Prosperity Developments Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 05178939 (England and Wales)

Prosperity Developments Ltd

Abridged Unaudited Financial Statements

for the period

1 August 2016 to 31 March 2017

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

Mr I Dinc

SECRETARY:

REGISTERED OFFICE:

239-241 Kennington Lane

London

SE11 5QU

REGISTERED NUMBER:

05178939 (England and Wales)

ACCOUNTANTS:

Alton & Co

Chartered Accountants

239-241 Kennington Lane

London

SE11 5QU

The following reproduces the text of the report prepared for the director in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Statement of Financial Position. Readers are cautioned that the Abridged

Income Statement and certain other primary statements and the Report of the Director are not

required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Prosperity Developments Ltd for the period ended 31 March 2017 which

comprise the Abridged Statement of Income and Retained Earnings, Statement of Financial Position and the

related notes from the company's accounting records and from information and explanations you have given

us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Prosperity Developments Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Prosperity Developments Ltd and state those matters that we have agreed to state to the director of Prosperity Developments Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Prosperity Developments Ltd and its director for our work or for this report.

It is your duty to ensure that Prosperity Developments Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Prosperity Developments Ltd. You consider that Prosperity Developments Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Prosperity Developments Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Alton & Co

Chartered Accountants

239-241 Kennington Lane

London

SE11 5QU

27 December 2017

FIXED ASSETS

Property, plant and equipment

4

20,022

2,437,904

Investments

5

230

230

Investment property

6

2,250,000

-

2,270,252

2,438,134

CURRENT ASSETS

Debtors

7

3,134,029

2,772,349

Cash at bank and in hand

1,355

10,225

3,135,384

2,782,574

CREDITORS

Amounts falling due within one year

8

2,428,293

2,450,497

NET CURRENT ASSETS

707,091

332,077

TOTAL ASSETS LESS CURRENT LIABILITIES

2,977,343

2,770,211

CREDITORS

Amounts falling due after more than one year

9

(1,434,694

)

(1,781,380

)

PROVISIONS FOR LIABILITIES

12

(106,309

)

(4,864

)

NET ASSETS

1,436,340

983,967

CAPITAL AND RESERVES

Called up share capital

13

100,000

100,000

Retained earnings

14

1,336,340

883,967

SHAREHOLDERS' FUNDS

1,436,340

983,967

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings for the period ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 director on 27 December 2017 and were signed by:

Mr I Dinc - Director

1.	STATUTORY INFORMATION

Prosperity Developments 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Revenue 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.

Fixtures and fittings

-

15% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 4 .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Freehold

Long

and

property

leasehold

fittings

Totals

£

£

£

£

COST

At 1 August 2016

1,807,349

607,000

41,769

2,456,118

Disposals

-

(744,000

)

-

(744,000

)

Reclassification/transfer

(1,807,349

)

137,000

-

(1,670,349

)

At 31 March 2017

-

-

41,769

41,769

DEPRECIATION

At 1 August 2016

-

-

18,214

18,214

Charge for period

-

-

3,533

3,533

At 31 March 2017

-

-

21,747

21,747

NET BOOK VALUE

At 31 March 2017

-

-

20,022

20,022

At 31 July 2016

1,807,349

607,000

23,555

2,437,904

5.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 August 2016

and 31 March 2017

230

NET BOOK VALUE

At 31 March 2017

230

At 31 July 2016

230

Fixed asset investments represent the cost of investing in the 100% holding of Prosperity Portfolio

Ltd- an unquoted company registered in England.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Revaluations

579,651

Reclassification/transfer

1,670,349

At 31 March 2017

2,250,000

NET BOOK VALUE

At 31 March 2017

2,250,000

Fair value at 31 March 2017 is represented by:

£

Valuation in 2017

2,250,000

If investment property had not been revalued it would have been included at the following historical

cost:

2017

2016

£

£

Cost

1,670,349

1,670,349

Investment property was valued on an open market basis on 31 March 2017 by Mr I Dinc-director .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

2,454,083

2,053,446

Other debtors

679,946

718,903

3,134,029

2,772,349

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts (see note 10)

31,169

-

Trade creditors

2,238,709

2,297,663

Taxation and social security

145,631

144,250

Other creditors

12,784

8,584

2,428,293

2,450,497

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans (see note 10)

1,392,871

1,709,534

Other creditors

41,823

71,846

1,434,694

1,781,380

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

1,268,199

1,709,534

10.

LOANS

An analysis of the maturity of loans is given below:

2017

2016

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

1

-

Bank loans

31,168

-

31,169

-

Amounts falling due between one and two years:

Bank loans - 1-2 years

31,168

-

Amounts falling due between two and five years:

Bank loans - 2-5 years

93,504

-

Private loans

41,823

71,846

135,327

71,846

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

1,268,199

1,709,534

11.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

1,424,039

1,709,534

Bank loans are secured on properties.

12.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

106,309

4,864

Deferred

tax

£

Balance at 1 August 2016

4,864

Charge to Abridged Income Statement during period

101,445

Balance at 31 March 2017

106,309

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100,000

Ordinary

£1

100,000

100,000

14.

RESERVES

Retained

earnings

£

At 1 August 2016

883,967

Profit for the period

452,373

At 31 March 2017

1,336,340

15.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 March 2017

and the year ended 31 July 2016:

2017

2016

£

£

Mr I Dinc

Balance outstanding at start of period

573,245

(8,280

)

Amounts advanced

-

581,525

Amounts repaid

(38,957

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

534,288

573,245

16.	RELATED PARTY DISCLOSURES

Note-9 -Debtors

Included in the trade debtors are intercompany loans made from one business unit to another.

Companies in which Director Mr I Dinc is a shareholder and director.

Total of £2,452,691 are due at balance sheet date.

Interest of £69,428 charged on the loans during the year.

Note 10- Creditors

Included in the trade creditors are intercompany loans owed to wholly owned subsidiary of Prosperity

Development Ltd.

Company in which director Mr I Dinc is a director.

Total of £2,233,365 are owed at balance sheet date.

Interest of £86,785 paid on the loan during the year.