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Registered number: 08165052
PROSPECT THREE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
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PROSPECT THREE LIMITED
REGISTERED NUMBER: 08165052
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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PROSPECT THREE LIMITED
REGISTERED NUMBER: 08165052
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2019
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2020.
The notes on pages 3 to 6 form part of these financial statements.
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PROSPECT THREE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
Prospect Three Limited is a private company limited by shares and registered in England and Wales. The address of its registered office is Regina House, 124 Finchley Road, London, NW3 5JS and its principal place of business is 74 Park Drive, Acton, London, W3 8NB.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
At the reporting date, the company had net liabilities of £74,451 and is dependent on the support of its directors who have confirmed their intention to support the company.
Existing funding facilities indicate that the company has adequate resources to continue with some level of activity from a minimal to full levels. Although the potential effect of the coronavirus can be modelled, it is very difficult to determine the assumptions that will prove to be most appropriate and therefore there is an element of doubt existing that cannot be quantified.
After reviewing the company's funding facilities, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors therefore continue to adopt the going concern basis in preparing its financial statements, but with the proviso that a material uncertainly exists over the company’s future.
Revenue comprises film development revenue receivable and is recognised in the Statement of Income and Retained Earnings in the period it is contractually due.
Where revenue received exceeds costs incurred to date and profits are not anticipated, the balance is treated as deferred income and held on the Statement of Financial Position until further costs are incurred or profits anticipated. At this point the deferred income is released to the Statement of Income and Retained Earnings.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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PROSPECT THREE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.
Short term debtors are measured at the transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties.
Short term creditors are measured at the transaction price, less any impairment.
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The average monthly number of employees, including directors, during the year was 4 (2018 - 4).
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PROSPECT THREE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
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Charge for the year on owned assets
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Cash and cash equivalents
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PROSPECT THREE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Related party transactions
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During the year, advances totalling £200 (2018: £375) were received from K Kozlowski, a director of the company. At the reporting date, £56,390 (2018: £56,190) was due to K Kozlowski. The loan is repayable on demand and not interest bearing.
During the year, advances totalling £nil (2018: £375) were received from M White, a director of the company. At the reporting date, £63,299 (2018: £63,299) was due to M White. The loan is repayable on demand and not interest bearing.
During the year, advances totalling £nil (2018: £375) were received from M Paszko, a director of the company. At the reporting date, £51,773 (2018: £51,773) was due to M Paszko. The loan is repayable on demand and not interest bearing.
During the year, advances totalling £nil (2018: £11,013) were received from R Chadaj, a director of the company. At the reporting date, £24,592 (2018: £25,022) was due to R Chadaj. The loan is repayable on demand and not interest bearing.
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Throughout the current and preceeding year, the company was under the control of K Kozlowski, a director of the company and the sole shareholder.
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