Prospect Number Four Limited 04232637 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of property investment Digita Accounts Production Advanced 6.30.9574.0 true true 04232637 2023-01-01 2023-12-31 04232637 2023-12-31 04232637 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 04232637 core:Non-currentFinancialInstruments 2023-12-31 04232637 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 04232637 bus:SmallEntities 2023-01-01 2023-12-31 04232637 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04232637 bus:FilletedAccounts 2023-01-01 2023-12-31 04232637 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04232637 bus:RegisteredOffice 2023-01-01 2023-12-31 04232637 bus:Director1 2023-01-01 2023-12-31 04232637 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04232637 core:UKTax 2023-01-01 2023-12-31 04232637 countries:England 2023-01-01 2023-12-31 04232637 2022-12-31 04232637 2022-01-01 2022-12-31 04232637 2022-12-31 04232637 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 04232637 core:Non-currentFinancialInstruments 2022-12-31 04232637 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 04232637 core:UKTax 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 04232637

Prospect Number Four Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Prospect Number Four Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Prospect Number Four Limited

(Registration number: 04232637)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

779,886

779,886

Current assets

 

Cash at bank and in hand

 

1

1

Creditors: Amounts falling due within one year

6

(1,926)

(12,405)

Net current liabilities

 

(1,925)

(12,404)

Total assets less current liabilities

 

777,961

767,482

Creditors: Amounts falling due after more than one year

6

(141,151)

(124,660)

Provisions for liabilities

(110,647)

(110,647)

Net assets

 

526,163

532,175

Capital and reserves

 

Called up share capital

1

1

Other reserves

437,374

437,374

Retained earnings

88,788

94,800

Shareholders' funds

 

526,163

532,175

 

Prospect Number Four Limited

(Registration number: 04232637)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 May 2024
 

.........................................
Mr Ioannis Antoniou
Director

 

Prospect Number Four Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Woodgate Studios
2-8 Games Road
Cockfosters
Hertfordshire
EN4 9HN
England

These financial statements were authorised for issue by the director on 23 May 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are prepared in the company's functional currency of British Pounds (£) and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents rental income receivable in the period.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Prospect Number Four Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Trade creditors

Creditors with no stated interest rate and payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Prospect Number Four Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

UK corporation tax

1,451

3,555

Deferred taxation

-

56,005

Tax expense

1,451

59,560

5

Investment properties

2023
£

At 1 January

779,886

At 31 December

779,886

The Investment properties were revalued on 31 December 2023 by the director of the company. The basis of this valuation was market value. The current value of the investment properties is £779,887 (2022: £779,887) and a carrying amount at historical cost of £231,866 (2022: £231,866).

There has been no valuation of investment property by an independent valuer.

 

Prospect Number Four Limited

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

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

1,451

3,555

Other creditors

475

8,850

1,926

12,405

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

141,151

124,660

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

141,151

124,660

Secured creditors

The loans are secured on the investment properties.