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Company registration number: 07708945
Prosper SW Limited
Unaudited filleted financial statements
31 March 2023
PROSPER SW LIMITED
DIRECTORS AND OTHER INFORMATION
Directors Mr R I Dow
Ms K L Friendship
Mr S L Hindley
Mr P Oldham
Mr H J Stanlake
Mr J Thomas
Mr D C Young
Company number 07708945
Registered office Yeoford Way
Matford
Exeter
Devon
EX2 8LB
Accountants Westcotts
Plym House
3 Longbridge Road
Plymouth
Devon
PL6 8LT
PROSPER SW LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2023
2023 2022
Note £ £ £ £
Fixed assets
Investments 5 59,245 59,245
_______ _______
59,245 59,245
Current assets
Debtors 6 101,330 1,134
Cash at bank and in hand 211,856 233,143
_______ _______
313,186 234,277
Creditors: amounts falling due
within one year 7 ( 1,097) ( 1,020)
_______ _______
Net current assets 312,089 233,257
_______ _______
Total assets less current liabilities 371,334 292,502
_______ _______
Net assets 371,334 292,502
_______ _______
Capital and reserves
Called up share capital 5,880 5,880
Profit and loss account 8 365,454 286,622
_______ _______
Shareholders funds 371,334 292,502
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 July 2023 , and are signed on behalf of the board by:
Mr R I Dow
Director
Company registration number: 07708945
PROSPER SW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is DCET House, Yeoford Way, Matford, Exeter, Devon, EX2 8LB.
Principal activity
The principal activity of the company is that of a holding company.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term, highly-liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 April 2022 and 31 March 2023 59,245 59,245
_______ _______
Impairment
At 1 April 2022 and 31 March 2023 - -
_______ _______
Carrying amount
At 31 March 2023 59,245 59,245
_______ _______
At 31 March 2022 59,245 59,245
_______ _______
6. Debtors
2023 2022
£ £
Other debtors 101,330 1,134
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Accruals and deferred income 1,097 1,020
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Related party transactions
Company under common control During the year the company received dividends from the related party totalling £100,000 (2022: £10,000). During the year the company charged management fees to the related party of £196 (2022: £1, 134).