Propnology Limited 09128026 false 2016-01-01 2016-12-31 2016-12-31 The principal activity of the company is Peer to Peer Lending Platform Digita Accounts Production Advanced 6.15.7986.0 Software 09128026 2016-01-01 2016-12-31 09128026 2016-12-31 09128026 bus:Director1 1 2016-12-31 09128026 core:RetainedEarningsAccumulatedLosses 2016-12-31 09128026 core:ShareCapital 2016-12-31 09128026 core:CurrentFinancialInstruments 2016-12-31 09128026 core:CurrentFinancialInstruments core:WithinOneYear 2016-12-31 09128026 core:Non-currentFinancialInstruments 2016-12-31 09128026 core:Non-currentFinancialInstruments core:AfterOneYear 2016-12-31 09128026 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2016-12-31 09128026 core:FurnitureFittingsToolsEquipment 2016-12-31 09128026 bus:FRS102 2016-01-01 2016-12-31 09128026 bus:AuditExemptWithAccountantsReport 2016-01-01 2016-12-31 09128026 bus:FullAccounts 2016-01-01 2016-12-31 09128026 bus:RegisteredOffice 2016-01-01 2016-12-31 09128026 bus:Director1 2016-01-01 2016-12-31 09128026 bus:Director1 1 2016-01-01 2016-12-31 09128026 bus:Director2 2016-01-01 2016-12-31 09128026 bus:PrivateLimitedCompanyLtd 2016-01-01 2016-12-31 09128026 bus:Agent1 2016-01-01 2016-12-31 09128026 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2016-01-01 2016-12-31 09128026 core:FurnitureFittingsToolsEquipment 2016-01-01 2016-12-31 09128026 core:OfficeEquipment 2016-01-01 2016-12-31 09128026 countries:England 2016-01-01 2016-12-31 09128026 2015-12-31 09128026 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2015-12-31 09128026 core:FurnitureFittingsToolsEquipment 2015-12-31 09128026 2014-07-14 2015-12-31 09128026 2015-12-31 09128026 bus:Director1 1 2015-12-31 09128026 core:RetainedEarningsAccumulatedLosses 2015-12-31 09128026 core:ShareCapital 2015-12-31 09128026 core:CurrentFinancialInstruments 2015-12-31 09128026 core:CurrentFinancialInstruments core:WithinOneYear 2015-12-31 09128026 core:Non-currentFinancialInstruments 2015-12-31 09128026 core:Non-currentFinancialInstruments core:AfterOneYear 2015-12-31 09128026 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2015-12-31 09128026 core:FurnitureFittingsToolsEquipment 2015-12-31 09128026 bus:Director1 1 2014-07-14 2015-12-31 iso4217:GBP xbrli:pure

Registration number: 09128026

Propnology Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Propnology Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 8

 

Propnology Limited

Company Information

Directors

O Angel

P Lamm
 

Registered office

North Colchester Business Centre
340 The Crescent
Colchester
Essex
CO4 9AD

Bankers

National Westminister Bank plc
Colchester Business Park
100 The Crescent
Colchester
Essex
CO4 9GN

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Propnology Limited
for the Year Ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Propnology Limited for the year ended 31 December 2016 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Propnology Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Propnology Limited and state those matters that we have agreed to state to the Board of Directors of Propnology Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Propnology Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Propnology Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Propnology Limited. You consider that Propnology Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Propnology Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Lambert Chapman LLP
Chartered Accountants
3 Warners MillSilks WayBraintreeEssexCM7 3GB



27 January 2017

 

Propnology Limited

(Registration number: 09128026)
Balance Sheet as at 31 December 2016

Note

31 December 2016
 £

31 December 2015
 £

Fixed assets

 

Intangible assets

4

73,203

55,158

Tangible assets

5

3,446

4,500

 

76,649

59,658

Current assets

 

Debtors

6

6,559

12,818

Cash at bank and in hand

 

-

209

 

6,559

13,027

Creditors: Amounts falling due within one year

7

(20,341)

(26,077)

Net current liabilities

 

(13,782)

(13,050)

Total assets less current liabilities

 

62,867

46,608

Creditors: Amounts falling due after more than one year

7

-

(25,000)

Net assets

 

62,867

21,608

Capital and reserves

 

Called up share capital

100,000

35,000

Profit and loss account

(37,133)

(13,392)

Total equity

 

62,867

21,608

For the financial year ended 31 December 2016 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 accounts for the year in question in accordance with section 476; and

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


These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Propnology Limited

(Registration number: 09128026)
Balance Sheet as at 31 December 2016

Approved and authorised by the Board on 26 January 2017 and signed on its behalf by:
 

.........................................

O Angel

Director

.........................................

P Lamm

Director

 

Propnology Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1

General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
North Colchester Business Centre
340 The Crescent
Colchester
Essex
CO4 9AD

These financial statements were authorised for issue by the Board on 26 January 2017.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% Straight Line

Intangible assets

Website development costs - This comprises of capitalised costs incurred in the development of the company website. The anticipated useful life of the costs capitalised is five years from the date of final development (30th September 2016).

 

Propnology Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2015 - 2).

4

Intangible assets

Website development costs
 £

Total
£

Cost or valuation

At 1 January 2016

55,158

55,158

Additions

21,898

21,898

At 31 December 2016

77,056

77,056

Amortisation

Amortisation charge

3,853

3,853

At 31 December 2016

3,853

3,853

Carrying amount

At 31 December 2016

73,203

73,203

At 31 December 2015

55,158

55,158

 

Propnology Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

5

Tangible assets

Office equipment
 £

Total
£

Cost or valuation

At 1 January 2016

6,466

6,466

Additions

750

750

At 31 December 2016

7,216

7,216

Depreciation

At 1 January 2016

1,966

1,966

Charge for the period

1,804

1,804

At 31 December 2016

3,770

3,770

Carrying amount

At 31 December 2016

3,446

3,446

At 31 December 2015

4,500

4,500

6

Debtors

31 December 2016
 £

31 December 2015
 £

Other debtors

6,559

12,818

Total current trade and other debtors

6,559

12,818

7

Creditors

Note

31 December 2016
 £

31 December 2015
 £

Due within one year

 

Bank loans and overdrafts

8

567

6,970

Other creditors

 

19,774

19,107

 

20,341

26,077

Due after one year

 

Loans and borrowings

8

-

25,000

 

Propnology Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

8

Loans and borrowings

31 December 2016
 £

31 December 2015
 £

Non-current loans and borrowings

Directors' current accounts

-

25,000

31 December 2016
 £

31 December 2015
 £

Current loans and borrowings

Bank overdrafts

561

-

Directors' current accounts

6

6,970

567

6,970

9

Related party transactions

Transactions with directors

2016

At 1 January 2016
£

Advances to directors
£

Repayments by director
£

Other payments made to company by director
£

Written off
£

Waived
£

At 31 December 2016
£

(31,970)

76,976

(45,012)

-

-

-

(6)

                 
         

 

2015

At 14 July 2014
£

Advances to directors
£

Repayments by director
£

Other payments made to company by director
£

Written off
£

Waived
£

At 31 December 2015
£

-

35,000

(66,970)

-

-

-

(31,970)

                 
         

 

10

Transition to FRS 102

These financial statements for the year ended 31st December 2016 are the first financial statements of Propnology Limited that comply with FRS 102 Section 1A. The date of transition to FRS 102 Section 1A is 1st January 2015. The transition to FRS 102 Section 1A has resulted in no material changes in accounting policies compared to those used previously.