Prosperwealth Limited - Accounts to registrar (filleted) - small 18.2

Prosperwealth Limited - Accounts to registrar (filleted) - small 18.2

PROSPERWEALTH LIMITED - Company Information

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REGISTERED NUMBER: 02136624 (England and Wales)



















PROSPERWEALTH LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020





PROSPERWEALTH LIMITED (REGISTERED NUMBER: 02136624)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


PROSPERWEALTH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2020







DIRECTORS: Mr R Savidge
Mrs J S Savidge





SECRETARY: Mrs J S Savidge





REGISTERED OFFICE: 81 Burton Road
Derby
Derbyshire
DE1 1TJ





REGISTERED NUMBER: 02136624 (England and Wales)





ACCOUNTANTS: Johnson Tidsall Limited
Chartered Accountants
81 Burton Road
Derby
Derbyshire
DE1 1TJ
Page 1
PROSPERWEALTH LIMITED (REGISTERED NUMBER: 02136624)

BALANCE SHEET
31 OCTOBER 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 514 821
Investment property 5 281,566 281,566
282,080 282,387

CURRENT ASSETS
Debtors 6 436 404
Cash at bank 33,044 30,101
33,480 30,505
CREDITORS
Amounts falling due within one year 7 29,719 18,699
NET CURRENT ASSETS 3,761 11,806
TOTAL ASSETS LESS CURRENT LIABILITIES 285,841 294,193

CAPITAL AND RESERVES
Called up share capital 8 2 2
Revaluation reserve 9 125,506 125,506
Retained earnings 160,333 168,685
SHAREHOLDERS' FUNDS 285,841 294,193

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 2 July 2021 and were signed on its behalf by:




Mr R Savidge - Director


The notes on pages 3 to 5 form part of these financial statements

Page 2
PROSPERWEALTH LIMITED (REGISTERED NUMBER: 02136624)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020


1. STATUTORY INFORMATION

Prosperwealth Limited 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The coronavirus pandemic has significantly disrupted individuals’ personal lives and businesses’ economic prospects in the UK and across the globe. The UK entered lockdown in March 2020 and some restrictions and social distancing provisions remain in place.

We have continued to prepare the accounts on a going concern basis and deem this appropriate. We do not consider that a material uncertainty about our going concern status currently exists. In making this assessment we have considered the likely trading conditions for a period of twelve months from the date of our approval of these accounts.

Turnover
Turnover represents the total amount of rents receivable by the company for the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Investment property
Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

This is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) which, unlike the Companies Act 2006, does not require depreciation of investment properties.

Investment properties are held for their investment potential and not for use of the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.


Page 3
PROSPERWEALTH LIMITED (REGISTERED NUMBER: 02136624)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2020


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 November 2019
and 31 October 2020 1,976
DEPRECIATION
At 1 November 2019 1,155
Charge for year 307
At 31 October 2020 1,462
NET BOOK VALUE
At 31 October 2020 514
At 31 October 2019 821

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2019
and 31 October 2020 281,566
NET BOOK VALUE
At 31 October 2020 281,566
At 31 October 2019 281,566

Fair value at 31 October 2020 is represented by:
£   
Valuation in 2014 281,566

Page 4
PROSPERWEALTH LIMITED (REGISTERED NUMBER: 02136624)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2020


5. INVESTMENT PROPERTY - continued

If Investment properties had not been revalued it would have been included at the following historical cost:

2020 2019
£    £   
Cost 156,060 156,060

Investment properties were valued on an open market basis on 31 October 2020 by Mr R Savidge, a director of the company .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Prepayments and accrued income 436 404

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Bank loans and overdrafts 12,366 -
Corporation tax 7,493 7,835
Other creditors 1,292 3,015
Directors' current accounts 8,568 7,849
29,719 18,699

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2020 2019
value: £    £   
2 Ordinary £1 2 2

9. RESERVES
Revaluation
reserve
£   
At 1 November 2019
and 31 October 2020 125,506

10. RELATED PARTY DISCLOSURES

Included in creditors is a loan from a director amounting to £8,568 (2019-£7,849) on which no interest is being charged.

Page 5