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REGISTERED NUMBER: 10911153 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

PROSPERITY WEALTH SECURED LOAN NOTE
LIMITED

PROSPERITY WEALTH SECURED LOAN NOTE
LIMITED (REGISTERED NUMBER: 10911153)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PROSPERITY WEALTH SECURED LOAN NOTE
LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTOR: J E Billingham



REGISTERED OFFICE: JQ1
32 George Street
Birmingham
B3 1QG



REGISTERED NUMBER: 10911153 (England and Wales)



ACCOUNTANTS: BTMR Limited
Century Buildings
14 St Mary's Parsonage
Manchester
M3 2DF



BANKERS: Barclays Plc
Birmingham Kings Heath
Leicester
Leicestershire
LE87 2BB

PROSPERITY WEALTH SECURED LOAN NOTE
LIMITED (REGISTERED NUMBER: 10911153)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,497 11,871
Investment property 5 3,806,612 3,806,612
3,816,109 3,818,483

CURRENT ASSETS
Debtors 6 202,700 203,152
Cash at bank 2,017 15,014
204,717 218,166
CREDITORS
Amounts falling due within one year 7 2,481,914 2,467,621
NET CURRENT LIABILITIES (2,277,197 ) (2,249,455 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,538,912

1,569,028

CREDITORS
Amounts falling due after more than one
year

8

1,660,698

1,720,543
NET LIABILITIES (121,786 ) (151,515 )

CAPITAL AND RESERVES
Called up share capital 1 1
Other reserves 335,000 335,000
Retained earnings (456,787 ) (486,516 )
(121,786 ) (151,515 )

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

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

The director acknowledges his 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 SECURED LOAN NOTE
LIMITED (REGISTERED NUMBER: 10911153)

Balance Sheet - continued
31 December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 September 2024 and were signed by:





J E Billingham - Director


PROSPERITY WEALTH SECURED LOAN NOTE
LIMITED (REGISTERED NUMBER: 10911153)

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


1. STATUTORY INFORMATION

Prosperity Wealth Secured Loan Note 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 as modified by the revaluation of certain assets.

Turnover
Turnover is accounted for as revenue when, and to the extent that, the company obtains a right to consideration in exchange for its performance of its obligations under the sales contract with the customer. The amount reported as revenue is the fair value of the right to consideration - usually the price specified in the contractual arrangement net of discounts and net of VAT, and after any allowance for credit risk and other uncertainties.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance

Tangible fixed assets are initially recorded at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. EMPLOYEES AND DIRECTORS

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

PROSPERITY WEALTH SECURED LOAN NOTE
LIMITED (REGISTERED NUMBER: 10911153)

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


4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023
and 31 December 2023 36,226
DEPRECIATION
At 1 January 2023 24,355
Charge for year 2,374
At 31 December 2023 26,729
NET BOOK VALUE
At 31 December 2023 9,497
At 31 December 2022 11,871

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 3,806,612
NET BOOK VALUE
At 31 December 2023 3,806,612
At 31 December 2022 3,806,612

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2022 335,000
Cost 3,471,612
3,806,612

Investment properties were revalued on an open market basis during the year by the company's director.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed by group undertakings 1 1
Amounts owed by related party companies 188,783 188,783
Other debtors 13,916 14,368
202,700 203,152

PROSPERITY WEALTH SECURED LOAN NOTE
LIMITED (REGISTERED NUMBER: 10911153)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 59,845 59,845
Trade creditors 1,028 1,256
Amounts owed to related party companies 2,392,288 2,382,908
Taxation and social security 9,873 -
Other creditors 18,880 23,612
2,481,914 2,467,621

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 1,660,698 1,720,543

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,421,318 1,481,163

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 1,720,543 1,780,388

Bank loans are secured by a fixed and floating charge over all assets of the company and also by way of specific fixed charges on properties owned by the company at 77 Varity House and 1010 Gower House.

Additionally, bank debt is secured by way of a debenture in the bank's standard form. The company has also granted a cross guarantee in favour of monies owed to the bank by Churchgate Commercial Holdings Limited, Churchgate Investments UK Limited, Prosperity Living Limited (formerly PDC Investments UK Limited) and Prosperity Wealth Group Limited, companies that are under common control and ownership.

10. ULTIMATE CONTROLLING PARTY

The controlling party is Prosperity Wealth Group Limited.

The ultimate controlling party is J E Billingham.

11. BASIS OF PREPARATION

The financial statements have been prepared on a going concern basis, the applicability of which is dependent upon the continued support of its fellow group companies and associated companies. At the balance sheet date, the company had net liabilities of £121,786 (£151.515 , 2022) and reported a profit of £29,729 (£21,642: 2022). In the opinion of the directors, the company has the support of its fellow group companies and associated companies for the foreseeable future and it is therefore appropriate to adopt the going concern basis.