REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
PROSPERITY LIVING LIMITED |
PREVIOUSLY KNOWN AS |
PDC INVESTMENTS UK LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
PROSPERITY LIVING LIMITED |
PREVIOUSLY KNOWN AS |
PDC INVESTMENTS UK LIMITED |
PROSPERITY LIVING LIMITED (REGISTERED NUMBER: 06927838) |
PREVIOUSLY KNOWN AS PDC INVESTMENTS UK LIMITED |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PROSPERITY LIVING LIMITED |
PREVIOUSLY KNOWN AS PDC INVESTMENTS UK LIMITED |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Century Buildings |
14 St Mary's Parsonage |
Manchester |
M3 2DF |
BANKERS: |
Leicester |
LE87 2BB |
PROSPERITY LIVING LIMITED (REGISTERED NUMBER: 06927838) |
PREVIOUSLY KNOWN AS PDC INVESTMENTS UK LIMITED |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings - not distributable |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
PROSPERITY LIVING LIMITED (REGISTERED NUMBER: 06927838) |
PREVIOUSLY KNOWN AS PDC INVESTMENTS UK LIMITED |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Prosperity Living Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Investment property |
Tangible fixed assets include investment properties professionally valued on an existing use open market value basis. |
Investment properties are included in the balance sheet at their open market value. |
Although this accounting policy is in accordance with FRS 102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Disposals | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
PROSPERITY LIVING LIMITED (REGISTERED NUMBER: 06927838) |
PREVIOUSLY KNOWN AS PDC INVESTMENTS UK LIMITED |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | INVESTMENT PROPERTY - continued |
The director has valued the investment properties at open market value. No depreciation is provided in respect of these properties. |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2020 | 254,865 |
Valuation in 2022 | 400,489 |
Cost | 574,646 |
1,230,000 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Amounts owed by related party companies | 50,580 | 25,607 |
Other debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to related party companies | 2,442 | 421,876 |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 230,000 | 341,092 |
PROSPERITY LIVING LIMITED (REGISTERED NUMBER: 06927838) |
PREVIOUSLY KNOWN AS PDC INVESTMENTS UK LIMITED |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
The loan is secured by a fixed and floating charge over the assets of the company. |
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 Wealth Secured Loan Note Limited and Prosperity Wealth Group Limited, companies that are under common control and ownership |
9. | ULTIMATE CONTROLLING PARTY |
The controlling party is J E Billingham. |