REGISTERED NUMBER: |
PROSPECT INVESTMENTS LIMITED |
Audited Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
PROSPECT INVESTMENTS LIMITED |
Audited Financial Statements for the Year Ended 31 December 2023 |
PROSPECT INVESTMENTS LIMITED (REGISTERED NUMBER: NI046643) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
PROSPECT INVESTMENTS LIMITED |
Company Information |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Accountants and Statutory Auditors |
36-38 Northland Row |
Dungannon |
Co. Tyrone |
BT71 6AP |
BANKERS: |
2-4 East Bridge Street |
Enniskillen |
Fermanagh |
BT74 7BT |
SOLICITORS: |
24 Dublin Road |
Omagh |
County Tyrone |
BT78 1HE |
PROSPECT INVESTMENTS LIMITED (REGISTERED NUMBER: NI046643) |
Statement of Financial Position |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Inventories | 5 |
Receivables: amounts falling due within one year |
6 |
Cash at bank |
PAYABLES |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PROSPECT INVESTMENTS LIMITED (REGISTERED NUMBER: NI046643) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Prospect Investments Limited is a private company limited by shares incorporated in Northern Ireland, within the United Kingdom. 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 GBP sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparation |
The accounts are prepared on a going concern basis under the historical cost convention. The accounting policies outlined below have been applied consistently throughout the year. |
Revenue |
Revenue comprises the invoice value of services supplied by the company, exclusive of trade discounts and value added tax. Revenue is recognised upon the date to which the rental relates. |
Inventories |
Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling. |
Taxation |
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date. |
Cash flow statement |
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company. |
PROSPECT INVESTMENTS LIMITED (REGISTERED NUMBER: NI046643) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties and 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. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
(iii) Offsetting |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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. |
PROSPECT INVESTMENTS LIMITED (REGISTERED NUMBER: NI046643) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as deductions, net of tax, from the proceeds. |
Finance Costs |
Finance costs are charged to the Income Statement over the term of the debt. |
Going Concern |
The financial statements have been prepared on the going concern notwithstanding the fact the company has a balance sheet deficit of £722,824 (2022 - £734,029). |
The directors are in the process of seeking planning permission for it's development property, which if successful will significantly increase the net realisable value of same and generate significant profits for the company. In addition, group companies are the largest creditor of the company and these fellow group companies have indicated their continued support for the company. |
The company's ability to continue as a going concern is dependent upon the successful outcome of the property development and continued support from creditors. The directors are confident such development of the property can be achieved and as such believe it is appropriate to adopt the going concern basis in the preparation of these financial statements. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
5. | INVENTORIES |
2023 | 2022 |
£ | £ |
Finished goods |
6. | RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
The amounts owed by group undertakings are unsecured, interest free and repayable on demand. |
7. | PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Trade payables |
Amounts owed to group undertakings |
Taxation |
Other payables |
The amounts owed to group undertakings are unsecured, interest free and repayable on demand. |
PROSPECT INVESTMENTS LIMITED (REGISTERED NUMBER: NI046643) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Auditors' Report was unqualified. |
for and on behalf |
10. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
BLS Holdings Ltd is regarded by the directors as being the Company's immediate and ultimate parent company. The directors consider the shareholders of BLS Holdings Ltd to be the Ultimate Controlling party. |