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Registration number: 06714092

Prospect Brigstock Developments Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2022

 

Prospect Brigstock Developments Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account and Statement of Retained Earnings

4

Balance Sheet

5

Notes to the Unaudited Financial Statements

6 to 9

 

Prospect Brigstock Developments Ltd

Company Information

Director

Mr I Goff

Registered office

The Old Post Office
Rockingham Road
Corby
NN17 1FQ

Accountants

Cannon Williamson
Chartered Certified Accountants
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

 

Prospect Brigstock Developments Ltd

Director's Report for the Year Ended 31 October 2022

The director presents his report and the financial statements for the year ended 31 October 2022.

Director of the company

The director who held office during the year was as follows:

Mr I Goff

Principal activity

The principal activity of the company is letting of own freehold property

Small companies provision statement

This report has 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.

Approved and authorised by the director on 12 October 2023
 

.........................................
Mr I Goff
Director

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Prospect Brigstock Developments Ltd
for the Year Ended 31 October 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Prospect Brigstock Developments Ltd for the year ended 31 October 2022 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Prospect Brigstock Developments Ltd, 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 Prospect Brigstock Developments Ltd and state those matters that we have agreed to state to the Board of Directors of Prospect Brigstock Developments Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Prospect Brigstock Developments Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Prospect Brigstock Developments Ltd 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 Prospect Brigstock Developments Ltd. You consider that Prospect Brigstock Developments Ltd 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 Prospect Brigstock Developments Ltd. 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.

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

Cannon Williamson
Chartered Certified Accountants
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

19 October 2023

 

Prospect Brigstock Developments Ltd

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 October 2022

Note

2022
£

2021
£

Turnover

 

25,278

17,800

Administrative expenses

 

(25,847)

(7,118)

Operating (loss)/profit

 

(569)

10,682

(Loss)/profit before tax

4

(569)

10,682

Taxation

 

(37)

(2,174)

(Loss)/profit for the financial year

 

(606)

8,508

Retained earnings brought forward

 

13,820

5,312

Retained earnings carried forward

 

13,214

13,820

 

Prospect Brigstock Developments Ltd

(Registration number: 06714092)
Balance Sheet as at 31 October 2022

Note

2022
£

2021
£

Fixed Assets

 

Tangible Assets

5

73,942

74,704

Current assets

 

Cash at bank and in hand

 

231

1,875

Creditors: Amounts falling due within one year

6

(60,219)

(62,019)

Net current liabilities

 

(59,988)

(60,144)

Total assets less current liabilities

 

13,954

14,560

Creditors: Amounts falling due after more than one year

6

(640)

(640)

Net assets

 

13,314

13,920

Capital and Reserves

 

Called up share capital

7

100

100

Retained Earnings

13,214

13,820

Shareholders' funds

 

13,314

13,920

For the financial year ending 31 October 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.

Approved and authorised by the director on 12 October 2023
 

.........................................
Mr I Goff
Director

 

Prospect Brigstock Developments Ltd

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

1

General information

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

The address of its registered office is:
The Old Post Office
Rockingham Road
Corby
NN17 1FQ
England

These financial statements were authorised for issue by the director on 12 October 2023.

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).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

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.

 

Prospect Brigstock Developments Ltd

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

2

Accounting policies (continued)

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:

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.

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.

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 the director) during the year, was 1 (2021 - 1).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

762

762

 

Prospect Brigstock Developments Ltd

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

5

Tangible Assets

Land and buildings
£

Total
£

Cost or valuation

At 1 November 2021

76,228

76,228

At 31 October 2022

76,228

76,228

Depreciation

At 1 November 2021

1,524

1,524

Charge for the year

762

762

At 31 October 2022

2,286

2,286

Carrying amount

At 31 October 2022

73,942

73,942

At 31 October 2021

74,704

74,704

Included within the net book value of land and buildings above is £73,942 (2021 - £74,704) in respect of freehold land and buildings.
 

 

Prospect Brigstock Developments Ltd

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

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Taxation and social security

2,211

3,339

Accruals and deferred income

2,710

1,990

Other creditors

55,298

56,690

60,219

62,019

Creditors: amounts falling due after more than one year

2022
£

2021
£

Due after one year

Other non-current financial liabilities

640

640

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100