Prosperity Developments Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05178939 (England and Wales)

Prosperity Developments Ltd

Abridged Unaudited Financial Statements

for the Year Ended 31 March 2018

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

Mr I Dinc

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 year ended 31 March 2018 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 loss of Prosperity Developments Ltd. You consider that Prosperity Developments Ltd is exempt from the statutory audit requirement for the year.

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

19 November 2018

FIXED ASSETS

Property, plant and equipment

4

17,019

20,022

Investments

5

392,852

230

Investment property

6

2,362,509

2,250,000

2,772,380

2,270,252

CURRENT ASSETS

Debtors

7

2,669,837

3,134,029

Cash at bank and in hand

1,651

1,355

2,671,488

3,135,384

CREDITORS

Amounts falling due within one year

8

2,604,301

2,428,293

NET CURRENT ASSETS

67,187

707,091

TOTAL ASSETS LESS CURRENT LIABILITIES

2,839,567

2,977,343

CREDITORS

Amounts falling due after more than one year

9

(1,364,412

)

(1,434,694

)

PROVISIONS FOR LIABILITIES

11

(105,485

)

(106,309

)

NET ASSETS

1,369,670

1,436,340

CAPITAL AND RESERVES

Called up share capital

12

100,000

100,000

Retained earnings

13

1,269,670

1,336,340

SHAREHOLDERS' FUNDS

1,369,670

1,436,340

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings for the year ended 31 March 2018 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 19 November 2018 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.

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

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

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 year was 4 (2017 - 4 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

fittings

£

COST

At 1 April 2017

and 31 March 2018

41,769

DEPRECIATION

At 1 April 2017

21,747

Charge for year

3,003

At 31 March 2018

24,750

NET BOOK VALUE

At 31 March 2018

17,019

At 31 March 2017

20,022

5.	FIXED ASSET INVESTMENTS

Shares in

group

Unlisted

undertakings

investments

Totals

£

£

£

COST

At 1 April 2017

230

-

230

Additions

-

392,622

392,622

At 31 March 2018

230

392,622

392,852

NET BOOK VALUE

At 31 March 2018

230

392,622

392,852

At 31 March 2017

230

-

230

Shares in group undertakings 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

At 1 April 2017

2,250,000

Additions

112,509

At 31 March 2018

2,362,509

NET BOOK VALUE

At 31 March 2018

2,362,509

At 31 March 2017

2,250,000

Fair value at 31 March 2018 is represented by:

£

Valuation in 2017

2,250,000

Valuation in 2018

112,509

2,362,509

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

cost:

2018

2017

£

£

Cost

1,670,349

1,670,349

Investment property was valued on an open market basis on 31 March 2018 by Mr I Dinc-director .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

1,763

3,592

Other debtors

2,668,074

3,130,437

2,669,837

3,134,029

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

29,813

31,169

Trade creditors

1,043

5,344

Taxation and social security

2,487

145,631

Other creditors

2,570,958

2,246,149

2,604,301

2,428,293

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

1,364,412

1,392,871

Other creditors

-

41,823

1,364,412

1,434,694

Amounts falling due in more than five years:

Repayable by instalments

Bank loans > 5 years

1,245,159

1,268,199

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

1,394,225

1,424,039

Bank loans are secured on properties by way of fixed charge.

11.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

105,485

106,309

Deferred

tax

£

Balance at 1 April 2017

106,309

Credit to Abridged Income Statement during year

(824

)

Balance at 31 March 2018

105,485

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100,000

Ordinary

£1

100,000

100,000

13.

RESERVES

Retained

earnings

£

At 1 April 2017

1,336,340

Deficit for the year

(66,670

)

At 31 March 2018

1,269,670

14.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 March 2018 and

the period ended 31 March 2017:

2018

2017

£

£

Mr I Dinc

Balance outstanding at start of year

534,288

573,245

Amounts repaid

(534,288

)

(38,957

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

534,288

15.	RELATED PARTY DISCLOSURES

1.At balance sheet date company owe £231,523 to directors (included in other creditors -note 10).

This is an interest free loan and has no fixed repayment terms.

2.Prosperity Portfolio Ltd (fully owned by Prosperity Development Ltd)

Company owe £2,328,491 to related party at balance sheet date (included in other creditors -note 10)

Also company paid interest of £84,234 during the year.

3.Other intercompany debtors.

Companies in which company director holds shares and directorship.

Total of £2,522,920 due at balance sheet date (included in other debtors-note 9). Interest of £84,234

received during the year.