Prosperity Smithfield Place Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 10756334 (England and Wales)

Unaudited Financial Statements

for the Period 1 January 2021 to 30 June 2022

for

PROSPERITY SMITHFIELD PLACE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

J E Billingham

REGISTERED OFFICE:

JQ1,

32 George Street,

Birmingham,

West Midlands

B3 1QG

REGISTERED NUMBER:

10756334 (England and Wales)

ACCOUNTANTS:

BTMR Limited

Century Buildings

14 St Mary's Parsonage

Manchester

M3 2DF

BANKERS:

Barclays Plc

Birmingham Kings Heath

Leicester

Leicestershire

LE87 2BB

CURRENT ASSETS

Stocks

5,011,942

4,312,578

Debtors

4

50,122

170,039

Cash at bank

1,019

-

5,063,083

4,482,617

CREDITORS

Amounts falling due within one year

5

1,867,343

5,613,320

NET CURRENT ASSETS/(LIABILITIES)

3,195,740

(1,130,703

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,195,740

(1,130,703

)

CREDITORS

Amounts falling due after more than one year

6

4,512,917

44,167

NET LIABILITIES

(1,317,177

)

(1,174,870

)

CAPITAL AND RESERVES

Called up share capital

70

70

Retained earnings

(1,317,247

)

(1,174,940

)

SHAREHOLDERS' FUNDS

(1,317,177

)

(1,174,870

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 June 2023 and were signed by:

J E Billingham - Director

1.	STATUTORY INFORMATION

Prosperity Smithfield Place 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.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Stocks

Stocks have been valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Cost is calculated on a first in, first out basis. In respect of work in progress, contracts are assessed on a contract-by-contract basis as contract activity progresses. The valuation includes a prudently calculated element of attributable profit, which is referenced to the stage of completion, anticipated sales value and additional costs required to complete the contract.

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 balance sheet date.

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 period was 1 (2020 - 1 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

31.12.20

as restated

£

£

Other debtors

50,122

170,039

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

31.12.20

as restated

£

£

Bank loans and overdrafts

10,000

5,839

Trade creditors

64

2,628

Amounts owed to group undertakings

1,604,081

1,472,797

Taxation and social security

6,367

62,795

Other creditors

246,831

4,069,261

1,867,343

5,613,320

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.22

31.12.20

as restated

£

£

Bank loans

29,167

44,167

Other creditors

4,483,750

-

4,512,917

44,167

7.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.22

31.12.20

as restated

£

£

Other loans

4,483,750

3,690,500

Other loans are secured on the freehold land owned by the company at 30,31 and 32 Bradford Street.

8.	ULTIMATE CONTROLLING PARTY

The controlling party is Prosperity Investments &Developments Limited.

The ultimate controlling party is J E Billingham.