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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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PROWESS LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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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 2020 |
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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 2020 |
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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 2020 |
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31/12/20 | 31/12/19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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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 ASSETS |
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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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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 2020 |
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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 and authorised for issue on
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PROWESS LIMITED (REGISTERED NUMBER: 02783810) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 DECEMBER 2020 |
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1. | STATUTORY INFORMATION |
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Prowess Limited is a
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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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The Directors are very grateful to the large majority of the company's clients who agreed to reschedule their weddings from 2020 to 2021 and beyond and from January to June 2021 to later in the year or to 2022. The measures taken by the company to cope with the repercussions of the pandemic have resulted in the company being in a strong financial position throughout 2020 and 2021 with a strong business pipeline contracted for 2022 and 2023. These measures include rescheduling the vast majority of weddings to 2021 and beyond in a manner which did not result in any reduction in the potential of the company to deliver new business for 2021 or 2022. Use of the furlough scheme where appropriate has enabled the company to continue to pay all permanent and casual staff throughout 2020 and 2021. CBILs have enabled the company to cover the remaining short-term cash flow impacts of the postponement of weddings. |
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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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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Net realisable value is based on selling price less anticipated costs to completion plus selling costs. |
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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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PROWESS LIMITED (REGISTERED NUMBER: 02783810) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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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 2020 |
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Additions |
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Disposals | ( |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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5. | DEBTORS |
31/12/20 | 31/12/19 |
£ | £ |
Amounts falling due within one year: |
Amounts owed by group undertakings |
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Other debtors |
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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 2020 |
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5. | DEBTORS - continued |
31/12/20 | 31/12/19 |
£ | £ |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
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Aggregate amounts |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/20 | 31/12/19 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Deferred income |
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Taxation and social security |
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Other creditors |
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Included in deferred income are amounts relating to deposits £186,000 and Instalments £469,325. |
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31/12/20 | 31/12/19 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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Other creditors |
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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 | 4,682,950 | 431,272 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31/12/20 | 31/12/19 |
£ | £ |
Bank loans |
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There is a charge on the company dated 17th September 2019 in the name of HSBC Holdings PLC 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. |
PROWESS LIMITED (REGISTERED NUMBER: 02783810) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2020 |
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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 2020 the balance owed by Prowess Limited to Prowess Partnership was £1,633,444 shown in other creditors (2019 - £1,212,857). |
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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 2020 the balance owed by Bijou Wedding Venues Ltd to Prowess Limited was £Nil shown in other debtors (2019 - £623,487). |
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The directors loan balance as at 31st December 2020 was £206. |