ACCOUNTS - Final Accounts

PROSPECT THREE LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-08-312021-08-3142020-09-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseNo description of principal activity4truetrue 08165052 2020-09-01 2021-08-31 08165052 2019-09-01 2020-08-31 08165052 2021-08-31 08165052 2020-08-31 08165052 c:Director1 2020-09-01 2021-08-31 08165052 d:CurrentFinancialInstruments 2021-08-31 08165052 d:CurrentFinancialInstruments 2020-08-31 08165052 d:CurrentFinancialInstruments d:WithinOneYear 2021-08-31 08165052 d:CurrentFinancialInstruments d:WithinOneYear 2020-08-31 08165052 d:ShareCapital 2021-08-31 08165052 d:ShareCapital 2020-08-31 08165052 d:RetainedEarningsAccumulatedLosses 2021-08-31 08165052 d:RetainedEarningsAccumulatedLosses 2020-08-31 08165052 c:FRS102 2020-09-01 2021-08-31 08165052 c:AuditExempt-NoAccountantsReport 2020-09-01 2021-08-31 08165052 c:FullAccounts 2020-09-01 2021-08-31 08165052 c:PrivateLimitedCompanyLtd 2020-09-01 2021-08-31 08165052 6 2020-09-01 2021-08-31 iso4217:GBP xbrli:pure

Registered number: 08165052

PROSPECT THREE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

PROSPECT THREE LIMITED

REGISTERED NUMBER: 08165052

STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2021

		2021		2020
Note		£		£


Current assets
Current asset investments		2,400,000		-
Cash at bank and in hand	5	1,782		4,311
		2,401,782		4,311
Creditors: amounts falling due within one year	6	(2,594,604)		(198,554)
Net current liabilities			(192,822)		(194,243)
Total assets less current liabilities			(192,822)		(194,243)

Net liabilities			(192,822)		(194,243)

Capital and reserves
Called up share capital	1	1
Profit and loss account	(192,823)	(194,244)
	(192,822)	(194,243)

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 the 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.

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 31 August 2022.

K Kozlowski

Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

PROSPECT THREE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

1.	General information

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

2.1

Basis of preparation of financial statements

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:

2.2

Going concern

At the reporting date, the company had net liabilities of £192,822 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.

2.3

Revenue

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.

2.4

Current asset investment

Investments in film productions are recognised at cost and are reviewed at each reporting date for indicators of impairment. Where there is an indication of impairment, investments are impaired to the recoupable amount being the amount invested less amounts anticipated to be recovered from the company’s share of film distribution receipts.

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 2

PROSPECT THREE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

2.Accounting policies (continued)

2.6

Financial instruments

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, loans from other third parties and loans from related parties.

2.7

Creditors

Short term creditors are measured at the transaction price, less any impairment.

Employees

The average monthly number of employees, including directors, during the year was 4 (2020 - 4).

4.	Current asset investments
		2021	2020
		£	£

Investment in film productions	2,400,000	-
	2,400,000	-

5.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	1,782	4,311
	1,782	4,311

6.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Other taxation and social security	300	-
Other creditors	2,593,554	196,554
Accruals and deferred income	750	2,000
	2,594,604	198,554

Page 3

PROSPECT THREE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

Related party transactions

At the reporting date, £56,390 (2020: £56,390) was due to K Kozlowski, a director of the company. The loan is repayable on demand and not interest bearing.
At the reporting date, £62,299 (2020: £63,299) was due to M White, a director of the company. The loan is repayable on demand and not interest bearing.
At the reporting date, £51,773 (2020: £51,773) was due to M Paszko, a director of the company. The loan is repayable on demand and not interest bearing.
At the reporting date, £22,592 (2020: £24,592) was due to R Chadaj, a director of the company. The loan is repayable on demand and not interest bearing.

8.	Controlling party

Throughout the current and preceeding year, the company was under the control of K Kozlowski, a director of the company and the sole shareholder.

Page 4