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REGISTERED NUMBER: 03246506 (England and Wales)















Unaudited Financial Statements

For The Year Ended 31 December 2023

for

Prov Enterprise Ltd

Prov Enterprise Ltd (Registered number: 03246506)






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


Prov Enterprise Ltd

Company Information
For The Year Ended 31 December 2023







DIRECTOR: Mrs P Shah





SECRETARY: Mr J Shah





REGISTERED OFFICE: 67 Beechwood Gardens
Clayhall
Essex
IG5 0AG





REGISTERED NUMBER: 03246506 (England and Wales)





ACCOUNTANTS: RNS Business Solutions Limited
Chartered Accountants
276 Preston Road
Harrow
Middlesex
HA3 0QA

Prov Enterprise Ltd (Registered number: 03246506)

Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £   
FIXED ASSETS
Tangible assets 4 1 1

CURRENT ASSETS
Stocks 251,297 270,591
Debtors 5 331 -
Cash at bank 81,882 60,242
333,510 330,833
CREDITORS
Amounts falling due within one year 6 (365,531 ) (378,174 )
NET CURRENT LIABILITIES (32,021 ) (47,341 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(32,020

)

(47,340

)

CAPITAL AND RESERVES
Called up share capital 4,000 4,000
Profit and loss account (36,020 ) (51,340 )
SHAREHOLDERS' FUNDS (32,020 ) (47,340 )

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 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 September 2024 and were signed by:





Mrs P Shah - Director


Prov Enterprise Ltd (Registered number: 03246506)

Notes to the Financial Statements
For The Year Ended 31 December 2023

1. STATUTORY INFORMATION

Prov Enterprise Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover represents proceeds from sales of listed shares and securities net of all commissions and charges.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on cost

Stocks
The company's trading stock comprise of listed shares and securities held as at the balance sheet date in the normal course of the company's business. Stock of listed shares and securities are valued at the lower of cost and market value of each item as at the balance sheet date.

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties.

Financial assets that are measured at cost and 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 or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Prov Enterprise Ltd (Registered number: 03246506)

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

2. ACCOUNTING POLICIES - continued

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Going concern
As at the balance sheet date the company's total liabilities exceeded its total assets. However, the director anticipates that the company will become profitable in future years and considering the support available from creditors, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 January 2023
and 31 December 2023 549
DEPRECIATION
At 1 January 2023
and 31 December 2023 548
NET BOOK VALUE
At 31 December 2023 1
At 31 December 2022 1

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Other debtors 331 -

Prov Enterprise Ltd (Registered number: 03246506)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Taxation and social security - 7
Other creditors 365,531 378,167
365,531 378,174

7. RELATED PARTY DISCLOSURES

Included in creditors is an amount due to the director of £352,041 (2022: £344,678). The outstanding loan due is interest free and payable on demand.