Proseed Portfolio 2 Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12088666 (England and Wales)

Financial Statements

for the Period 6 July 2019 to 31 March 2020

for

Proseed Portfolio 2 Ltd

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

P J Curwen

R D Rawlins

REGISTERED OFFICE:

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

REGISTERED NUMBER:

12088666 (England and Wales)

ACCOUNTANTS:

Barnbrook Sinclair

Chartered Accountants

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

FIXED ASSETS

Investment property

5

618,876

CURRENT ASSETS

Debtors

4,642

Cash at bank

20,657

25,299

CREDITORS

Amounts falling due within one year

(279,053

)

NET CURRENT LIABILITIES

(253,754

)

TOTAL ASSETS LESS CURRENT LIABILITIES

365,122

CREDITORS

Amounts falling due after more than one year

6

(375,000

)

NET LIABILITIES

(9,878

)

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

(9,978

)

SHAREHOLDERS' FUNDS

(9,878

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings and an abridged Statement of Financial Position for the period ended 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2021 and were signed on its behalf by:

P J Curwen - Director

1.	STATUTORY INFORMATION

Proseed Portfolio 2 Ltd 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements and going concern

The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis which assumes the company will be able to continue its operations for the foreseeable future. The validity of this assumption depends on the company continuing to meet its bank loan commitments through rental income. The company incurred a loss during the period under review and at the year end date, was in a net current liability position and had a deficit of shareholders' funds. The company's creditors include loans from a company under the common control of the directors. The company has had confirmation that no requests for repayment of any balances due will be made which would put the company in a position not to be able to meet its other liabilities as they fall due for payment and to provide additional funding should this be necessary. On the above basis the directors consider it appropriate to prepare the financial statements on the going concern basis.

Turnover

Turnover represents rents received or receivable, excluding discounts, rebates and value added tax.

Investment property

Investment properties are initially measured at cost and subsequently measured at fair value whilst a reliable measure of fair value is available without undue cost or effort. Changes in fair value are recognised in profit or loss.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102. The directors consider that, because investment properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

5.	INVESTMENT PROPERTY

Total

£

Fair value

Additions

618,876

At 31 March 2020

618,876

Net book value

At 31 March 2020

618,876

The company's investment property comprises long leasehold investment property in England. These are shown at the directors' estimate of fair value at the year end.

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

£

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

375,000

7.	SECURED DEBTS

The following secured debts are included within creditors:

£

Bank loan

375,000