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Registration number: 07106973

EC Prospect Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

EC Prospect Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

EC Prospect Limited

Company Information

Directors

Ms EJ Macintosh

Ms CS Watkin

Registered office

8 The Sycamores
Bishop's Stortford
Hertfordshire
CM23 5JR

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountants
Fawley House
2 Regatta Place Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

EC Prospect Limited

(Registration number: 07106973)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

844,202

844,202

Current assets

 

Debtors

5

341,170

437,397

Cash at bank and in hand

 

4

3,991

 

341,174

441,388

Creditors: Amounts falling due within one year

6

(572,441)

(572,559)

Net current liabilities

 

(231,267)

(131,171)

Net assets

 

612,935

713,031

Capital and reserves

 

Called up share capital

4

4

Share premium reserve

559,998

559,998

Retained earnings

52,933

153,029

Shareholders' funds

 

612,935

713,031

For the financial year ending 31 December 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 February 2024 and signed on its behalf by:
 

.........................................
Ms CS Watkin
Director

 

EC Prospect Limited

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

1

General information

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

The address of its registered office is:
8 The Sycamores
Bishop's Stortford
Hertfordshire
CM23 5JR
England

These financial statements were authorised for issue by the Board on 20 February 2024.

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.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business. Trade debtors are recognised at the transaction price 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 at the transaction price.

 

EC Prospect Limited

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

Borrowings

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.

Share capital

Ordinary shares are classified as equity.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Investments

2023
£

2022
£

Investments in subsidiaries

844,202

844,202

Subsidiaries

£

Cost or valuation

At 1 January 2023

844,202

Provision

Carrying amount

At 31 December 2023

844,202

At 31 December 2022

844,202

5

Debtors

Note

2023
£

2022
£

Amount owed by subsidary

7

340,327

322,377

Other debtors

 

843

115,020

 

341,170

437,397

 

EC Prospect Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to subsidaries

7

572,441

572,559

7

Related party transactions

Loans to/(from) subsidiaries and key management

2023

Subsidiary
£

Key management
£

Total
£

At start of period

322,377

115,020

437,397

Advanced

18,912

962

19,874

Repaid

(962)

(115,139)

(116,101)

At end of period

340,327

843

341,170

2022

Subsidiary
£

Key management
£

Total
£

At start of period

293,710

10,311

304,021

Advanced

30,482

252,008

282,490

Repaid

(1,815)

(147,299)

(149,114)

At end of period

322,377

115,020

437,397

Terms of loans to subsidiaries and key management

The loans to the subsidiaries and key management are interest free and repayable on demand
 

Loans from subsidiaries

2023

Subsidiaries
£

Total
£

At start of period

572,559

572,559

Repaid

(118)

(118)

At end of period

572,441

572,441

2022

Subsidiaries
£

Total
£

At start of period

523,262

523,262

Advanced

250,580

250,580

Repaid

(201,283)

(201,283)

At end of period

572,559

572,559

 

EC Prospect Limited

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

Terms of loans from subsidiaries

The loans from the subsidiaries are interest free and repayable on demand