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REGISTERED NUMBER: 05178939 (England and Wales)


Prosperity Developments Ltd

Abridged Unaudited Financial Statements

for the Year Ended 31 March 2023






Prosperity Developments Ltd (Registered number: 05178939)






Contents of the Financial Statements
for the year ended 31 March 2023




Page

Company Information 1

Chartered Accountants' Report 2

Abridged Statement of Financial Position 3

Notes to the Financial Statements 5


Prosperity Developments Ltd

Company Information
for the year ended 31 March 2023







DIRECTOR: Mr I Dinc





REGISTERED OFFICE: 239-241 Kennington Lane
London
SE11 5QU





REGISTERED NUMBER: 05178939 (England and Wales)





ACCOUNTANTS: Alton & Co
Chartered Accountants
239-241 Kennington Lane
London
SE11 5QU

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Prosperity Developments Ltd

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Prosperity Developments Ltd for the year ended 31 March 2023 which comprise the Abridged Income Statement, Abridged Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Prosperity Developments Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Prosperity Developments Ltd and state those matters that we have agreed to state to the director of Prosperity Developments Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Prosperity Developments Ltd and its director for our work or for this report.

It is your duty to ensure that Prosperity Developments Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Prosperity Developments Ltd. You consider that Prosperity Developments Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Prosperity Developments Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Alton & Co
Chartered Accountants
239-241 Kennington Lane
London
SE11 5QU


31 January 2024

Prosperity Developments Ltd (Registered number: 05178939)

Abridged Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 6,663 7,839
Investments 5 392,852 392,852
Investment property 6 3,119,500 3,119,500
3,519,015 3,520,191

CURRENT ASSETS
Debtors 7 3,522,963 3,422,031
Cash at bank and in hand 6,461 2,967
3,529,424 3,424,998
CREDITORS
Amounts falling due within one year 206,416 111,866
NET CURRENT ASSETS 3,323,008 3,313,132
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,842,023

6,833,323

CREDITORS
Amounts falling due after more than one
year

8

(4,977,284

)

(5,009,262

)

PROVISIONS FOR LIABILITIES 10 (122,698 ) (122,921 )
NET ASSETS 1,742,041 1,701,140

Prosperity Developments Ltd (Registered number: 05178939)

Abridged Statement of Financial Position - continued
31 March 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 11 100,000 100,000
Non-distributable reserves 12 1,097,334 1,097,334
Retained earnings 12 544,707 503,806
SHAREHOLDERS' FUNDS 1,742,041 1,701,140

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 31 January 2024 and were signed by:





Mr I Dinc - Director


Prosperity Developments Ltd (Registered number: 05178939)

Notes to the Financial Statements
for the year ended 31 March 2023

1. STATUTORY INFORMATION

Prosperity Developments 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

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

Turnover includes revenue earned from investments in properties. The revenue is recognised on an accrual basis in accordance with the tenancy agreement


Other income

Government grants received for claims made under Job Retention Scheme.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 4 ) .

Prosperity Developments Ltd (Registered number: 05178939)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

4. PROPERTY, PLANT AND EQUIPMENT
Totals
£   
COST
At 1 April 2022
and 31 March 2023 41,769
DEPRECIATION
At 1 April 2022 33,930
Charge for year 1,176
At 31 March 2023 35,106
NET BOOK VALUE
At 31 March 2023 6,663
At 31 March 2022 7,839

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 April 2022
and 31 March 2023 392,852
NET BOOK VALUE
At 31 March 2023 392,852
At 31 March 2022 392,852

Shares in group undertakings represent the cost of investing in the 100% holding of Prosperity Portfolio Ltd- an unquoted company registered in England.

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 3,119,500
NET BOOK VALUE
At 31 March 2023 3,119,500
At 31 March 2022 3,119,500

Prosperity Developments Ltd (Registered number: 05178939)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

6. INVESTMENT PROPERTY - continued

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2017 579,651
Valuation in 2020 629,616
Valuation in 2021 9,500
Cost 1,900,733
3,119,500

7. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Other debtors 3,173,711 3,056,595

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
FIVE YEARS
2023 2022
£    £   
Repayable otherwise than by instalments
Bounceback loan 50,343 50,343

Repayable by instalments
Punjab National Bank Loan 2,960,000 -

9. LOANS

Unsecured debts:

Bounce back loan

Government -backed loan. No repayments due for the first 12 months.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 122,698 122,921

Prosperity Developments Ltd (Registered number: 05178939)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2022 122,921
Credit to Income Statement during year (223 )
Balance at 31 March 2023 122,698

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100,000 Ordinary £1 100,000 100,000

12. RESERVES
Retained Non-distributable
earnings reserves Totals
£    £    £   

At 1 April 2022 503,806 1,097,334 1,601,140
Profit for the year 40,901 40,901
At 31 March 2023 544,707 1,097,334 1,642,041

13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

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

2023 2022
£    £   
Mr I Dinc
Balance outstanding at start of year 272,048 280,106
Amounts repaid - (8,058 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 272,048

Prosperity Developments Ltd (Registered number: 05178939)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

14. RELATED PARTY DISCLOSURES

Transactions with related parties:

Loans due from member of key management personnel to company at balance sheet date £256,307 (2022:£280,106). Interest free loan repayable on demand.

Loans due from entities under common and joint control undertakings at balance sheet date £3,173,711 (2022:£3,056,595). Loans bear interest at market rate and have no fixed repayment terms.

Loans due to entities under common and joint control undertakings at balance sheet date £1,961,941 (2022: £4,953,919). Loans bear interest at market rate and have no fixed repayment terms.