Prospect Place Ltd Company Accounts

PROSPECT PLACE LTD - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2016-03-01 Sage Accounts Production Advanced 2017 Update 1 - FRS xbrli:pure xbrli:shares iso4217:GBP 07484359 2016-03-01 2017-02-28 07484359 2017-02-28 07484359 2016-02-29 07484359 2016-02-29 07484359 bus:RegisteredOffice 2016-03-01 2017-02-28 07484359 bus:LeadAgentIfApplicable 2016-03-01 2017-02-28 07484359 bus:Director1 2016-03-01 2017-02-28 07484359 bus:Director2 2016-03-01 2017-02-28 07484359 core:LandBuildings 2016-02-29 07484359 core:LandBuildings 2017-02-28 07484359 core:LandBuildings 2016-03-01 2017-02-28 07484359 core:WithinOneYear 2017-02-28 07484359 core:WithinOneYear 2016-02-29 07484359 core:ShareCapital 2017-02-28 07484359 core:ShareCapital 2016-02-29 07484359 core:RetainedEarningsAccumulatedLosses 2017-02-28 07484359 core:RetainedEarningsAccumulatedLosses 2016-02-29 07484359 core:LandBuildings 2016-02-29 07484359 bus:FRS102 2016-03-01 2017-02-28 07484359 bus:AuditExemptWithAccountantsReport 2016-03-01 2017-02-28 07484359 bus:FullAccounts 2016-03-01 2017-02-28 07484359 bus:SmallCompaniesRegimeForAccounts 2016-03-01 2017-02-28 07484359 bus:PrivateLimitedCompanyLtd 2016-03-01 2017-02-28 07484359 core:ComputerEquipment 2016-03-01 2017-02-28 07484359 core:ComputerEquipment 2016-02-29 07484359 core:ComputerEquipment 2017-02-28

COMPANY REGISTRATION NUMBER: 07484359

Prospect Place Ltd

Filleted Unaudited Financial Statements

For the year ended

28 February 2017

Prospect Place Ltd

Financial Statements

Year ended 28 February 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

Prospect Place Ltd

Officers and Professional Advisers

The board of directors	C J Nelstrop
	D J L Nelstrop

Registered office	Hardings Farm
	Lissington
	Lincolnshire
	LN3 5AE

Accountants	Streets LLP
	Chartered Accountants
	Tower House
	Lucy Tower Street
	Lincoln
	Lincolnshire
	LN1 1XW

Prospect Place Ltd

Statement of Financial Position

28 February 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		870,807	869,414

Current assets

Stocks		470,525	457,782
Debtors	5	31,411	5,849
Cash at bank and in hand		7,035	3,449
		----------	----------
		508,971	467,080

Creditors: amounts falling due within one year	6	1,226,134		1,231,291
		-------------		-------------
Net current liabilities			717,163	764,211
			----------	----------
Total assets less current liabilities			153,644	105,203
			----------	----------
Net assets			153,644	105,203
			----------	----------

Capital and reserves

Called up share capital	100	100
Profit and loss account	153,544	105,103
	----------	----------
Members funds	153,644	105,203
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 22 November 2017 , and are signed on behalf of the board by:

C J Nelstrop	D J L Nelstrop
Director	Director

Company registration number: 07484359

Prospect Place Ltd

Notes to the Financial Statements

Year ended 28 February 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hardings Farm, Lissington, Lincolnshire, LN3 5AE.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	20% straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Tangible assets

	Land and buildings	Equipment	Total
	£	£	£
Cost
At 1 March 2016	869,204	16,752	885,956
Additions	1,443	–	1,443
	----------	---------	----------
At 28 February 2017	870,647	16,752	887,399
	----------	---------	----------
Depreciation
At 1 March 2016	–	16,542	16,542
Charge for the year	–	50	50
	----------	---------	----------
At 28 February 2017	–	16,592	16,592
	----------	---------	----------
Carrying amount
At 28 February 2017	870,647	160	870,807
	----------	---------	----------
At 29 February 2016	869,204	210	869,414
	----------	---------	----------

Included within the above is investment property as follows:

	£
At 1 March 2016	869,204
Additions	1,443
	----------
At 28 February 2017	870,647
	----------

The investment property is shown at cost which in the directors opinions represents a fair value and is reviewed on an annual basis.

5. Debtors

	2017	2016
	£	£
Trade debtors	31,411	5,849
	---------	-------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	7,672	140,486
Corporation tax	11,966	4,504
Social security and other taxes	6,044	2,411
Other creditors	1,200,452	1,083,890
	-------------	-------------
	1,226,134	1,231,291
	-------------	-------------

7. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 March 2015.

No transitional adjustments were required in equity or profit or loss for the year.