Company No: 04236148 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

R Bruton

SECRETARY

M Lillicrapp

REGISTERED OFFICE	42 Colebrooke Row
	London
	N1 8AF
	United Kingdom

COMPANY NUMBER

04236148 (England and Wales)

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	303,322		315,226
		303,322		315,226
Current assets
Debtors	5	3,497,047		2,960,080
Cash at bank and in hand		2,095,084		1,792,803
		5,592,131		4,752,883
Creditors: amounts falling due within one year	6	( 348,450)		( 365,183)
Net current assets		5,243,681		4,387,700
Total assets less current liabilities		5,547,003		4,702,926
Provision for liabilities	7	( 27,466)		( 29,191)
Net assets		5,519,537		4,673,735
Capital and reserves
Called-up share capital		110		110
Share premium account		27,990		27,990
Profit and loss account		5,491,437		4,645,635
Total shareholders' funds		5,519,537		4,673,735

For the financial year ending 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Propeller Communications Limited (registered number: 04236148) were approved and authorised for issue by the Director on 23 June 2026. They were signed on its behalf by:

R Bruton Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Propeller Communications Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 42 Colebrooke Row, London, N1 8AF, England.

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover comprises the fair value of the considerations received or receivable for the provision of website design and maintenance for the hospitality sector. Turnover is shown net of value added tax and discounts.

The company recognises income in respect of website set up and design according to the stage of completion. Income arising from the ongoing maintenance fees is recognised over the period it relates to.

Taxation

Current tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax creditors in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible fixed assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land, over their estimated useful lives, as follows:

Land and buildings	50 years straight line
Fixtures and fittings	20 % reducing balance
Office equipment	25 % reducing balance
Computer equipment	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Trade and other debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Ordinary share capital

Ordinary shares are classified as equity.

Dividends

Interim dividend distributions to the company's shareholders are recognised in the financial statements in the reporting period in which they are paid and final dividends are recognised when approved by the member.

Investments

Investments in subsidiaries are carried at cost less impairment.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2. Employees

	2025		2024
	Number		Number
The average number of persons employed by the company during the year was	39		33

3. Tangible assets

	Land and buildings		Fixtures and fittings		Office equipment		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 October 2024	306,842		171,516		432,939		49,779		961,076
Additions	0		1,277		0		4,915		6,192
At 30 September 2025	306,842		172,793		432,939		54,694		967,268
Accumulated depreciation
At 01 October 2024	47,873		165,295		410,641		22,041		645,850
Charge for the financial year	3,011		1,483		5,575		8,027		18,096
At 30 September 2025	50,884		166,778		416,216		30,068		663,946
Net book value
At 30 September 2025	255,958		6,015		16,723		24,626		303,322
At 30 September 2024	258,969		6,221		22,298		27,738		315,226

4. Fixed asset investments

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 30.09.2025	Ownership 30.09.2024
Propellor Studio Inc	39 W. 14th Street, Suite 204, New York, New York 10011, United States of America	Other information technology service activities	Common Stock, without par value.	100.00%	100.00%

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are shown above.

The subscribed shares have no par value therefore the cost value of the investment held by the company is nil (2022 - nil).

5. Debtors

	2025		2024
	£		£
Trade debtors	730,444		778,866
Amounts owed by group undertakings (note 9)	1,984,812		1,954,890
Other debtors	781,791		226,324
	3,497,047		2,960,080

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	16,468		50,212
Amounts owed to group undertakings (note 9)	816		816
Accruals	85,032		33,920
Taxation and social security	238,629		272,260
Other creditors	7,505		7,975
	348,450		365,183

7. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 29,191)		( 29,769)
Credited to the Profit and Loss Account	1,725		578
At the end of financial year	( 27,466)		( 29,191)

8. Financial commitments

Commitments

The amount of financial commitments not included in the balance sheet is £226,000 (2024 - £226,000).

9. Related party transactions

Transactions with the entity's director

	2025		2024
	£		£
Director	562,336		0

During the year £557,440 was advanced to the director (2024 – nil). Interest charged for the year was £4,936 (2024 – nil) at a rate of 2.25% up to 5 April 2025 and 3.75% thereafter. The amount due at 30 September 2025 was £562,336. The loan is repayable on demand.

10. Off Balance Sheet arrangements

A mortgage was taken out by a group company to purchase a property rented to Propeller and as a result of which a charge is in place on all the assets of Propeller Communications Ltd in both the current and prior year.

11. Ultimate controlling party

Propeller Communications Limited has one subsidiary, Propeller Studio, Inc. incorporated in the United States.

The company's immediate and ultimate parent is Spinnaker Group, incorporated in England and Wales.

The group does not prepare consolidated financial statements.