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REGISTERED NUMBER: 13682654 (England and Wales)















Financial Statements for the Year Ended 31 October 2023

for

Prospect Expert Reports Limited

Prospect Expert Reports Limited (Registered number: 13682654)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Prospect Expert Reports Limited

Company Information
for the Year Ended 31 October 2023







DIRECTOR: Ms J Brindle





REGISTERED OFFICE: 1st Floor 55 Ffordd William Morgan
St. Asaph Business Park
St. Asaph
LL17 0JG





REGISTERED NUMBER: 13682654 (England and Wales)





ACCOUNTANTS: Cobham Murphy
116 Duke Street
Liverpool
Merseyside
L1 5JW

Prospect Expert Reports Limited (Registered number: 13682654)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,333 78,969

CURRENT ASSETS
Debtors 5 136,581 -
Cash at bank 6,393 1,046
142,974 1,046
CREDITORS
Amounts falling due within one year 6 98,388 16,969
NET CURRENT ASSETS/(LIABILITIES) 44,586 (15,923 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

47,919

63,046

CREDITORS
Amounts falling due after more than one
year

7

-

(74,894

)

PROVISIONS FOR LIABILITIES (711 ) (15,004 )
NET ASSETS/(LIABILITIES) 47,208 (26,852 )

CAPITAL AND RESERVES
Called up share capital 202 202
Retained earnings 47,006 (27,054 )
47,208 (26,852 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

Prospect Expert Reports Limited (Registered number: 13682654)

Balance Sheet - continued
31 October 2023


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

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 30 July 2024 and were signed by:





Ms J Brindle - Director


Prospect Expert Reports Limited (Registered number: 13682654)

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

1. STATUTORY INFORMATION

Prospect Expert Reports Limited 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.

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.

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 £.

Significant judgements and estimates
There are no judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements.

Turnover
Turnover is measured at the fair value of report writing services received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised when the services are complete.

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 etc - 33% on cost and 20% on reducing balance

Financial instruments
Other loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors loans and intercompany loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

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.


Prospect Expert Reports Limited (Registered number: 13682654)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued
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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022 91,118
Additions 5,000
Disposals (91,118 )
At 31 October 2023 5,000
DEPRECIATION
At 1 November 2022 12,149
Charge for year 1,667
Eliminated on disposal (12,149 )
At 31 October 2023 1,667
NET BOOK VALUE
At 31 October 2023 3,333
At 31 October 2022 78,969

Prospect Expert Reports Limited (Registered number: 13682654)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

4. TANGIBLE FIXED ASSETS - continued

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

Plant and
machinery
etc
£   
COST
At 1 November 2022 91,118
Disposals (91,118 )
At 31 October 2023 -
DEPRECIATION
At 1 November 2022 12,149
Eliminated on disposal (12,149 )
At 31 October 2023 -
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 78,969

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Other debtors 136,581 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade creditors - 50
Taxation and social security 12,431 -
Other creditors 85,957 16,919
98,388 16,969

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.23 31.10.22
£    £   
Hire purchase contracts - 74,894

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The director, Ms J Brindle operates current accounts to which transactions of a private nature are charged. Included in other debtors as at 31st October 2023 is £6,579 (2022 £1,684 owed to Ms J Brindle).
The loans are repayable on demand and include interest at 2%.

9. RELATED PARTY DISCLOSURES

Included in creditors as at 31st October 2023 is £34,038 (2022 - nil) owed to a related party under common control. The loan is repayable on demand and interest free.