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REGISTERED NUMBER: 09840740 (England and Wales)


Prosperity Portfolio Limited

Abridged Unaudited Financial Statements

for the Year Ended 31 March 2024






Prosperity Portfolio Limited (Registered number: 09840740)






Contents of the Financial Statements
for the year ended 31 March 2024




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 2024







DIRECTOR: Mr I Dinc





REGISTERED OFFICE: 239-241 Kennington Lane
London
SE11 5QU





REGISTERED NUMBER: 09840740 (England and Wales)





ACCOUNTANTS: Alton & Co
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 2024 which comprise the Abridged Income Statement, 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.






Alton & Co
Chartered Accountants
239-241 Kennington Lane
London
SE11 5QU


20 March 2025

Prosperity Portfolio Limited (Registered number: 09840740)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 4,885,000 5,480,000

CURRENT ASSETS
Debtors 5 2,514,807 2,266,511
Cash at bank and in hand 1,366 458
2,516,173 2,266,969
CREDITORS
Amounts falling due within one year 6 2,132,749 1,869,354
NET CURRENT ASSETS 383,424 397,615
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,268,424

5,877,615

CREDITORS
Amounts falling due after more than one
year

7

(3,488,253

)

(3,915,253

)

PROVISIONS FOR LIABILITIES 9 (454,931 ) (506,713 )
NET ASSETS 1,325,240 1,455,649

Prosperity Portfolio Limited (Registered number: 09840740)

Statement of Financial Position - continued
31 March 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 230 230
Non-distributable reserves 11 1,939,441 2,160,197
Retained earnings 11 (614,431 ) (704,778 )
SHAREHOLDERS' FUNDS 1,325,240 1,455,649

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 March 2025 and were signed by:





Mr I Dinc - Director


Prosperity Portfolio Limited (Registered number: 09840740)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Prosperity Portfolio Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 1 (2023 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 5,480,000
Disposals (595,000 )
At 31 March 2024 4,885,000
NET BOOK VALUE
At 31 March 2024 4,885,000
At 31 March 2023 5,480,000

Prosperity Portfolio Limited (Registered number: 09840740)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

4. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2018 3,120,022
Valuation in 2021 472,500
Valuation in 2023 (925,612 )
Valuation in 2024 (272,538 )
Cost 2,490,628
4,885,000

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: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 843 843
Amounts owed by group undertakings 2,134,641 1,961,941
Other debtors 379,323 303,727
2,514,807 2,266,511

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 1
Trade creditors 457 69,199
Other creditors 2,132,292 1,800,154
2,132,749 1,869,354

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 3,488,253 3,915,253

Prosperity Portfolio Limited (Registered number: 09840740)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 3,437,000 3,864,000

Repayable by instalments
Bank loans 51,253 51,253

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 3,488,253 3,915,253

Bank loans are secured (first legal charge) over the freehold and leasehold properties.

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 454,931 506,713

Deferred
tax
£   
Balance at 1 April 2023 506,713
Credit to Income Statement during year (51,782 )
Balance at 31 March 2024 454,931

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
230 Ordinary £1 230 230

Prosperity Portfolio Limited (Registered number: 09840740)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

11. RESERVES
Retained Non-distributable
earnings reserves Totals
£    £    £   

At 1 April 2023 (704,778 ) 2,160,197 1,455,419
Deficit for the year (130,409 ) (130,409 )
Movement in revaluation reserv 220,756 (220,756 ) -
At 31 March 2024 (614,431 ) 1,939,441 1,325,010

12. RELATED PARTY DISCLOSURES

Transactions with related parties:

Loans due to member of key management personnel at balance sheet date £411,808 (2023:£128,369).
Interest free loan payable on demand.

Loans due from entities under common and joint control undertakings at balance sheet date £2,512,431 (2023:£2,172,755). 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 £1,706,084 (2023: £1,664,586). 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.