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REGISTERED NUMBER: 05947881 (England and Wales)















PROSPERITY WEALTH MANAGEMENT LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023






PROSPERITY WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 05947881)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30 September 2023










Page

Abridged Balance Sheet 1 to 2

Notes to the Financial Statements 3 to 5


PROSPERITY WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 05947881)

ABRIDGED BALANCE SHEET
30 September 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 108,097 129,511

CURRENT ASSETS
Debtors 35,195 903
Cash at bank 136,280 143,163
171,475 144,066
CREDITORS
Amounts falling due within one year (87,043 ) (48,618 )
NET CURRENT ASSETS 84,432 95,448
TOTAL ASSETS LESS CURRENT
LIABILITIES

192,529

224,959

CREDITORS
Amounts falling due after more than one
year

(40,505

)

(47,496

)

PROVISIONS FOR LIABILITIES 5 (27,024 ) (24,607 )
NET ASSETS 125,000 152,856

CAPITAL AND RESERVES
Called up share capital 130 130
Retained earnings 124,870 152,726
SHAREHOLDERS' FUNDS 125,000 152,856

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

PROSPERITY WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 05947881)

ABRIDGED BALANCE SHEET - continued
30 September 2023


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 Balance Sheet for the year ended 30 September 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 Board of Directors and authorised for issue on 1 April 2024 and were signed on its behalf by:





Mr M Bonynge - Director


PROSPERITY WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 05947881)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 September 2023


1. STATUTORY INFORMATION

Prosperity Wealth Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05947881

Registered office: Bentley Bridge House
Chesterfield Road
Matlock
Derbyshire
DE4 5LE

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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Motor vehicles - 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

PROSPERITY WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 05947881)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on as incurred over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 October 2022 245,143
Additions 3,347
At 30 September 2023 248,490
DEPRECIATION
At 1 October 2022 115,632
Charge for year 24,761
At 30 September 2023 140,393
NET BOOK VALUE
At 30 September 2023 108,097
At 30 September 2022 129,511

PROSPERITY WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 05947881)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 October 2022
and 30 September 2023 76,314
DEPRECIATION
At 1 October 2022 11,447
Charge for year 9,730
At 30 September 2023 21,177
NET BOOK VALUE
At 30 September 2023 55,137
At 30 September 2022 64,867

5. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 27,024 24,607

Deferred
tax
£   
Balance at 1 October 2022 24,607
Accelerated capital allowances 2,417
Balance at 30 September 2023 27,024

6. RELATED PARTY DISCLOSURES

There have been no material transactions with any related parties, other than those with the directors.

7. ULTIMATE CONTROLLING PARTY

The company is controlled by its directors, by virtue of their shareholdings.