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Registration number: 12397756

Prosperitas Wealth Planning Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Prosperitas Wealth Planning Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Prosperitas Wealth Planning Ltd

Company Information

Directors

Mrs Claire Marie Davidson

Mrs Anna Louise Kilby

Registered office

Parkgate House
7 Hesslewood Country Park Office
Ferriby Road
Hessle
East Yorkshire
HU13 0QF

Bankers

Santander UK plc

Accountants

Flexibility Professional Services (UK) Ltd
1 Tall Trees
Jenny Brough Lane
Hessle
East Yorkshire
HU13 0LE

 

Prosperitas Wealth Planning Ltd

(Registration number: 12397756)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

14,000

16,000

Tangible assets

5

8,034

8,332

 

22,034

24,332

Current assets

 

Debtors

6

224,505

280,407

Cash at bank and in hand

 

41,803

49,978

 

266,308

330,385

Creditors: Amounts falling due within one year

7

(64,214)

(113,802)

Net current assets

 

202,094

216,583

Total assets less current liabilities

 

224,128

240,915

Creditors: Amounts falling due after more than one year

7

(35,078)

(40,748)

Provisions for liabilities

(1,527)

(1,583)

Net assets

 

187,523

198,584

Capital and reserves

 

Called up share capital

8

200

200

Profit and loss account

187,323

198,384

Shareholders' funds

 

187,523

198,584

For the financial year ending 31 March 2023 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.

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.

 

Prosperitas Wealth Planning Ltd

(Registration number: 12397756)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 10 May 2023 and signed on its behalf by:
 

.........................................
Mrs Claire Marie Davidson
Director

.........................................
Mrs Anna Louise Kilby
Director

 

Prosperitas Wealth Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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:
Parkgate House
7 Hesslewood Country Park Office
Ferriby Road
Hessle
East Yorkshire
HU13 0QF
United Kingdom

These financial statements were authorised for issue by the Board on 10 May 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 - '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.

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.

 

Prosperitas Wealth Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Government grants

Government grants are charged to the Profit and Loss account on accrual basis unless they are connected to an asset purchase in which case they amortised over the life of the asset. Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Other grants

A loan of £27,000 was provider to the company by the network provider (Quilter Financial). This is to be written off after 36 months from the date of signing the loan agreement assuming the conditions of the loan are met. The loan proceeds are therefore treated as incentive income and released to the Profit and Loss over the conditional period.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Fixtures and fittings

Reducing balance @ 25%

Office equipment

Reducing balance @ 25%

 

Prosperitas Wealth Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademark

Straight line over 10 years

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 debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Prosperitas Wealth Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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 directors) during the year, was 4 (2022 - 4).

 

Prosperitas Wealth Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2022

20,000

20,000

At 31 March 2023

20,000

20,000

Amortisation

At 1 April 2022

4,000

4,000

Amortisation charge

2,000

2,000

At 31 March 2023

6,000

6,000

Carrying amount

At 31 March 2023

14,000

14,000

At 31 March 2022

16,000

16,000

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

15,684

15,684

Additions

2,380

2,380

At 31 March 2023

18,064

18,064

Depreciation

At 1 April 2022

7,352

7,352

Charge for the year

2,678

2,678

At 31 March 2023

10,030

10,030

Carrying amount

At 31 March 2023

8,034

8,034

At 31 March 2022

8,332

8,332

 

Prosperitas Wealth Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

2023
£

2022
£

Other debtors

224,505

280,407

224,505

280,407

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

5,252

5,122

Taxation and social security

 

29,051

47,259

Accruals and deferred income

 

29,669

61,184

Other creditors

 

242

237

 

64,214

113,802

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

35,078

40,748

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary £1 of £1 each

100

100

100

100

Ordinary A £1 of £1 each

50

50

50

50

Ordinary B £1 of £1 each

50

50

50

50

 

200

200

200

200

 

Prosperitas Wealth Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

35,078

40,748

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,252

5,122

Bank borrowings

Santander Bounce Back loan is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 26 May 2030. The carrying amount at year end is £40,289 (2022 - £45,379).

Unsecured loan with repayments deferred and interest paid by UK government for first 12 months.

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £600 (2022 - £619) per each Ordinary A £1

 

30,000

 

30,977

Interim dividend of £1,100 (2022 - £1,139) per each Ordinary B £1

 

55,000

 

56,972

   

85,000

 

87,949

 

Prosperitas Wealth Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

11

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to directors
£

Repayments by director
£

At 31 March 2023
£

Mrs Anna Louise Kilby

Directors Loan Account

68,899

32,583

(43,575)

57,907

         
       

Mrs Claire Marie Davidson

Directors Loan Account

115,143

57,066

(64,448)

107,761

         
       

 

2022

At 1 April 2021
£

Advances to directors
£

Repayments by director
£

At 31 March 2022
£

Mrs Anna Louise Kilby

Directors Loan Account

30,977

82,409

(44,487)

68,899

         
       

Mrs Claire Marie Davidson

Directors Loan Account

52,254

127,605

(64,716)

115,143

         
       

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

127,280

17,210

Contributions paid to money purchase schemes

9,500

6,000

136,780

23,210

Dividends paid to directors

   

2023
£

 

2022
£

Mrs Anna Louise Kilby

       

Ordinary A £1

 

30,000

 

30,977

         

Mrs Claire Marie Davidson

       

Ordinary B £1

 

55,000

 

56,972

         

 

Prosperitas Wealth Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Summary of transactions with other related parties

A Kerr Independent Ltd
 Unsecured loan capital.
 

Loans to related parties

2022

Other related parties
£

Total
£

At start of period

3,785

3,785

Repaid

(3,785)

(3,785)

At end of period

-

-

Terms of loans to related parties

No repayment terms.