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REGISTERED NUMBER: 06263547 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2023

for

Prospace Solutions Ltd

Prospace Solutions Ltd (Registered number: 06263547)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Prospace Solutions Ltd

Company Information
for the Year Ended 31 May 2023







DIRECTOR: G Halls





SECRETARY: Mrs C Halls





REGISTERED OFFICE: 26 Bell Street
Sawbridgeworth
Hertfordshire
CM21 9AN





REGISTERED NUMBER: 06263547 (England and Wales)





ACCOUNTANTS: Lawrence & Company
Chartered Certified Accountants
26 Bell Street
Sawbridgeworth
Hertfordshire
CM21 9AN

Prospace Solutions Ltd (Registered number: 06263547)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,162 1,970

CURRENT ASSETS
Stocks 20,772 29,040
Debtors 5 3,662 15,858
Cash at bank 121,904 187,040
146,338 231,938
CREDITORS
Amounts falling due within one year 6 75,203 89,275
NET CURRENT ASSETS 71,135 142,663
TOTAL ASSETS LESS CURRENT
LIABILITIES

72,297

144,633

CREDITORS
Amounts falling due after more than one
year

7

23,333

33,333
NET ASSETS 48,964 111,300

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 8 48,864 111,200
SHAREHOLDERS' FUNDS 48,964 111,300

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Prospace Solutions Ltd (Registered number: 06263547)

Balance Sheet - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director and authorised for issue on 21 August 2023 and were signed by:





G Halls - Director


Prospace Solutions Ltd (Registered number: 06263547)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Prospace Solutions Ltd 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 balance sheet date.

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

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 1 (2022 - 1 ) .

Prospace Solutions Ltd (Registered number: 06263547)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 June 2022
and 31 May 2023 9,211
DEPRECIATION
At 1 June 2022 7,241
Charge for year 808
At 31 May 2023 8,049
NET BOOK VALUE
At 31 May 2023 1,162
At 31 May 2022 1,970

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 3,662 15,858

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 1,886 3,182
Tax 23,652 29,686
Social security and other taxes 36,953 45,183
Directors' current accounts 1,703 1,089
Accrued expenses 1,009 135
75,203 89,275

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 13,333 23,333
23,333 33,333

Prospace Solutions Ltd (Registered number: 06263547)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

8. RESERVES
Retained
earnings
£   

At 1 June 2022 111,200
Profit for the year 94,064
Dividends (156,400 )
At 31 May 2023 48,864

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022:

31.5.23 31.5.22
£    £   
G Halls
Balance outstanding at start of year (1,089 ) (182 )
Amounts advanced (1,128 ) (907 )
Amounts repaid 514 -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,703 ) (1,089 )

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £109,480 (2022 - £49,700) were paid to the director .