PROSEED PROPERTY LTD

Company Registration Number:
09969958 (England and Wales)

Unaudited abridged accounts for the year ended 31 March 2024

Period of accounts

Start date: 01 April 2023

End date: 31 March 2024

PROSEED PROPERTY LTD

Contents of the Financial Statements

for the Period Ended 31 March 2024

Balance sheet
Notes

PROSEED PROPERTY LTD

Balance sheet

As at 31 March 2024


Notes

2024

2023


£

£
Fixed assets
Tangible assets: 3 4,089 6,817
Investments: 4 1,418 1,080
Total fixed assets: 5,507 7,897
Current assets
Debtors:   722,864 650,900
Cash at bank and in hand: 93,050 52,438
Total current assets: 815,914 703,338
Creditors: amounts falling due within one year:   (400,572) (321,573)
Net current assets (liabilities): 415,342 381,765
Total assets less current liabilities: 420,849 389,662
Creditors: amounts falling due after more than one year:   (14,167) (24,167)
Total net assets (liabilities): 406,682 365,495
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 406,582 365,395
Shareholders funds: 406,682 365,495

The notes form part of these financial statements

PROSEED PROPERTY LTD

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 04 December 2024
and signed on behalf of the board by:

Name: Philip Curwen
Status: Director

The notes form part of these financial statements

PROSEED PROPERTY LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. Interest income is accrued on a time-apportioned basis, by reference to the principle outstanding at the effective interest rate.

Other accounting policies

Taxation Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. The company is part of a tax group for certain aspects of tax legislation. One of these aspects relates to group relief whereby current tax liabilities can be offset by current tax losses arising in other companies within the same tax group. Payment for group relief is made equal to the tax benefit with amounts included within the current tax disclosures. Deferred tax Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Pension costs and other post-retirement benefits The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. Financial instruments The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102, in full, to all of its financial instruments. Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument, and are offset only when the Company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Borrowings Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

PROSEED PROPERTY LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

2. Employees

2024 2023
Average number of employees during the period 8 8

PROSEED PROPERTY LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Tangible Assets

Total
Cost £
At 01 April 2023 48,490
Additions 973
At 31 March 2024 49,463
Depreciation
At 01 April 2023 41,673
Charge for year 3,701
At 31 March 2024 45,374
Net book value
At 31 March 2024 4,089
At 31 March 2023 6,817

PROSEED PROPERTY LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Fixed investments

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Improvements to property - 20% on cost Plant and machinery - 33% on cost Fixtures and fittings - 20% on cost Computer equipment - 33% on cost