Company registration number 12317500 (England and Wales)
PROSPERITY CARE SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PROSPERITY CARE SERVICES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PROSPERITY CARE SERVICES LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,080
4,080
Tangible assets
4
5,581
4,122
9,661
8,202
Current assets
Debtors
5
424,856
430,309
Cash at bank and in hand
66,033
424,856
496,342
Creditors: amounts falling due within one year
6
(199,561)
(297,519)
Net current assets
225,295
198,823
Total assets less current liabilities
234,956
207,025
Creditors: amounts falling due after more than one year
7
(31,266)
(37,221)
Provisions for liabilities
(573)
(156)
Net assets
203,117
169,648
Capital and reserves
Called up share capital
8
300
300
Profit and loss reserves
202,817
169,348
Total equity
203,117
169,648
PROSPERITY CARE SERVICES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
For the financial year ended 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 of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 6 February 2025 and are signed on its behalf by:
Mr A Hussain
Director
Company registration number 12317500 (England and Wales)
PROSPERITY CARE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Prosperity Care Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 6 Lines Street, Morecambe, LA4 5ES.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is reliant upon the support of connected companies in order to meet its liabilities as they fall due. The director considers that such support will continue for the foreseeable future and has therefore prepared the financial statements on a going concern basis.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Car registrations
Not amortised
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% Reducing balance
Fixtures and fittings
15% Reducing balance
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
PROSPERITY CARE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
PROSPERITY CARE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
8
3
Intangible fixed assets
Car registrations
£
Cost
At 1 April 2023 and 31 March 2024
4,080
Amortisation and impairment
At 1 April 2023 and 31 March 2024
Carrying amount
At 31 March 2024
4,080
At 31 March 2023
4,080
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
5,275
Additions
2,605
At 31 March 2024
7,880
Depreciation and impairment
At 1 April 2023
1,153
Depreciation charged in the year
1,146
At 31 March 2024
2,299
Carrying amount
At 31 March 2024
5,581
At 31 March 2023
4,122
PROSPERITY CARE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
328,794
337,627
Other debtors
96,062
92,682
424,856
430,309
Other debtors include loans advanced to the former director of £60,419 (2023: £59,090) and to the current director of £7,732 (2023: £8,132). Interest of £1,330 (2023: £840) has been charged on the loan to the former director.
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
22,187
5,955
Corporation tax
19,019
32,712
Other taxation and social security
46,431
68,494
Other creditors
72,773
151,683
Accruals and deferred income
39,151
38,675
199,561
297,519
Other creditors represent amounts due to connected companies. Accruals include £35,000 (2023 - £35,000) due to a connected company.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
31,266
37,221
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
1,492
7,447
PROSPERITY CARE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares - class A of £1 each
100
100
100
100
Ordinary shares - class B of £1 each
100
100
100
100
Ordinary shares - class C of £1 each
100
100
100
100
300
300
300
300