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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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PROWESS LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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PROWESS LIMITED |
PROWESS LIMITED (REGISTERED NUMBER: 02783810) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 DECEMBER 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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PROWESS LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 DECEMBER 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
11 Castle Hill |
Maidenhead |
Berkshire |
SL6 4AA |
PROWESS LIMITED (REGISTERED NUMBER: 02783810) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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31/12/16 | 31/12/15 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
PROWESS LIMITED (REGISTERED NUMBER: 02783810) |
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BALANCE SHEET - continued |
31 DECEMBER 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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PROWESS LIMITED (REGISTERED NUMBER: 02783810) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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Prowess Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. Revenue is recognised in |
accordance with the terms of the contract with the customer. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Land included in Land and Buildings, is not depreciated as part of the annual charge as the land value is not |
considered to fall in value. |
There has been no impairment review of the buildings included in the financial statements, as the buildings are |
maintained with a continuous program of repairs. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
PROWESS LIMITED (REGISTERED NUMBER: 02783810) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2016 |
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2. | ACCOUNTING POLICIES - continued |
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Transition to financial reporting standard 102 |
These financial statements are the first annual financial statements of the company prepared in accordance with |
Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable |
in the UK and Republic of Ireland" (FRS 102). The first date at which this was applied was 1st January 2015. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/16 | 31/12/15 |
as restated |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/16 | 31/12/15 |
as restated |
£ | £ |
Bank loans and overdrafts |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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PROWESS LIMITED (REGISTERED NUMBER: 02783810) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2016 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31/12/16 | 31/12/15 |
as restated |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 178,515 | 248,887 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31/12/16 | 31/12/15 |
as restated |
£ | £ |
Bank loans |
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There are charges on the company dated 19th July 2008 and 30th June 2009 2009 in the name of Clydesdale |
Bank Plc t/a Yorkshire Bank over the property and land know as Cain Manor, Alpine Lodge and Cain Farm (all |
on the Land of Nod) and all other assets of the company. |
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9. | RELATED PARTY DISCLOSURES |
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Throughout the current and previous year the company was controlled by Mr & Mrs Cutmore-Scott by virtue of |
the fact that they own all of the ordinary share capital of the company. |
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Mr & Mrs Cutmore-Scott are also partners in Prowess Partnership. As at 31st December 2016 the balance owed |
by Prowess Limited to Prowess Partnership was £1,131,616 shown in other creditors (2015 - £803,914). |
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Mr & Mrs Cutmore-Scott also own all of the ordinary share capital of Bijou Wedding Venues Limited. As at |
31st December 2016 the balance owed by Prowess Limited to Biijou Wedding Venues Ltd was £136,724 shown |
in other debtors (2015 : £135,380). |
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The directors loan balance as at 31st December 2016 was £429,407 |