Propella Global Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06799312 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2020

for

Propella Global Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

E A Whitaker

REGISTERED OFFICE:

Ravenhill Farm Lulsley

Knightwick

Worcester

Worcestershire

WR6 5QW

REGISTERED NUMBER:

06799312 (England and Wales)

ACCOUNTANTS:

LR Business Services Limited

6 Blossom Close

Worcester

Worcestershire

WR5 1SN

FIXED ASSETS

Intangible assets

4

77,868

33,295

Tangible assets

5

720

1,058

78,588

34,353

CURRENT ASSETS

Debtors

6

17,380

9,392

Cash at bank

19,689

47,954

37,069

57,346

CREDITORS

Amounts falling due within one year

7

22,422

13,820

NET CURRENT ASSETS

14,647

43,526

TOTAL ASSETS LESS CURRENT LIABILITIES

93,235

77,879

CREDITORS

Amounts falling due after more than one year

8

(35,000

)

-

PROVISIONS FOR LIABILITIES

9

(137

)

(201

)

NET ASSETS

58,098

77,678

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

57,998

77,578

SHAREHOLDERS' FUNDS

58,098

77,678

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 September 2020 and were signed by:

E A Whitaker - Director

1.	STATUTORY INFORMATION

Propella Global Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

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.

Development costs are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on cost

Computer equipment

-

20% on cost

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 or deferred taxation assets and liabilities are not discounted.

Current tax is 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not

reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in

periods different from those in which they are recognised in financial statements. Deferred

tax is measured using tax rates and laws that have been enacted or substantively enacted

by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 February 2019

37,695

Additions

48,321

At 31 January 2020

86,016

AMORTISATION

At 1 February 2019

4,400

Amortisation for year

3,748

At 31 January 2020

8,148

NET BOOK VALUE

At 31 January 2020

77,868

At 31 January 2019

33,295

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 February 2019

and 31 January 2020

846

7,292

8,138

DEPRECIATION

At 1 February 2019

638

6,442

7,080

Charge for year

45

293

338

At 31 January 2020

683

6,735

7,418

NET BOOK VALUE

At 31 January 2020

163

557

720

At 31 January 2019

208

850

1,058

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.20

31.1.19

£

£

Trade debtors

224

-

Other debtors

500

500

Tax

10,091

7,992

VAT

6,365

-

Prepayments and accrued income

200

900

17,380

9,392

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.20

31.1.19

£

£

Trade creditors

6,642

(268

)

VAT

-

903

Other creditors

2,393

668

Directors' current accounts

12,737

11,867

Accruals and deferred income

650

650

22,422

13,820

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.20

31.1.19

£

£

Other creditors

35,000

-

9.	PROVISIONS FOR LIABILITIES

31.1.20

31.1.19

£

£

Deferred tax

137

201

Deferred

tax

£

Balance at 1 February 2019

201

Credit to Income Statement during year

(64

)

Balance at 31 January 2020

137

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.20

31.1.19

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Retained

earnings

£

At 1 February 2019

77,578

Deficit for the year

(19,580

)

At 31 January 2020

57,998

12.	RELATED PARTY DISCLOSURES

Rent totalling £870 (2019 : £870) was charged to the company by the Director. There is no

formal lease agreement in place.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is E A Whitaker.