Prosperwealth Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02136624 (England and Wales)

PROSPERWEALTH LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

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

FIXED ASSETS

Tangible assets

4

-

207

Investment property

5

325,000

325,000

325,000

325,207

CURRENT ASSETS

Debtors

6

558

548

Cash at bank

76,891

46,731

77,449

47,279

CREDITORS

Amounts falling due within one year

7

19,063

16,417

NET CURRENT ASSETS

58,386

30,862

TOTAL ASSETS LESS CURRENT LIABILITIES

383,386

356,069

PROVISIONS FOR LIABILITIES

7,173

7,173

NET ASSETS

376,213

348,896

CAPITAL AND RESERVES

Called up share capital

8

2

2

Fair value reserve

9

161,767

161,767

Retained earnings

214,444

187,127

SHAREHOLDERS' FUNDS

376,213

348,896

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 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 4 July 2023 and were signed on its behalf by:

Mr R Savidge - Director

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.

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 (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 November 2021

and 31 October 2022

1,976

DEPRECIATION

At 1 November 2021

1,769

Charge for year

207

At 31 October 2022

1,976

NET BOOK VALUE

At 31 October 2022

-

At 31 October 2021

207

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2021

and 31 October 2022

325,000

NET BOOK VALUE

At 31 October 2022

325,000

At 31 October 2021

325,000

Fair value at 31 October 2022 is represented by:

£

Valuation in 2022

325,000

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

2022

2021

£

£

Cost

156,060

156,060

Investment properties were valued on an open market basis on 31 October 2022 by Mr R Savidge, a director of the company .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Prepayments and accrued income

558

548

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Corporation tax

7,395

6,357

Other creditors

750

744

Directors' current accounts

10,918

9,316

19,063

16,417

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

2

Ordinary

£1

2

2

9.

RESERVES

Fair

value

reserve

£

At 1 November 2021

and 31 October 2022

161,767

10.	RELATED PARTY DISCLOSURES

Included in creditors is a loan from a director amounting to £10,918 (2021-£9,316) on which no interest is being charged.