Prospectus Management Limited - Period Ending 2022-03-31
Prospectus Management Limited - Period Ending 2022-03-31
Registration number:
Prospectus Management Limited
for the Year Ended 31 March 2022
Prospectus Management Limited
(Registration number: 08039057)
Balance Sheet as at 31 March 2022
Note |
2022 |
(As restated) |
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Fixed assets |
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Investments |
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Creditors: Amounts falling due within one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Shareholders' funds |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Prospectus Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The financial statements are presented in Sterling, which is the functional currency of the company.
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Summary of disclosure exemptions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK And Republic or Ireland’, not to disclose related party transactions with wholly owned subsidiaries within the group.
Group accounts not prepared
Going concern
The financial statements have been prepared on a going concern basis. In the opinion of the directors the company remains a going concern and accordingly the financial statements have been prepared on a going concern basis.
Audit report
Prospectus Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
It is the Directors view that there was no impairment at the year end. The company will review this annually and document any changes moving forward.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Prospectus Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investments |
2022 |
2021 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2021 |
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Provision |
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Carrying amount |
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At 31 March 2022 |
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At 31 March 2021 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2022 |
2021 |
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Subsidiary undertakings |
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20-22 Stukeley Street, London, WC2B 5LR England & Wales |
Ordinary |
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Subsidiary undertakings |
Prospectus Ltd The principal activity of Prospectus Ltd is |
Prospectus Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
(As restated) |
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Due within one year |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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6 Restatement of prior year
It has been necessary to reclassify £1,140,375 of liabilities included within creditors: amounts falling due after more than one year to creditors: amounts falling due within one year within the comparative information relating to loans due to group companies which have no fixed date of repayment and are therefore considered repayable on demand. Retained earnings remain unaffected by the change.
Loans and borrowings |
There is a cross-guarantee in place between Prospectus Management Limited, its subsidiary company Prospectus Limited and its parent company Prospectus 3.0 Limited on all borrowings outstanding within the group at the Balance Sheet date.
Related party transactions |
The company is controlled by Prospectus 3.0 Ltd which is the parent company holding the entire issued ordinary share capital of the reporting company. Its registered office and principal place of business is 20-22 Stukeley Street, London, London, WC2B 5LR.