Prophesy Partners Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 08443597 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Prophesy Partners Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr M D Crosier

REGISTERED OFFICE:

2 High Street

Menai Bridge

Anglesey

LL59 5EE

REGISTERED NUMBER:

08443597 (England and Wales)

ACCOUNTANTS:

Dunn & Ellis Cyf

Chartered Accountants

Adeilad St David's Building

Stryd Lombard Street

Porthmadog

Gwynedd

LL49 9AP

FIXED ASSETS

Tangible assets

4

9,542

6,546

CURRENT ASSETS

Debtors

5

36,666

36,021

Cash at bank and in hand

27,017

2,305

63,683

38,326

CREDITORS

Amounts falling due within one year

6

37,721

37,727

NET CURRENT ASSETS

25,962

599

TOTAL ASSETS LESS CURRENT LIABILITIES

35,504

7,145

PROVISIONS FOR LIABILITIES

1,813

5,863

NET ASSETS

33,691

1,282

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

33,690

1,281

SHAREHOLDERS' FUNDS

33,691

1,282

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 November 2023 and were signed by:

Mr M D Crosier - Director

1.	STATUTORY INFORMATION

Prophesy Partners Ltd 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixed assets are stated at their cost prices, less accumulated depreciation and less amounts recognised in respect of impairment.

Plant & machinery - 20% reducing balance

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

17,002

Additions

5,382

At 31 March 2023

22,384

DEPRECIATION

At 1 April 2022

10,456

Charge for year

2,386

At 31 March 2023

12,842

NET BOOK VALUE

At 31 March 2023

9,542

At 31 March 2022

6,546

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Other debtors

36,666

36,021

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

188

413

Taxation and social security

36,733

36,589

Other creditors

800

725

37,721

37,727

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23

31.3.22

£

£

Mr M D Crosier

Balance outstanding at start of year

27,186

9,884

Amounts advanced

146,778

147,217

Amounts repaid

(146,296

)

(129,915

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

27,668

27,186