Prospect Homes Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 09252695 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

PROSPECT HOMES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr S Patel

Ms R Patel

REGISTERED OFFICE:

204 Field End Road

Pinner

Middlesex

HA5 1RD

REGISTERED NUMBER:

09252695 (England and Wales)

ACCOUNTANTS:

Waterfords Europe Limited t/a Jon Avol Waterfords

204 Field End Road

Pinner

Middlesex

HA5 1RD

FIXED ASSETS

Investments

4

7

7

CURRENT ASSETS

Debtors

5

382,603

225,496

Cash at bank and in hand

544,779

1,035,473

927,382

1,260,969

CREDITORS

Amounts falling due within one year

6

(674,393

)

(1,007,956

)

NET CURRENT ASSETS

252,989

253,013

TOTAL ASSETS LESS CURRENT LIABILITIES

252,996

253,020

CREDITORS

Amounts falling due after more than one year

7

(34,706

)

(45,372

)

NET ASSETS

218,290

207,648

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

217,990

207,348

SHAREHOLDERS' FUNDS

218,290

207,648

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2023 and were signed on its behalf by:

Mr S Patel - Director

1.	STATUTORY INFORMATION

Prospect Homes 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised in the income statement when the significant risks and rewards of ownership have been transferred to the purchaser.

Revenue in respect of the sale of residential properties is recognised at the fair value of the consideration received or receivable on legal completion.

Investments in associates

Investments in associate undertakings are recognised at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 January 2022

and 31 December 2022

7

NET BOOK VALUE

At 31 December 2022

7

At 31 December 2021

7

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Other debtors

382,603

225,496

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Taxation and social security

8,486

10,250

Other creditors

665,907

997,706

674,393

1,007,956

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Other creditors

34,706

45,372

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other creditors is an amount of £327,658 (2021: £508,506) owed to Mr S Patel.