Company registration number 12317500 (England and Wales)
PROSPERITY CARE SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PROSPERITY CARE SERVICES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PROSPERITY CARE SERVICES LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,080
-
0
Tangible assets
4
4,122
1,881
8,202
1,881
Current assets
Debtors
5
430,309
303,234
Cash at bank and in hand
66,033
23,118
496,342
326,352
Creditors: amounts falling due within one year
6
(297,519)
(154,034)
Net current assets
198,823
172,318
Total assets less current liabilities
207,025
174,199
Creditors: amounts falling due after more than one year
7
(37,221)
(43,176)
Provisions for liabilities
(156)
(196)
Net assets
169,648
130,827
Capital and reserves
Called up share capital
8
300
300
Profit and loss reserves
169,348
130,527
Total equity
169,648
130,827

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

PROSPERITY CARE SERVICES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 November 2023 and are signed on its behalf by:
Mr A Hussain
Director
Company registration number 12317500 (England and Wales)
PROSPERITY CARE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Prosperity Care Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 6 Lines Street, Morecambe, LA4 5ES.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Car registrations
Not amortised
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% Reducing balance
Fixtures and fittings
15% Reducing balance
Motor vehicles
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

PROSPERITY CARE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

PROSPERITY CARE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
8
31
3
Intangible fixed assets
Car registrations
£
Cost
At 1 April 2022
-
0
Additions
4,080
At 31 March 2023
4,080
Amortisation and impairment
At 1 April 2022 and 31 March 2023
-
0
Carrying amount
At 31 March 2023
4,080
At 31 March 2022
-
0
PROSPERITY CARE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
2,188
Additions
3,087
At 31 March 2023
5,275
Depreciation and impairment
At 1 April 2022
307
Depreciation charged in the year
846
At 31 March 2023
1,153
Carrying amount
At 31 March 2023
4,122
At 31 March 2022
1,881
5
Debtors
2023
2022
Amounts falling due within one year:
As restated
£
£
Trade debtors
337,627
201,181
Other debtors
92,682
102,053
430,309
303,234

Other debtors include loans advanced to the former director of £59,090 (2022- £25,750) and to the current director of £8,132 (2022- Nil). Interest of £840 has been charged on the loan to the former director.

6
Creditors: amounts falling due within one year
2023
2022
As restated
£
£
Bank loans
5,955
5,955
Corporation tax
32,712
8,368
Other taxation and social security
68,494
21,423
Other creditors
151,683
78,628
Accruals and deferred income
38,675
39,660
297,519
154,034

Other creditors represent amounts due to connected companies. Accruals include £35,000 (2022- £35,000) due to a connected company.

PROSPERITY CARE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
37,221
43,176
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
7,447
19,356
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares - class A of £1 each
100
100
100
100
Ordinary shares - class B of £1 each
100
100
100
100
Ordinary shares - class C of £1 each
100
100
100
100
300
300
300
300
9
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2021
2022
£
£
Adjustments to prior year
Research and Development tax credit
-
64,941
Equity as previously reported
1,723
65,886
Equity as adjusted
1,723
130,827
Analysis of the effect upon equity
Profit and loss reserves
-
64,941
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Research and Development tax credit
64,941
Profit as previously reported
71,663
Profit as adjusted
136,604
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