Propshop Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 02990031

Propshop Limited

Unaudited financial statements

31 January 2026

Propshop Limited

Statement of financial position

31 January 2026

	2026		2025
			(restated)
Note	£	£	£	£

Fixed assets

Tangible assets	5		4,567,368		3,896,499

Current assets

Stocks		1,709,863	2,101,835
Debtors	6	2,126,209	1,071,460
Cash at bank and in hand		383,608	479,310
		-----------	-----------
		4,219,680	3,652,605

Creditors: Amounts falling due within one year	7	( 6,275,553)		( 5,170,698)
		-----------		-----------
Net current liabilities			( 2,055,873)		( 1,518,093)
			-----------		-----------
Total assets less current liabilities			2,511,495		2,378,406

Creditors: Amounts falling due after more than one year	8		( 220,000)		( 291,598)

Provisions

Taxation including deferred tax	( 852,656)	( 687,133)
	-----------	-----------
Net assets	1,438,839	1,399,675
	-----------	-----------

Capital and reserves

Called up share capital		100	100
Revaluation reserve	10	593,505	593,505
Profit and loss account	10	845,234	806,070
		-----------	-----------
Shareholders funds		1,438,839	1,399,675
		-----------	-----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 January 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Propshop Limited

Statement of financial position (continued)

31 January 2026

These financial statements were approved by the board of directors and authorised for issue on 29 October 2026 , and are signed on behalf of the board by:

J J Romain

Director

Company registration number: 02990031

Propshop Limited

Notes to the financial statements

Year ended 31 January 2026

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Building 425 Duxford Airfield, Duxford, Cambridge, CB22 4QR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of aircraft measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

Estimates and judgements used in preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition seldom equal the related actual results. Any subsequent changes are accounted for with an effect on income at the time such updated information is available. The estimates and assumptions that have a significant effect on the carrying amounts of assets and liabilities are discussed below: - Aircraft - In applying the Company's accounting policies for aircraft carried at fair value, consideration was given to the valuation of the aircraft at the reporting date. Further detail of the estimate has been included in the tangible assets note.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long leasehold property	-	5% straight line
Plant and machinery	-	15% straight line
Motor vehicles	-	25% reducing balance
Equipment	-	15% - 25% straight line

No depreciation is charged on aircraft as they are reviewed for impairment and revalued annually.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of employees during the year was 42 (2025: 46 ).

5. Tangible assets

	Long leasehold property	Plant and machinery	Motor vehicles	Equipment	Aircraft	Total
	£	£	£	£	£	£
Cost
At 1 February 2025 (as restated)	1,966,896	485,928	106,641	302,210	2,709,607	5,571,282
Additions	97,945	38,008	–	42,797	740,348	919,098
Disposals	( 87,973)	–	( 13,999)	–	–	( 101,972)
	-----------	---------	---------	---------	-----------	-----------
At 31 January 2026	1,976,868	523,936	92,642	345,007	3,449,955	6,388,408
	-----------	---------	---------	---------	-----------	-----------
Depreciation
At 1 February 2025	939,915	420,581	70,195	244,092	–	1,674,783
Charge for the year	94,502	25,229	7,143	25,508	–	152,382
Disposals	–	–	( 6,125)	–	–	( 6,125)
	-----------	---------	---------	---------	-----------	-----------
At 31 January 2026	1,034,417	445,810	71,213	269,600	–	1,821,040
	-----------	---------	---------	---------	-----------	-----------
Carrying amount
At 31 January 2026	942,451	78,126	21,429	75,407	3,449,955	4,567,368
	-----------	---------	---------	---------	-----------	-----------
At 31 January 2025	1,026,981	65,347	36,446	58,118	2,709,607	3,896,499
	-----------	---------	---------	---------	-----------	-----------

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Aircraft
	£
At 31 January 2026
Aggregate cost	2,658,616
Aggregate depreciation	–
	-----------
Carrying value	2,658,616
	-----------

At 31 January 2025
Aggregate cost	1,918,267
Aggregate depreciation	–
	-----------
Carrying value	1,918,267
	-----------

