Company Registration No. 08500627 (England and Wales)
PROSPER INFINITY LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2015
PROSPER INFINITY LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
PROSPER INFINITY LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 2015
30 September 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
2,750,473
1,148,286
Current assets
Debtors
341
53,870
Cash at bank and in hand
100,779
152,522
101,120
206,392
Creditors: amounts falling due within one year
3
(953,459)
(627,415)
Net current liabilities
(852,339)
(421,023)
Total assets less current liabilities
1,898,134
727,263
Creditors: amounts falling due after more than one year
4
(1,049,044)
(592,183)
Provisions for liabilities
(95)
(80)
848,995
135,000
Capital and reserves
Called up share capital
5
100
100
Revaluation reserve
623,486
-
Profit and loss account
225,409
134,900
Shareholders' funds
848,995
135,000
For the financial year ended 30 September 2015 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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 21 November 2015
Mr A Hindocha
Director
Company Registration No. 08500627
PROSPER INFINITY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for rental receivable and for consultancy services provided net of VAT.
rental receivable and for consultancy services provided
net of VAT.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
33.3% reducing balance basis.
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.5
Revenue recognition
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.
1.6
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
PROSPER INFINITY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2015
- 3 -
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 October 2014
1,148,487
Additions
978,938
Revaluation
623,486
At 30 September 2015
2,750,911
Depreciation
At 1 October 2014
201
Charge for the period
237
At 30 September 2015
438
Net book value
At 30 September 2015
2,750,473
At 30 September 2014
1,148,286
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £65,925 (2014 - £33,491).
4
Creditors: amounts falling due after more than one year
2015
2014
£
£
Analysis of loans repayable in more than five years
Total amounts repayable by instalments which are due in more than five years
683,279
428,019
The aggregate amount of creditors for which security has been given amounted to £1,049,044 (2014 - £592,183).
5
Share capital
2015
2014
£
£
Allotted, called up and fully paid
98 Ordinary shares of £1 each
98
98
2 Ordinary 'A' shares of £1 each
2
2
100
100