, tools and equipment |
over 5 years |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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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. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. Unrelieved tax losses and other 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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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. |
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Management charges |
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Management charges are levied for services provided by Propipe Limited, a company under the control of the directors, to Proplug Limited. Charges are for services provided including but not limited to administrative support, finance and accounting, human resources, legal services, IT support and strategic management. These charges are based on the actual costs in providing the services or a reasonable allocation method that reflects the benefit received by each related entity. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Michael Anderson BA FCA |
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Firm: |
Bell Anderson Limited |
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Date of audit report: |
28 May 2026 |
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| 3 |
Employees |
2025 |
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2024 |
| Number |
Number |
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Average number of persons employed by the company |
4 |
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4 |
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| 4 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
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Cost |
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At 1 June 2024 |
21,484 |
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At 31 May 2025 |
21,484 |
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Depreciation |
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At 1 June 2024 |
21,484 |
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At 31 May 2025 |
21,484 |
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Net book value |
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At 31 May 2025 |
- |
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| 5 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
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Trade debtors |
286,753 |
|
130,233 |
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Other debtors |
1,416 |
|
71,749 |
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288,169 |
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201,982 |
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| 6 |
Creditors: amounts falling due within one year |
2025 |
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2024 |
| £ |
£ |
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Trade creditors |
49,557 |
|
155,847 |
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Taxation and social security costs |
55,104 |
|
28,761 |
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Other creditors |
144,279 |
|
595,107 |
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248,940 |
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779,715 |
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| 7 |
Capital redemption reserve |
2025 |
|
2024 |
| £ |
£ |
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Ordinary shares redeemed in the year |
25 |
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- |
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At 31 May 2025 |
25 |
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- |
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| 8 |
Related party transactions |
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During the year the company supplied industrial engineering services to Propipe Limited, a company in which the directors directly own 73% of the issued ordinary share capital. The value of sales made to Propipe Limited during the year was £Nil (2024: £107,762).
Propipe Limited charged the company management charges of £420,000 (2024: £120,000) together with a re-charge for wages of £246,756 (2024: £233,351).
Transactions were carried out on normal commercial terms.
At the year end the company had the following amounts due to/from Propipe Limited:
Owed by Propipe Limited to the company £Nil (2024: £111,754)
Owed by the company to Propipe Limited £48,000 (2024: £108,000).
Owed by the company to Propipe Limited on loan account £136,364 (2024: £589,607).
On 19th July 2024 the company purchased 25 £1 ordinary shares from the Black family for £160,000. These shares were subsequently cancelled. |
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| 9 |
Controlling party |
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The company is under the day to day control of the directors. |
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| 10 |
Other information |
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Proplug Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Unit 2 |
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Queen's Meadow Business Park |
|
Hartlepool |
|
Teesside |
|
TS25 5TE |