Proseed Walthamstow Limited - Accounts to registrar (filleted) - small 18.2
Proseed Walthamstow Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2022 |
for |
Proseed Walthamstow Limited |
Proseed Walthamstow Limited (Registered number: 11802747) |
Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Proseed Walthamstow Limited |
Company Information |
for the Year Ended 31 March 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Chancery House |
30 St Johns Road |
Woking |
Surrey |
GU21 7SA |
Proseed Walthamstow Limited (Registered number: 11802747) |
Statement of Financial Position |
31 March 2022 |
31/3/22 | 31/3/21 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
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. |
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 |
Proseed Walthamstow Limited (Registered number: 11802747) |
Notes to the Financial Statements |
for the Year Ended 31 March 2022 |
1. | STATUTORY INFORMATION |
Proseed Walthamstow Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Interest income is accrued on a time-apportioned basis, by reference to the principle outstanding at the effective interest rate. |
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. |
Interest payable and similar expenses |
Loan interest payable is measured at the fair value of the amounts payable and is accrued on a time-apportioned basis, by reference to the principle outstanding at the effective interest rate. |
Taxation |
Taxation for the year 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. |
The company is part of a tax group for certain aspects of tax legislation. One of these aspects relates to group relief whereby current tax liabilities can be offset by current tax losses arising in other companies within the same tax group. |
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 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. |
Proseed Walthamstow Limited (Registered number: 11802747) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102, in full, to all of its financial instruments. |
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument, and are offset only when the Company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. |
Financial assets |
Trade debtors |
Trade debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Trade debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. |
Where the arrangement with a trade debtor constitutes a financing transaction, the debtor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument. |
A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss. |
Other debtors |
Amounts recoverable on loans comprise loans to third party developers and are initially measured at the transaction price. A provision for impairment of the loan is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the loan over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss. |
Financial liabilities and equity |
Borrowings |
Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges. |
Going concern |
The directors are satisfied that the company should prepare accounts on the going concern basis. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
Proseed Walthamstow Limited (Registered number: 11802747) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/22 | 31/3/21 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/22 | 31/3/21 |
£ | £ |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | ULTIMATE CONTROLLING PARTY |
The company is a 100% subsidiary of Proseed Capital Ltd, incorporated in England. Its registered office is Chancery House, 30 St Johns Road, Woking, Surrey GU21 7SA and principal place of business is Unit 5.04, Thomas House, 84 Eccleston Square, London SW1V 1PX. |