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Company No: 07414317 (England and Wales)

PROWSE DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

PROWSE DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

PROWSE DEVELOPMENTS LIMITED

BALANCE SHEET

As at 31 October 2024
PROWSE DEVELOPMENTS LIMITED

BALANCE SHEET (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 1,500 2,500
Tangible assets 4 14,409 18,010
Investments 5 5 5
15,914 20,515
Current assets
Debtors 6 0 97
Cash at bank and in hand 118 1,939
118 2,036
Creditors: amounts falling due within one year 7 ( 1,944) ( 1,550)
Net current (liabilities)/assets (1,826) 486
Total assets less current liabilities 14,088 21,001
Net assets 14,088 21,001
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 13,988 20,901
Total shareholders' funds 14,088 21,001

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

Director's responsibilities:

The financial statements of Prowse Developments Limited (registered number: 07414317) were approved and authorised for issue by the Director on 10 January 2025. They were signed on its behalf by:

Mr A J Prowse
Director
PROWSE DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
PROWSE DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Prowse Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Old Wool Barn, Ugborough, Ivybridge, PL21 0PG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 November 2023 10,000 10,000
At 31 October 2024 10,000 10,000
Accumulated amortisation
At 01 November 2023 7,500 7,500
Charge for the financial year 1,000 1,000
At 31 October 2024 8,500 8,500
Net book value
At 31 October 2024 1,500 1,500
At 31 October 2023 2,500 2,500

4. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 November 2023 45,965 24,554 70,519
At 31 October 2024 45,965 24,554 70,519
Accumulated depreciation
At 01 November 2023 32,239 20,270 52,509
Charge for the financial year 2,744 857 3,601
At 31 October 2024 34,983 21,127 56,110
Net book value
At 31 October 2024 10,982 3,427 14,409
At 31 October 2023 13,726 4,284 18,010

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 November 2023 5 5
At 31 October 2024 5 5
Carrying value at 31 October 2024 5 5
Carrying value at 31 October 2023 5 5

6. Debtors

2024 2023
£ £
Other debtors 0 97

7. Creditors: amounts falling due within one year

2024 2023
£ £
Other creditors 1,944 1,550

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
80 Ordinary A shares of £ 1.00 each 80 80
20 Ordinary B shares of £ 1.00 each 20 20
100 100