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Registered number: 12397756
Prosperitas Wealth Planning Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Townend English
Chartered Accountants
81-83 Market Street
Pocklington
YO42 2AE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12397756
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 12,000 14,000
Tangible Assets 5 6,176 8,034
18,176 22,034
CURRENT ASSETS
Debtors 6 486,366 224,505
Cash at bank and in hand 40,198 41,803
526,564 266,308
Creditors: Amounts Falling Due Within One Year 7 (197,843 ) (64,214 )
NET CURRENT ASSETS (LIABILITIES) 328,721 202,094
TOTAL ASSETS LESS CURRENT LIABILITIES 346,897 224,128
Creditors: Amounts Falling Due After More Than One Year 8 (27,776 ) (35,078 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,544 ) (1,527 )
NET ASSETS 317,577 187,523
CAPITAL AND RESERVES
Called up share capital 9 200 200
Profit and Loss Account 317,377 187,323
SHAREHOLDERS' FUNDS 317,577 187,523
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Claire Davidson
Director
Mrs Anna Kilby
Director
11 October 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Prosperitas Wealth Planning Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12397756 . The registered office is Parkgate House 7 Hesslewood Country Park Office, Ferriby Road, Hessle, East Yorkshire, HU13 0QF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% Reducing balance
Computer Equipment 25% Reducing balance
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 20,000
As at 31 March 2024 20,000
Amortisation
As at 1 April 2023 6,000
Provided during the period 2,000
As at 31 March 2024 8,000
Net Book Value
As at 31 March 2024 12,000
As at 1 April 2023 14,000
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5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 12,932 5,132 18,064
Additions - 201 201
As at 31 March 2024 12,932 5,333 18,265
Depreciation
As at 1 April 2023 7,730 2,300 10,030
Provided during the period 2,059 - 2,059
As at 31 March 2024 9,789 2,300 12,089
Net Book Value
As at 31 March 2024 3,143 3,033 6,176
As at 1 April 2023 5,202 2,832 8,034
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 411,126 224,505
Due after more than one year
Other debtors 75,240 -
486,366 224,505
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 5,556 5,252
Other creditors 48,033 29,911
Taxation and social security 144,254 29,051
197,843 64,214
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 27,776 35,078
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9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mrs Claire Davidson 107,761 97,504 - - 205,265
Mrs Anna Kilby 57,908 59,759 - - 117,667
The above loan is unsecured, interest bearing and repayable on demand.
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