REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
PROSPERITY WEALTH SECURED LOAN NOTE |
LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Century Buildings |
14 St Mary's Parsonage |
Manchester |
M3 2DF |
BANKERS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Fixtures and fittings | - |
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 |
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 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Amounts owed by related party companies |
Other debtors |
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 |
Trade creditors |
Amounts owed to related party companies | 2,392,288 | 2,382,908 |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
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 |
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 |
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. |