Propoly Online Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 09099516 (England and Wales)

Financial Statements for the Year Ended 30 June 2017

for

Propoly Online Limited

T/A

Propoly

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

E Ghazal

M Varughese

P Zbros

R Kyrson

Ms M E Longden

REGISTERED OFFICE:

10-14 Accommodation Road

Golders Green

London

NW11 8ED

REGISTERED NUMBER:

09099516 (England and Wales)

ACCOUNTANTS:

Grunberg & Co Limited

Chartered Accountants

10-14 Accommodation Road

Golders Green

London

NW11 8ED

FIXED ASSETS

Intangible assets

4

240,606

183,011

Tangible assets

5

3,223

5,427

243,829

188,438

CURRENT ASSETS

Debtors

6

3,279

36,444

Cash at bank

5,298

177,268

8,577

213,712

CREDITORS

Amounts falling due within one year

7

18,796

78,815

NET CURRENT (LIABILITIES)/ASSETS

(10,219

)

134,897

TOTAL ASSETS LESS CURRENT LIABILITIES

233,610

323,335

CAPITAL AND RESERVES

Called up share capital

9,449

8,707

Share premium

760,452

531,196

Retained earnings

(536,291

)

(216,568

)

SHAREHOLDERS' FUNDS

233,610

323,335

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 16 August 2017 and were signed on its behalf by:

E Ghazal - Director

P Zbros - Director

1.	STATUTORY INFORMATION

Propoly Online 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "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 have been prepared on a going concern basis as, in the opinion of the directors, the

company will continue to receive support from their shareholders for a period of at least 12 months from the date

the financial statements were signed.

Turnover

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

value added tax and other sales taxes.

Turnover is recognised at the point of sale.

Intangible assets

The company's website is being amortised evenly over its estimated useful life of 5 years.

Tangible fixed assets

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

Computer equipment

-

33.33% on cost

Financial instruments

Debtors

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

Creditors

Short term creditors are measured at transaction price.

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 statement of financial position date.

Deferred tax

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

statement of financial position 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.

Research and development

Research expenditure is written off in the year in which it is incurred. Website development costs are capitalised.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2016 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Website

development

£

COST

At 1 July 2016

183,011

Additions

84,329

At 30 June 2017

267,340

AMORTISATION

Amortisation for year

26,734

At 30 June 2017

26,734

NET BOOK VALUE

At 30 June 2017

240,606

At 30 June 2016

183,011

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 July 2016

8,141

Additions

678

At 30 June 2017

8,819

DEPRECIATION

At 1 July 2016

2,714

Charge for year

2,882

At 30 June 2017

5,596

NET BOOK VALUE

At 30 June 2017

3,223

At 30 June 2016

5,427

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

794

18

Directors' current accounts

-

3,481

Value added tax

1,970

23,172

Prepayments & accrued income

515

9,773

3,279

36,444

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

16,735

60,613

Social security & other tax

-

16,328

Other creditors

27

-

Directors' current accounts

534

374

Accruals & deferred income

1,500

1,500

18,796

78,815

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2017 and

30 June 2016:

2017

2016

£

£

P Zbros

Balance outstanding at start of year

3,481

-

Amounts advanced

-

3,481

Amounts repaid

(3,481

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

3,481

9.	FIRST YEAR ADOPTION

These are the first financial statements that comply with FRS 102 section 1A - small entities. The date of the

transition is 1 July 2015. No material transitional adjustments were required in equity or the income statement for

the year.