Proseed Portfolio 2 Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 12088666 (England and Wales)

Financial Statements

for the Year Ended 31 March 2023

for

Proseed Portfolio 2 Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

P J Curwen

R J Nordgreen

REGISTERED OFFICE:

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

REGISTERED NUMBER:

12088666 (England and Wales)

ACCOUNTANTS:

Barnbrook Sinclair

Chartered Accountants

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

FIXED ASSETS

Investment property

5

575,000

575,000

CURRENT ASSETS

Debtors

6

1,126

4,902

Cash at bank

15,243

16,384

16,369

21,286

CREDITORS

Amounts falling due within one year

7

(297,700

)

(291,935

)

NET CURRENT LIABILITIES

(281,331

)

(270,649

)

TOTAL ASSETS LESS CURRENT LIABILITIES

293,669

304,351

CREDITORS

Amounts falling due after more than one year

8

(375,000

)

(375,000

)

NET LIABILITIES

(81,331

)

(70,649

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(81,431

)

(70,749

)

SHAREHOLDERS' FUNDS

(81,331

)

(70,649

)

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 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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 December 2023 and were signed on its behalf by:

P J Curwen - Director

1.	STATUTORY INFORMATION

Proseed Portfolio 2 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements and going concern

The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for its investment property as specified in the accounting policies below.

The financial statements have been prepared on a going concern basis which assumes the company will be able to continue its operations for the foreseeable future. The validity of this assumption depends on the company continuing to meet its bank loan commitments through rental income. The company incurred a loss during the period under review and at the year end date, was in a net current liability position and had a deficit of shareholders' funds. The company's creditors include loans from a company under the common control of the directors. The company has had confirmation that no requests for repayment of any balances due will be made which would put the company in a position not to be able to meet its other liabilities as they fall due for payment and to provide additional funding should this be necessary. On the above basis the directors consider it appropriate to prepare the financial statements on the going concern basis.

Turnover

Turnover represents rents received or receivable, excluding discounts, rebates and value added tax.

Investment property

Investment properties are initially measured at cost and subsequently measured at fair value whilst a reliable measure of fair value is available without undue cost or effort. Changes in fair value are recognised in profit or loss.

Taxation

Taxation for the year 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

4.	EMPLOYEES AND DIRECTORS

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

5.	INVESTMENT PROPERTY

Total

£

Fair value

At 1 April 2022

and 31 March 2023

575,000

Net book value

At 31 March 2023

575,000

At 31 March 2022

575,000

The investment property was valued an fair value basis at the year end date by the company's directors. If there had been no fair value adjustment to the investment property, it would have been shown at its original cost price of £618,876.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/23

31/3/22

£

£

Other debtors

1,126

4,902

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/23

31/3/22

£

£

Trade creditors

119

4,417

Amounts owed to associates

295,563

285,500

Other creditors

2,018

2,018

297,700

291,935

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/23

31/3/22

£

£

Bank loans

375,000

375,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

375,000

375,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

31/3/23

31/3/22

£

£

Bank loan

375,000

375,000