Prospect42 Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: 08300447 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 NOVEMBER 2016

FOR

PROSPECT42 LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

A Leech

REGISTERED OFFICE:

C/o Melanie Curtis Accountants Ltd

Wellington Office

Stratfield Saye

Reading

Berkshire

RG7 2BT

REGISTERED NUMBER:

08300447 (England and Wales)

ACCOUNTANTS:

Melanie Curtis Accountants Ltd

Chartered Certified Accountants

Wellington Office

Stratfield Saye

Reading

Berkshire

RG7 2BT

FIXED ASSETS

Tangible assets

2

93

276

CURRENT ASSETS

Stocks

12,829

11,159

Debtors

2,259

289

Cash at bank

1,315

6,376

16,403

17,824

CREDITORS

Amounts falling due within one year

54,428

48,420

NET CURRENT LIABILITIES

(38,025

)

(30,596

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(37,932

)

(30,320

)

PROVISIONS FOR LIABILITIES

19

55

NET LIABILITIES

(37,951

)

(30,375

)

CAPITAL AND RESERVES

Called up share capital

3

1

Profit and loss account

(37,952

)

(30,376

)

SHAREHOLDERS' FUNDS

(37,951

)

(30,375

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 18 April 2017 and were signed by:

A Leech - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net sales of services, excluding value added tax, as adjusted for work in

progress. Turnover in respect of service contracts is recognised when the company obtains the right to

receive consideration for the services rendered to its customer.

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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2015

and 30 November 2016

1,013

DEPRECIATION

At 1 December 2015

737

Charge for year

183

At 30 November 2016

920

NET BOOK VALUE

At 30 November 2016

93

At 30 November 2015

276

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.16

30.11.15

value:

£

1

Ordinary

£1

1

4.	FUNDAMENTAL UNCERTAINTIES

The company meets its day to day working capital requirements partially through the support of its

creditors. The directors have considered the projected cash flow information for the company during

the foreseeable post year-end period. On the basis of this cash flow information and discussions with

the company’s creditors, the directors consider that the company will continue to operate within the

available finance facilities. However the margin of finance facilities over requirements is not large and,

inherently there can be no certainty in relation to this matter. On this basis, the directors consider it

appropriate to prepare the financial statements on the going concern basis. The financial statements

do not include any adjustments that would result from a withdrawal of the support of the company's

creditors.