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Registration number: 07538346

Prosperity IFA Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Prosperity IFA Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Prosperity IFA Limited

Company Information

Director

S C Munday

Company secretary

V Munday

Registered office

Tubwell Farm
Tubwell Lane
Crowborough
East Sussex
TN6 3RQ

Accountants

Redshield Business Solutions Limited
Chartered Accountants
Suite 3, 1 - 3 Warren Court
Park Road
Crowborough
East Sussex
TN6 2QX

 

Prosperity IFA Limited

(Registration number: 07538346)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

18,287

14,490

Current assets

 

Debtors

5

197,650

155,587

Cash at bank and in hand

 

158,851

169,791

 

356,501

325,378

Creditors: Amounts falling due within one year

6

(183,789)

(108,159)

Net current assets

 

172,712

217,219

Total assets less current liabilities

 

190,999

231,709

Creditors: Amounts falling due after more than one year

6

(158,542)

(202,187)

Net assets

 

32,457

29,522

Capital and reserves

 

Called up share capital

7

1,150

1,150

Retained earnings

31,307

28,372

Shareholders' funds

 

32,457

29,522

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 6 September 2022
 

 

Prosperity IFA Limited

(Registration number: 07538346)
Balance Sheet as at 31 March 2022 (continued)


S C Munday
Director

 

Prosperity IFA Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

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

The address of its registered office is:
Tubwell Farm
Tubwell Lane
Crowborough
East Sussex
TN6 3RQ

These financial statements were authorised for issue by the director on 6 September 2022.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime). The accounts for the previous year were prepared in accordance with Financial Reporting Standard 105. No adjustments have been made to the comparatives or opening balances following the transition to Financial Reporting Standard 102 Section 1A.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

 

Prosperity IFA Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

2

Accounting policies (continued)

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 balance sheet 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% straight line

Furniture and fittings

25% reducing balance

Improvements to property

20 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand 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.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

 

Prosperity IFA Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Prosperity IFA Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2021 - 2).

 

Prosperity IFA Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2021

7,600

26,988

34,588

Additions

-

11,765

11,765

At 31 March 2022

7,600

38,753

46,353

Depreciation

At 1 April 2021

525

19,574

20,099

Charge for the year

380

7,587

7,967

At 31 March 2022

905

27,161

28,066

Carrying amount

At 31 March 2022

6,695

11,592

18,287

At 31 March 2021

7,075

7,415

14,490

5

Debtors

2022
£

2021
£

Other debtors

197,650

155,587

197,650

155,587

 

Prosperity IFA Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

56,012

21,433

Taxation and social security

 

62,899

84,072

Accruals and deferred income

 

64,314

2,100

Other creditors

 

564

554

 

183,789

108,159

Creditors include bank loans and overdrafts which are secured of £9,718 (2021 - £7,814). The loans are secured by a fixed and floating charge over the assets of the company.

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

158,542

202,187

Creditors include bank loans and overdrafts which are secured of £32,429 (2021 - £42,187). The loans are secured by a fixed and floating charge over the assets of the company.

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £0.01 each

100,000

1,000

100,000

1,000

Ordinary A shares of £0.01 each

7,000

70

7,000

70

Ordinary B shares of £0.01 each

1,000

10

1,000

10

Ordinary C shares of £0.01 each

7,000

70

7,000

70

 

115,000

1,150

115,000

1,150

 

Prosperity IFA Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

32,429

42,187

Other borrowings

126,113

160,000

158,542

202,187

2022
£

2021
£

Current loans and borrowings

Bank borrowings

9,718

7,814

Bank overdrafts

-

30

Other borrowings

46,294

13,589

56,012

21,433

9

Dividends

Interim dividends paid

   

2022
£

 

2021
£

Interim dividend of £Nil (2021 - £1.1541) per each Ordinary shares

 

-

 

115,414

Interim dividend of £13.571 (2021 - £2.5247) per each Ordinary A shares

 

95,000

 

17,673

Interim dividend of £18.00 (2021 - £3.00) per each Ordinary B shares

 

18,000

 

3,000

Interim dividend of £13.571 (2021 - £2.5247) per each Ordinary C shares

 

95,000

 

17,673

   

208,000

 

153,760

 

Prosperity IFA Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

10

Related party transactions

Transactions with the director

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

S C Munday

Loan repayable on demand. Interest charged at 2% pa from 01/04/2021

24,603

145,117

(145,014)

24,706

         
       

 

2021

At 1 April 2020
£

Advances to director
£

Repayments by director
£

At 31 March 2021
£

S C Munday

Loan repayable on demand. Interest charged at 2% pa from 01/04/2021

16,440

14,663

(6,500)

24,603

         
       

 

Director's remuneration

The director's remuneration for the year was as follows:

2022
£

2021
£

Remuneration

9,564

9,504

Dividends paid to the director

   

2022
£

 

2021
£

S C Munday

       

Ordinary shares

 

-

 

17,673

Ordinary A shares

 

95,000

 

115,414

   

95,000

 

133,087

 

Prosperity IFA Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

10

Related party transactions (continued)

Loans to related parties

2022

Other related parties
£

Total
£

Advanced

129,295

129,295

Repaid

(95,000)

(95,000)

At end of period

34,295

34,295

Terms of loans to related parties

Loan to shareholder, repayable on demand with interest charged at 2% pa