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REGISTERED NUMBER: 03189093 (England and Wales)








Audited Financial Statements

for the Year Ended

30 November 2024

for

Prospect Estates Limited

Prospect Estates Limited (Registered number: 03189093)






Contents of the Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Prospect Estates Limited

Company Information
for the Year Ended 30 November 2024







DIRECTORS: J E Lund
Mrs T Neate
J Lund
M Lund
T Whittaker





SECRETARY: Mrs T L Lund





REGISTERED OFFICE: Prospect Court
2 Courthouse Street
Otley
West Yorkshire
LS21 1AQ





REGISTERED NUMBER: 03189093 (England and Wales)





AUDITORS: DJH Audit Limited
Statutory Auditors
Church Court
Stourbridge Road
Halesowen
West Midlands
B63 3TT

Prospect Estates Limited (Registered number: 03189093)

Balance Sheet
30 November 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 378,948 366,922
Investments 5 803 803
Investment property 6 55,301,000 57,245,001
55,680,751 57,612,726

CURRENT ASSETS
Debtors 7 942,484 877,426
Cash at bank 3,404,877 2,064,757
4,347,361 2,942,183
CREDITORS
Amounts falling due within one year 8 4,295,551 7,299,822
NET CURRENT ASSETS/(LIABILITIES) 51,810 (4,357,639 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

55,732,561

53,255,087

CREDITORS
Amounts falling due after more than one year 9 (12,559,215 ) (11,090,922 )

PROVISIONS FOR LIABILITIES (5,100,000 ) (5,230,000 )
NET ASSETS 38,073,346 36,934,165

CAPITAL AND RESERVES
Called up share capital 50,300 50,300
Fair value reserve 11 15,310,998 15,689,340
Retained earnings 11 22,712,048 21,194,525
SHAREHOLDERS' FUNDS 38,073,346 36,934,165

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2025 and were signed on its behalf by:





J E Lund - Director


Prospect Estates Limited (Registered number: 03189093)

Notes to the Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

Prospect Estates 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.

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.

Preparation of consolidated financial statements
The financial statements contain information about Prospect Estates Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents rents and service charges receivable on properties held and consideration receivable in respect of sundry sales. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 2% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Prospect Estates Limited (Registered number: 03189093)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued

Investments
Listed investments are included at market value with any aggregate surplus or deficit arising from changes in fair value recognised in profit or loss. Other investments are included at cost less provision for any permanent impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 17 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 December 2023 195,739 166,723 89,893 209,492 661,847
Additions - 4,532 3,000 66,006 73,538
At 30 November 2024 195,739 171,255 92,893 275,498 735,385
DEPRECIATION
At 1 December 2023 11,640 111,641 76,125 95,519 294,925
Charge for year 3,915 27,076 4,741 25,780 61,512
At 30 November 2024 15,555 138,717 80,866 121,299 356,437
NET BOOK VALUE
At 30 November 2024 180,184 32,538 12,027 154,199 378,948
At 30 November 2023 184,099 55,082 13,768 113,973 366,922

5. FIXED ASSET INVESTMENTS
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST OR VALUATION
At 1 December 2023
and 30 November 2024 303 500 803
NET BOOK VALUE
At 30 November 2024 303 500 803
At 30 November 2023 303 500 803

Cost or valuation at 30 November 2024 is represented by:

Shares in Interest
group in
undertakings associate Totals
£    £    £   
Cost 303 500 803

Prospect Estates Limited (Registered number: 03189093)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

5. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Name % holding

Paddico (267) Limited 100

Citi North Limited 100

Steel Property Developments Limited 100

Prospect Developments (Northern) Limited 75

Marshalls Yard Limited 50

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2023 57,245,001
Additions 3,589,251
Disposals (6,797,095 )
Revaluations 1,263,843
At 30 November 2024 55,301,000
NET BOOK VALUE
At 30 November 2024 55,301,000
At 30 November 2023 57,245,001

Fair value at 30 November 2024 is represented by:
£   
Valuation in 2024 55,301,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 229,822 191,645
Amounts owed by group undertakings 108,570 100,974
Other debtors 604,092 584,807
942,484 877,426

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 400,000 3,140,000
Hire purchase contracts 13,196 13,196
Trade creditors 1,026,180 1,002,628
Amounts owed to group undertakings 393,198 381,485
Amounts owed to participating interests 206,110 459,822
Taxation and social security 1,316,570 1,165,988
Other creditors 940,297 1,136,703
4,295,551 7,299,822

Prospect Estates Limited (Registered number: 03189093)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 11,662,500 9,650,000
Hire purchase contracts 50,694 64,806
Amounts owed to participating interests 846,021 1,376,116
12,559,215 11,090,922

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 12,062,500 12,790,000
Participating interests 1,052,131 1,685,938
13,114,631 14,475,938

The bank loans are secured by way of a first legal charge over the company's freehold properties to which they relate, together with a debenture over the company's fixed and floating assets.

The amounts owed to participating interests are secured by a legal charge over the properties to which they relate.

11. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 December 2023 21,194,525 15,689,340 36,883,865
Profit for the year 1,736,320 1,736,320
Dividends (597,139 ) (597,139 )
Fair value reserve movement 378,342 (378,342 ) -
At 30 November 2024 22,712,048 15,310,998 38,023,046

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Howell FCA (Senior Statutory Auditor)
for and on behalf of DJH Audit Limited

13. RELATED PARTY DISCLOSURES

During the previous year 2023: £1,058,304 due to a subsidiary was written off as being no longer deemed receivable.

The company rents premises from the wife of one of its directors at an annual rent of £4 (2023: £4).

The company rents premises for one of its directors at an annual rent of £Nil (2023: £52,500).

At the end of the year the amount due to the directors was £423,966 (2023: £Nil).