REGISTERED NUMBER: |
Prosperity Portfolio Limited |
Abridged Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
REGISTERED NUMBER: |
Prosperity Portfolio Limited |
Abridged Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
Prosperity Portfolio Limited (Registered number: 09840740) |
Contents of the Financial Statements |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 5 |
Prosperity Portfolio Limited |
Company Information |
for the year ended 31 March 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
239-241 Kennington Lane |
London |
SE11 5QU |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Prosperity Portfolio Limited |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Prosperity Portfolio Limited for the year ended 31 March 2023 which comprise the Abridged Income Statement, Other Comprehensive Income, Statement of Financial Position and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Prosperity Portfolio Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Prosperity Portfolio Limited and state those matters that we have agreed to state to the director of Prosperity Portfolio Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Prosperity Portfolio Limited and its director for our work or for this report. |
It is your duty to ensure that Prosperity Portfolio Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Prosperity Portfolio Limited. You consider that Prosperity Portfolio 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 financial statements of Prosperity Portfolio 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 financial statements. |
Chartered Accountants |
239-241 Kennington Lane |
London |
SE11 5QU |
Prosperity Portfolio Limited (Registered number: 09840740) |
Statement of Financial Position |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
Prosperity Portfolio Limited (Registered number: 09840740) |
Statement of Financial Position - continued |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Non-distributable reserves | 11 |
Retained earnings | 11 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
Prosperity Portfolio Limited (Registered number: 09840740) |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Prosperity Portfolio Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover includes revenue earned from investments in properties. The revenue is recognised on an accrual basis in accordance with the tenancy agreement |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Going concern |
The financial statements have been prepared on the going concern basis on the understanding that the director and the parent company will continue to financially support the company to meet all liabilities as they fall due. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Prosperity Portfolio Limited (Registered number: 09840740) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
Additions |
Disposals | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2018 | 3,120,022 |
Valuation in 2021 | 472,500 |
Valuation in 2023 | (925,612 | ) |
Cost | 2,813,090 |
5,480,000 |
Company directors, as required by FRS 102, undertook to remeasure all investment properties to fair values at reporting date. They have assessed the fair values based on the properties of the similar in nature and in the surrounding areas where these properties are located. Based on the information gathered from justifiable sources, it was concluded that there were no significant movement in the market price to be reported and values to be equal to net book value at balance sheet date. |
5. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prosperity Portfolio Limited (Registered number: 09840740) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
5. | DEBTORS - continued |
2023 | 2022 |
£ | £ |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Other debtors |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
Repayable by instalments |
Bank loans | 51,253 | 50,936 |
Prosperity Portfolio Limited (Registered number: 09840740) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Bank loans are secured (first legal charge) over the freehold and leasehold properties. |
Unsecured Debts: |
Bounce back loan. |
Government backed loan. |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 506,713 | 682,579 |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Credit to Income Statement during year | ( |
) |
Balance at 31 March 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 230 | 230 |
Prosperity Portfolio Limited (Registered number: 09840740) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
11. | RESERVES |
Retained | Non-distributable |
earnings | reserves | Totals |
£ | £ | £ |
At 1 April 2022 | ( |
) | 2,168,033 |
Deficit for the year | ( |
) | ( |
) |
Movement in revaluation reserv | 749,746 | (749,746 | ) | - |
At 31 March 2023 | ( |
) | 1,455,419 |
12. | RELATED PARTY DISCLOSURES |
Transactions with related parties: |
Loans due to member of key management personnel at balance sheet date £128,369 (2022:£160,175). |
Interest free loan payable on demand. |
Loans due from entities under common and joint control undertakings at balance sheet date £2,172,755 (2022:£5,155,703). Loans bear interest at market rate and have no fixed repayment terms. |
Loans due to entities under common and joint control undertakings at balance sheet date £1,664,586 (2022: £314,494). Loans bear interest at market rate and have no fixed repayment terms. |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Prosperity Development Limited. |
A company incorporated in England and Wales. |