13009828falseBuilders2022-12-012023-11-30http://www.companieshouse.gov.uk/2022-11-30http://www.companieshouse.gov.uk/pt:ShareCapital2022-11-30http://www.companieshouse.gov.uk/cd:Director12022-12-012023-11-30http://www.companieshouse.gov.uk/pt:CommercialMotorVehicles2022-11-30http://www.companieshouse.gov.uk/pt:ShareCapital2023-11-30http://www.companieshouse.gov.uk/pt:CommercialMotorVehicles2023-11-30http://www.companieshouse.gov.uk/pt:ToolsEquipment2022-11-30http://www.companieshouse.gov.uk/cd:OrdinaryShareClass12022-12-012023-11-30http://www.companieshouse.gov.uk/pt:ToolsEquipment2023-11-30http://www.companieshouse.gov.uk/cd:RegisteredOffice2022-12-012023-11-30http://www.companieshouse.gov.uk/cd:AuditExemptWithAccountantsReport2022-12-012023-11-30http://www.companieshouse.gov.uk/pt:CurrentFinancialInstruments2023-11-30http://www.companieshouse.gov.uk/pt:CurrentFinancialInstruments2022-11-30http://www.companieshouse.gov.uk/2022-12-012023-11-30http://www.companieshouse.gov.uk/2022-11-30http://www.companieshouse.gov.uk/cd:FRS1022022-12-012023-11-30http://www.companieshouse.gov.uk/2023-11-30http://www.companieshouse.gov.uk/cd:FullAccounts2022-12-012023-11-30http://www.companieshouse.gov.uk/cd:PrivateLimitedCompanyLtd2022-12-012023-11-30iso4217:GBPxbrli:sharesxbrli:pure
Registered number: 13009828

I Prospect Homes Ltd

FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30/11/2023

Prepared By:
Gibsons Accountants Ltd
Chartered Accountants
226 Oldham Road
Rochdale
Lancashire
OL11 2ER

I Prospect Homes Ltd

UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30/11/2023
DIRECTORS
Frank Garvey
REGISTERED OFFICE
226 Oldham Road
Rochdale
Lancashire
OL112ER
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 13009828
ACCOUNTANTS
Gibsons Accountants Ltd
Chartered Accountants
226 Oldham Road
Rochdale
Lancashire
OL11 2ER

I Prospect Homes Ltd

UNAUDITED FINANCIAL STATEMENTS
FOR THEYEARENDED30/11/2023
CONTENTS
Page
Directors' Report-
Accountants' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-

I Prospect Homes Ltd

BALANCE SHEET AT 30/11/2023
20232022
Notes££
FIXED ASSETS
Tangible assets313,74015,926
CURRENT ASSETS
Debtors4205,927169,797
Cash at bank and in hand2,3681,324
208,295171,121
CREDITORS: Amounts falling due within one year5197,533173,492
NET CURRENT ASSETS / (LIABILITIES)10,762(2,371)
TOTAL ASSETS LESS CURRENT LIABILITIES24,50213,555
PROVISIONS FOR LIABILITIES AND CHARGES62,611902
NET ASSETS21,89112,653
CAPITAL AND RESERVES
Called up share capital722
Profit and loss account21,88912,651
SHAREHOLDERS' FUNDS21,89112,653
For the year ending 30/11/2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 14/08/2024 and signed on their behalf by
.............................
Frank Garvey
Director

I Prospect Homes Ltd

NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30/11/2023
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .
1b. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Commercial Vehiclesreducing balance 25%
Equipmentreducing balance 20%
1c. Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
1d. Stock Long Term Contracts
Long term contracts, the amount recorded as turnover in respect of long term contracts is ascertained by reference to the value of the work carried out to date. Attributable profit is recognised as the difference between recorded turnover and related costs.
1e. Revenue Recognition
Revenue is measured at the fair value of the consideration received or receivable.
2. EMPLOYEES
20232022
No.No.
Average number of employees22

I Prospect Homes Ltd

3. TANGIBLE FIXED ASSETS
Commercial
VehiclesEquipmentTotal
£££
Cost
At 01/12/202220,59874621,344
Additions-2,2142,214
At 30/11/202320,5982,96023,558
Depreciation
At 01/12/20225,1502685,418
For the year3,8625384,400
At 30/11/20239,0128069,818
Net Book Amounts
At 30/11/202311,5862,15413,740
At 30/11/202215,44847815,926
4. DEBTORS 20232022
££
Amounts falling due within one year
Trade debtors6,123-
Amounts recoverable on contracts-168,000
VAT2,107931
Amounts due from Gypsy Lane Developments Ltd16040
Amounts due from Sweet Briar Homes Ltd197,16040
Prepayments377786
205,927169,797
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20232022
££
UK corporation tax442-
PAYE control300706
Directors current account48,23448,234
Shareholder current account147,457123,552
Accruals1,1001,000
197,533173,492

I Prospect Homes Ltd

6. PROVISIONS FOR LIABILITIES 20232022
££
Deferred taxation2,611902
2,611902
7. SHARE CAPITAL 20232022
££
Allotted, issued and fully paid:
2 Ordinary shares of £1 each22
22
8. CONTROLLING PARTY
The company is controlled by the director and his partner whom own 100% of the issued share capital.
9. RELATED PARTY TRANSACTIONS
During the year the company made sales to Sweet Briar Homes Ltd a company in which Mr Frank Garvey is a director totaling £50,000 ( 2022 : £83,000).