| REGISTERED NUMBER: |
| Audited Financial Statements |
| for the Year Ended |
| 30 November 2024 |
| for |
| Prospect Estates Limited |
| REGISTERED NUMBER: |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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 |
| Investments | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve | 11 |
| Retained earnings | 11 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| 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 |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 December 2023 |
| Additions |
| At 30 November 2024 |
| DEPRECIATION |
| At 1 December 2023 |
| Charge for year |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in | Interest |
| group | in |
| undertakings | associate | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 December 2023 |
| and 30 November 2024 | 803 |
| NET BOOK VALUE |
| At 30 November 2024 | 803 |
| At 30 November 2023 | 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 |
| Additions |
| Disposals | ( |
) |
| Revaluations | 1,263,843 |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| 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 |
| Amounts owed by group undertakings |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Amounts owed to group undertakings |
| Amounts owed to participating interests | 206,110 | 459,822 |
| Taxation and social security |
| Other creditors |
| 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 |
| Hire purchase contracts |
| Amounts owed to participating interests | 846,021 | 1,376,116 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Participating interests | 1,052,131 | 1,685,938 |
| 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 | 36,883,865 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Fair value reserve movement | 378,342 | (378,342 | ) | - |
| At 30 November 2024 | 38,023,046 |
| 12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 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). |