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Registered number: 14921682
Prosper UK Development LTD
Unaudited Financial Statements
For the Period 7 June 2023 to 30 June 2024
LABAIT PROFESSIONALS LIMITED
Institute of Financial Accountants
Unit 1
17 Castle Street
Chester
England
CH1 2DS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 14921682
30 June 2024
Notes £ £
FIXED ASSETS
Tangible Assets 4 28,574
Investment Properties 5 3,835,000
3,863,574
CURRENT ASSETS
Debtors 6 580,552
Cash at bank and in hand 91,268
671,820
Creditors: Amounts Falling Due Within One Year 7 (866,634 )
NET CURRENT ASSETS (LIABILITIES) (194,814 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,668,760
Creditors: Amounts Falling Due After More Than One Year 8 (4,200,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,385 )
NET LIABILITIES (545,625 )
CAPITAL AND RESERVES
Called up share capital 9 1
Profit and Loss Account (545,626 )
SHAREHOLDERS' FUNDS (545,625)
Page 1
Page 2
For the period ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
Mr KAI MAN KEVIN NG
Director
07/03/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Prosper UK Development LTD is a private company, limited by shares, incorporated in England & Wales, registered number 14921682 . The registered office is Unit1 , 17 Castle Street, Chester, CH1 2DS.
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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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. 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% Straight Line
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments FRS 102' to all of its financial instrument.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liability are offset, with the net amounts present in the financial statements, when there is a legal enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balance, and 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.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidence a residual interest in the assets of the company after deducting all of its 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 constitute 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.
Debt instrument are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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2.6. 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 period was: 1
1
4. Tangible Assets
Fixtures & Fittings
£
Cost or Valuation
As at 7 June 2023 -
Additions 36,240
As at 30 June 2024 36,240
Depreciation
As at 7 June 2023 -
Provided during the period 7,666
As at 30 June 2024 7,666
Net Book Value
As at 30 June 2024 28,574
As at 7 June 2023 -
5. Investment Property
30 June 2024
£
Fair Value
As at 7 June 2023 -
Additions 4,512,211
Fair value adjustments (677,211 )
As at 30 June 2024 3,835,000
Page 4
Page 5
6. Debtors
30 June 2024
£
Due within one year
Prepayments and accrued income 432,435
Other debtors 19,446
Deferred tax current asset 128,670
Called up share capital not paid 1
580,552
7. Creditors: Amounts Falling Due Within One Year
30 June 2024
£
Other creditors 864,109
Taxation and social security 2,525
866,634
8. Creditors: Amounts Falling Due After More Than One Year
30 June 2024
£
Other loans 4,200,000
9. Share Capital
30 June 2024
£
Called Up Share Capital not Paid 1
Amount of Allotted, Called Up Share Capital 1
10. Related Party Transactions
At the start of the accounting year,  the opening balance of other loan owned by the company was nil.
During the year,  The company borrowed £4,200,000 from the director's parent Yan Nei Ng. 
£3,000,000 shall bear shall bear interest at a rate of 2.5% per annum, and £1,200,000 shall be interest-free.
During the year, The company borrowed £784,457.36 from the director Kai Man Kevin Ng.
At the end of the accounting year,  the closing balance of other loan owned by the company to Yan Nei Ng  is £4,200,000 and director's loan owed by the company to Kai Man Kevin Ng is £784,457.36
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