6. Debtors

	2026	2025
		(restated)
	£	£
Trade debtors	1,105,641	289,586
Amounts owed by group undertakings	818,365	380,341
Other debtors	202,203	401,533
	-----------	-----------
	2,126,209	1,071,460
	-----------	-----------

The debtors above include the following amounts falling due after more than one year:

	2026	2025
		(restated)
	£	£
Other debtors	–	25,000
	----	-------

7. Creditors: Amounts falling due within one year

	2026	2025
		(restated)
	£	£
Bank loans and overdrafts	65,284	140,000
Trade creditors	439,406	186,689
Amounts owed to group undertakings	5,117,998	3,998,119
Social security and other taxes	59,739	270,540
Other creditors	593,126	575,350
	-----------	-----------
	6,275,553	5,170,698
	-----------	-----------

The bank loans are secured by fixed and floating charges over the assets of the company, with a guarantee secured by the group companies. Included in other creditors is an amount of £6,314 (2025: £9,472) which is secured by the assets concerned.

8. Creditors: Amounts falling due after more than one year

	2026	2025
		(restated)
	£	£
Bank loans and overdrafts	220,000	285,284
Other creditors	–	6,314
	---------	---------
	220,000	291,598
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £60,000 (2025: £100,000) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loans are secured by fixed and floating charges over the assets of the company, with a guarantee secured by the group companies. Included in other creditors is an amount of £Nil (2025: £6,314) which is secured by the assets concerned.

9. Prior period errors

Trade creditors and trade debtors reported in the comparative period were overstated due to amounts owed to and by group undertakings and associated companies not being reclassified. A restatement has been made to reflect these. The tables below show the impact of this adjustment to trade debtors, trade creditors, amounts owed to group undertakings, amounts owed by group undertakings, other debtors and other creditors.

		£
	Trade creditors at 31 January 2025 per filed accounts	245,790
	Movement of group and associated balances	(59,101)
		---------
	Restated trade creditors per 2025 comparatives	186,689
		---------

	£
Trade debtors at 31 January 2025 per filed accounts	682,729
Movement of group and associated balances	(393,143)
	---------
Restated trade debtors per 2025 comparatives	289,586
	---------

	£
Amounts owed to group undertakings at 31 January 2025 per filed accounts	4,071,368
Movement of group balances from trade debtors	(79,718)
Movement of group balances from trade creditors	6,469
	------------
Restated amounts owed to group undertakings per 2025 comparatives	3,998,119
	------------

	£
Amounts owed by group undertakings at 31 January 2025 per filed accounts	69,166
Movement of group balances from trade debtors	313,425
Movement of group balances from trade creditors	(2,250)
	---------
Restated amounts owed by group undertakings per 2025 comparatives	380,341
	---------

	£
Other creditors at 31 January 2025 per filed accounts	533,017
Movement of balances from trade creditors	50,382
Reclassification between other debtors and other creditors	(8,049)
	---------
Restated other creditors per 2025 comparatives	575,350
	---------

	£
Other debtors at 31 January 2025 per filed accounts	409,582
Reclassification between other debtors and other creditors	(8,049)
	---------
Restated other debtors per 2025 comparatives	401,533
	---------

10.Reserves

Revaluation reserve - This reserve records accumulated fair value adjustments in respect of the aircraft recognised through profit or loss and is non-distributable. Profit and loss account - This reserve records retained earnings and accumulated losses.

11. Directors' advances, credits and guarantees

Included within debtors at the year end is a directors loan account of £Nil (2025: £171,168). The maximum overdrawn balance during the year was £266,854. Interest of £8,660 was charged at the official rate.

12. Related party transactions

At the reporting date, the Company had an outstanding balance of £5,117,998 due to group companies. The balance is interest-free, unsecured, and repayable on demand. At the reporting date, the Company had an outstanding balance of £818,365 due from group companies. The balance is interest-free, unsecured, and repayable on demand.

13. Controlling party

The ultimate parent company is Aircraft Restoration Company Limited whose registered office is Building 425 Duxford Airfield, Duxford, Cambridge, CB22 4QR.