Company registration number 11700673 (England and Wales)
PROSPECT WELLS HOUSE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
PROSPECT WELLS HOUSE LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
PROSPECT WELLS HOUSE LTD
COMPANY INFORMATION
- 1 -
Director
Mr C M Tippetts
Secretary
Mrs R Tippetts
Company number
11700673
Registered office
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
Accountants
TC Group
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
PROSPECT WELLS HOUSE LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
2,248,469
1,735,897
Debtors
3
17,218
2,465
Cash at bank and in hand
11,663
29,367
2,277,350
1,767,729
Creditors: amounts falling due within one year
4
(1,847,995)
(1,798,622)
Net current assets/(liabilities)
429,355
(30,893)
Creditors: amounts falling due after more than one year
5
(481,367)
-
0
Net liabilities
(52,012)
(30,893)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(52,013)
(30,894)
Total equity
(52,012)
(30,893)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

PROSPECT WELLS HOUSE LTD
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 29 July 2024
Mr C M Tippetts
Director
Company Registration No. 11700673
The notes on pages 4 to 6 form part of these financial statements
PROSPECT WELLS HOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information

Prospect Wells House Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Courtyard, Shoreham Road, Upper Beeding, Steyning, West Sussex, BN44 3TN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future.

1.3
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

PROSPECT WELLS HOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
17,218
2,465
PROSPECT WELLS HOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
110,544
8,410
Other creditors
1,737,451
1,790,212
1,847,995
1,798,622

Ht UK Investment Aps holds a fixed charge and Close Brothers Limited holds fixed and floating charges over the freehold property known as Prospect Wells House, Outwood Lane, Chipstead.

5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
481,367
-
0
2023-11-302022-12-01false29 July 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr C M TippettsMrs R B Tippettsfalsefalse117006732022-12-012023-11-3011700673bus:Director12022-12-012023-11-3011700673bus:CompanySecretary12022-12-012023-11-3011700673bus:RegisteredOffice2022-12-012023-11-30117006732023-11-30117006732022-11-3011700673core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-3011700673core:CurrentFinancialInstrumentscore:WithinOneYear2022-11-3011700673core:Non-currentFinancialInstrumentscore:AfterOneYear2023-11-3011700673core:Non-currentFinancialInstrumentscore:AfterOneYear2022-11-3011700673core:CurrentFinancialInstruments2023-11-3011700673core:CurrentFinancialInstruments2022-11-3011700673core:ShareCapital2023-11-3011700673core:ShareCapital2022-11-3011700673core:RetainedEarningsAccumulatedLosses2023-11-3011700673core:RetainedEarningsAccumulatedLosses2022-11-30117006732021-12-012022-11-3011700673core:WithinOneYear2023-11-3011700673core:WithinOneYear2022-11-3011700673core:Non-currentFinancialInstruments2023-11-3011700673core:Non-currentFinancialInstruments2022-11-3011700673bus:PrivateLimitedCompanyLtd2022-12-012023-11-3011700673bus:SmallCompaniesRegimeForAccounts2022-12-012023-11-3011700673bus:FRS1022022-12-012023-11-3011700673bus:AuditExemptWithAccountantsReport2022-12-012023-11-3011700673bus:FullAccounts2022-12-012023-11-30xbrli:purexbrli:sharesiso4217:GBP