ACCOUNTS - Final Accounts preparation

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3122022-04-01falseNo description of principal activity2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07557118 2022-04-01 2023-03-31 07557118 2021-04-01 2022-03-31 07557118 2023-03-31 07557118 2022-03-31 07557118 c:Director1 2022-04-01 2023-03-31 07557118 d:OfficeEquipment 2022-04-01 2023-03-31 07557118 d:OfficeEquipment 2023-03-31 07557118 d:OfficeEquipment 2022-03-31 07557118 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07557118 d:CurrentFinancialInstruments 2023-03-31 07557118 d:CurrentFinancialInstruments 2022-03-31 07557118 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07557118 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 07557118 d:ShareCapital 2023-03-31 07557118 d:ShareCapital 2022-03-31 07557118 d:CapitalRedemptionReserve 2023-03-31 07557118 d:CapitalRedemptionReserve 2022-03-31 07557118 d:RetainedEarningsAccumulatedLosses 2023-03-31 07557118 d:RetainedEarningsAccumulatedLosses 2022-03-31 07557118 c:FRS102 2022-04-01 2023-03-31 07557118 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 07557118 c:FullAccounts 2022-04-01 2023-03-31 07557118 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07557118 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 07557118

PROPAGATOR LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023


PROPAGATOR LIMITED REGISTERED NUMBER:07557118

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2023

		2023		2022
Note		£		£

Fixed assets
Tangible assets	4		-		1,293
			-		1,293
Current assets
Debtors: amounts falling due within one year	5	73,449		105,952
Cash at bank and in hand	6	211,210		132,167
		284,659		238,119
Creditors: amounts falling due within one year	7	(266,823)		(204,578)
Net current assets			17,836		33,541
Total assets less current liabilities			17,836		34,834

Net assets			17,836		34,834

Capital and reserves
Called up share capital	30	30
Capital redemption reserve	3	3
Profit and loss account	17,803	34,801
	17,836	34,834

Page 1


PROPAGATOR LIMITED REGISTERED NUMBER:07557118

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

C Robson

Director

Date: 19 June 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2


PROPAGATOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1.	General information

Propagator Limited is a private company, limited by shares, registered in England and Wales. The company's registered address is 10 Queen Street Place, London, EC4R 1AG.
The principal activity of the company is that of information technology consultancy and there was no change to this during the year.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Going concern

The financial statements have been prepared on a going concern basis on the assumption that the shareholders and other creditors will continue to provide ongoing financial support for the foreseeable future.

2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 3


PROPAGATOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

25%

on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

Page 4


PROPAGATOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.8

Financial instruments (continued)

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

2.9

Creditors

Short term creditors are measured at the transaction price.

2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 5


PROPAGATOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.14

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 6


PROPAGATOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

4.	Tangible fixed assets

		Office equipment
		£

	At 1 April 2022	2,300
	Disposals	(2,300)
	At 31 March 2023	-

	At 1 April 2022	1,007
	Charge for the year on owned assets	575
	Disposals	(1,582)
	At 31 March 2023	-
	Net book value
	At 31 March 2023	-
	At 31 March 2022	1,293

Debtors

					2023	2022
					£	£


Trade debtors	50,848	77,292
Other debtors	6,500	6,500
Prepayments and accrued income	16,101	22,160
	73,449	105,952

6.	Cash and cash equivalents
		2023	2022
		£	£

	Cash at bank and in hand	211,210	132,167

Page 7


PROPAGATOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

7.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Trade creditors	27,884	18,793
Corporation tax	27,530	-
Other taxation and social security	44,534	42,706
Other creditors	211	197
Accruals and deferred income	166,664	142,882
	266,823	204,578

Related party transactions

Included within Trade creditors is an amount due to Living With Ltd of £11,923 (2022: £8,439), also included Trade debtors is an amount due from Living With Ltd £12,950 (2022: £5,494) a connected company with common directors.
During the financial year total costs recharged to Living With Ltd amount to £30,312 (2022: £31,498). A management charge has been included in the accounts from Living With Ltd amounting to £81,847 (2022: £90,382).

Page 8