REGISTERED NUMBER:
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PROPTECH AERO LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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REGISTERED NUMBER:
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PROPTECH AERO LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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PROPTECH AERO LIMITED (REGISTERED NUMBER: 06738425) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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PROPTECH AERO LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
Highland House |
Mayflower Close |
Chandler's Ford |
Eastleigh |
Hampshire |
SO53 4AR |
PROPTECH AERO LIMITED (REGISTERED NUMBER: 06738425) |
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BALANCE SHEET |
31 DECEMBER 2021 |
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2021 | 2020 |
Notes | $ | $ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Reserves - non - distributable |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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PROPTECH AERO LIMITED (REGISTERED NUMBER: 06738425) |
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BALANCE SHEET - continued |
31 DECEMBER 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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PROPTECH AERO LIMITED (REGISTERED NUMBER: 06738425) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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1. | STATUTORY INFORMATION |
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Proptech Aero Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. |
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The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and far view. |
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The financial statements are prepared in dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $1. |
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The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below. |
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Going concern |
The directors have considered the impact and risk on the company of COVID-19 and the impact it will have on operations, recognising that there is a degree of uncertainty. Steps have already been taken to mitigate short term challenges. Substantial support has been received from the bank in the form of an additional working capital facility, and the directors have concluded that with the right management actions and the continued existing support of its parent company, the company is a going concern for at least 12 months following the signature of the financial statements. Accordingly the directors have prepared the financial statements on this basis. |
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Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. Income is recognised in the profit and loss account in the period at which the services have been completed and when the goods are ready for distribution. |
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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. |
PROPTECH AERO LIMITED (REGISTERED NUMBER: 06738425) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Short leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment and software | - |
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Upon adoption of FRS 102, the company revalued some items of tangible fixed assets to fair value. The increase in fair value is held in non-distributable reserves and is being released to the income statement over the remaining useful life of the assets. |
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The profit 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 recognised in the income statement. |
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Government grants |
The following government grants have been received during the year: |
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- Coronavirus Job Retention Scheme: the accrual model has been used to recognise the grant on a systematic basis over the periods in which the related staff costs are incurred. |
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- Bounce back loan scheme: the accrual model has been used to recognise the income on a systematic basis over the periods in which the related finance costs are incurred. The company has also benefited from the UK government's provision of security for 100% of the loan. |
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- Business Interruption Payment (BIP) under the Coronavirus Business Interruption Loan scheme: The BIP is payable in respect of the loan interest for the first 12 months, together with any related fees. The accrual model has been used to recognise the income on a systematic basis over the periods in which the related finance costs are incurred. |
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The bounce back loan scheme was fully paid off in the year with no further liabilities due at year end. |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
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The nature of the industry dictates that the company are required to provide modular stock to the customers immediately on request. The modular stock is held at fair value on the balance sheet and is effectively swapped for the customers items, which require repair / renovation / salvaging. The modular stock is loaned to the customer until the customers items are repaired / renovated, and at the point that the work is completed and invoiced, the repaired / renovated stock replaces the stock item that was sent out the customer initially. |
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A provision for slow moving and obsolete stock is provided for in the valuation. |
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PROPTECH AERO LIMITED (REGISTERED NUMBER: 06738425) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Foreign currencies |
Foreign currency transactions are translated into dollars at the rates ruling when they occured. Foreign currency monetary assets and liabilities are translated at the rates ruling at the balance sheet date. Any differences are taken to the profit and loss account. |
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Hire purchase and leasing commitments |
Where assets are financed by leasing agreements that give rights approximating to the ownership (finance lease), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account over the shorter of the estimated useful economic lift and the period of the lease. |
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All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on a straight-line basis over the term of the lease. |
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Pension costs and other post-retirement benefits |
Contributions to the company's defined contribution pension scheme are charged to the profit and loss account in the year in which they become payable. |
PROPTECH AERO LIMITED (REGISTERED NUMBER: 06738425) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Financial assets |
The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
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Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
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Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
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Financial liabilities |
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
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Equity instruments |
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Patents and |
licences |
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COST |
At 1 January 2021 |
and 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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PROPTECH AERO LIMITED (REGISTERED NUMBER: 06738425) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
$ | $ | $ |
COST |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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Computer |
equipment |
Motor | and |
vehicles | software | Totals |
$ | $ | $ |
COST |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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The NBV of assets held under Hire Purchase totals $51,530 (2020: $62,010) |
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PROPTECH AERO LIMITED (REGISTERED NUMBER: 06738425) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
$ | $ |
Trade debtors |
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Other taxation and social |
security |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
$ | $ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 9) |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
$ | $ |
Bank loans |
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Hire purchase contracts (see note 9) |
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Amounts owed to group undertakings |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | - | 7,222 |
PROPTECH AERO LIMITED (REGISTERED NUMBER: 06738425) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2021 | 2020 |
$ | $ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable |
operating leases |
2021 | 2020 |
$ | $ |
Within one year |
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Between one and five years |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
$ | $ |
Bank overdrafts |
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Bank loans |
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Hire purchase contracts | 48,688 | 63,347 |
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The bank loans and overdraft are secured by a fixed and floating charge over the company's assets. |
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Hire purchase liabilities are secured against the assets to which they relate. |
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11. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
$ | $ |
Deferred tax |
Deferred tax on accelerated capital allowances | 229,339 | 139,600 |
Deferred tax on losses | (229,339 | ) | (139,600 | ) |
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Deferred tax |
PROPTECH AERO LIMITED (REGISTERED NUMBER: 06738425) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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$ |
Accelerated capital allowances | 229,339 |
Tax on loss relief | (229,339 | ) |
Balance at 31 December 2021 |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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13. | CONTINGENT LIABILITIES |
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There are bank guarantees in favour of HMRC and suppliers totalling $497,605 (2020: $503,410). |
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14. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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15. | ULTIMATE CONTROLLING PARTY |
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The company is a subsidiary of Atrego Group Limited which is the ultimate parent company. |
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The largest and smallest group in which the results of the company are consolidated is that headed by Atrego Group Limited, incorporated in Jersey. The consolidated accounts of this company are available from First Floor, La Chasse Chambers, Ten La Chasse, St Helier, Jersey. No other group accounts include the results of the company. |