Registered number
11029173
Prospect Peace Limited
Unaudited Filleted Accounts
31 October 2023
Prospect Peace Limited
Registered number: 11029173
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1 -
Tangible assets 4 205 874
206 874
Current assets
Debtors 5 145,980 -
Cash at bank and in hand 139,341 263,549
285,321 263,549
Creditors: amounts falling due within one year 6 (48,245) (80,198)
Net current assets 237,076 183,351
Net assets 237,282 184,225
Capital and reserves
Called up share capital 2 2
Profit and loss account 237,280 184,223
Shareholders' funds 237,282 184,225
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr Nussaibah Younis
Director
Approved by the board on 9 March 2024
Prospect Peace Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 2
3 Intangible fixed assets £
Intellectual Property Rights:
Cost
Additions 1
At 31 October 2023 1
Amortisation
At 31 October 2023 -
Net book value
At 31 October 2023 1
On 26th June 2023, Prospect Peace Limited acquired Intellectual Property Rights from the director/shareholder, Nussaibah Younis.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 2,832
At 31 October 2023 2,832
Depreciation
At 1 November 2022 1,958
Charge for the year 669
At 31 October 2023 2,627
Net book value
At 31 October 2023 205
At 31 October 2022 874
5 Debtors 2023 2022
£ £
Trade debtors 145,980 -
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 50,304
Taxation and social security costs 43,475 25,765
Other creditors and accruals 4,770 4,129
48,245 80,198
7 Other information
Prospect Peace Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Hinksey Court
Church Way
Oxford
Oxfordshire
OX2 9SX
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