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REGISTRAR OF COMPANIES

Registration number: 05629397

Prospect Farm Limited

Unaudited Financial Statements

31 January 2024

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Prospect Farm Limited

Contents

Accountants' Report

1

Balance Sheet

2

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Prospect Farm Limited
for the Year Ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Prospect Farm Limited for the year ended 31 January 2024 as set out on pages 2 to 5 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Prospect Farm Limited, as a body, in accordance with the terms of our engagement letter dated 31 August 2023. Our work has been undertaken solely to prepare for your approval the accounts of Prospect Farm Limited and state those matters that we have agreed to state to the Board of Directors of Prospect Farm Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Prospect Farm Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Prospect Farm Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Prospect Farm Limited. You consider that Prospect Farm Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Prospect Farm Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

28 October 2024

 

Prospect Farm Limited

(Registration number: 05629397)
Balance Sheet as at 31 January 2024

2024
£

2023
£

Fixed assets

 

272,490

286,490

Current assets

 

35,470

34,820

Creditors: Amounts falling due within one year

 

(1,875)

-

Net current assets

 

33,595

34,820

Total assets less current liabilities

 

306,085

321,310

Accruals and deferred income

 

(1,250)

(1,314)

   

304,835

319,996

Capital and reserves

 

304,835

319,996

 

Prospect Farm Limited

(Registration number: 05629397)
Balance Sheet as at 31 January 2024 (continued)

1

General information

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

The address of its registered office is:
Grange Farm
Allerby Aspatria
Wigton
Cumbria
CA7 2NL

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Prospect Farm Limited

(Registration number: 05629397)
Balance Sheet as at 31 January 2024 (continued)

3

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances
£

Repayments
£

Dividends credited
£

Interest
£

At 31 January 2024
£

J A Mounsey

Loan

10,013

8,782

(6,181)

(8,000)

41

4,655

             
         

J M Mounsey

Loan

10,013

8,782

(6,182)

(8,000)

42

4,655

             
         

 

2023

At 1 February 2022
£

Advances
£

Repayments
£

Dividends credited
£

Interest
£

At 31 January 2023
£

J A Mounsey

Loan

34,363

26,250

(45,381)

(6,000)

781

10,013

             
         

J M Mounsey

Loan

34,362

26,250

(45,380)

(6,000)

781

10,013

             
         

 

Interest has been charged on advances to directors at a rate of 2% to 5 April 2023 and 2.25% thereafter.

Directors' advances are repayable on demand.

 

Prospect Farm Limited

(Registration number: 05629397)
Balance Sheet as at 31 January 2024 (continued)

These financial statements have been prepared in accordance with the micro-entity provisions of the Companies Act 2006 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 October 2024 and signed on its behalf by:
 

.........................................
J A Mounsey
Director

.........................................
J M Mounsey
Director