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PROSPECT NUMBER SEVEN LIMITED |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018 |
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REGISTERED NUMBER:
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PROSPECT NUMBER SEVEN LIMITED |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018 |
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PROSPECT NUMBER SEVEN LIMITED (REGISTERED NUMBER: 04371023) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2018 |
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Page |
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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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PROSPECT NUMBER SEVEN LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 March 2018 |
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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 Accountants |
Weltech Centre |
Ridgeway |
Welwyn Garden City |
Hertfordshire |
AL7 2AA |
PROSPECT NUMBER SEVEN LIMITED (REGISTERED NUMBER: 04371023) |
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BALANCE SHEET |
31 March 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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PROSPECT NUMBER SEVEN LIMITED (REGISTERED NUMBER: 04371023) |
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BALANCE SHEET - continued |
31 March 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 9 |
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Share premium |
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Fair value reserve |
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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. |
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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
on its behalf by: |
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PROSPECT NUMBER SEVEN LIMITED (REGISTERED NUMBER: 04371023) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2018 |
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1. | STATUTORY INFORMATION |
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Prospect Number Seven Limited is a
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Wales. The company's 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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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard |
102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose |
related party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover comprises of revenue received by the company in respect of rent and management charges |
receivable, exclusive of Value Added Tax. Turnover is recognised based on the period which it |
relates to. |
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Tangible fixed assets |
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Freehold property | - |
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Tangible fixed assets are stated at cost less accumulated depreciation and any recognised |
impairment loss. |
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The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful |
economic lives and residual values of the assets. The useful economic lives and residual values are |
reassessed annually. They are amended when necessary to reflect current estimates, future |
investments and the physical condition of the assets. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
PROSPECT NUMBER SEVEN LIMITED (REGISTERED NUMBER: 04371023) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Investment property |
Investment property is shown at fair value based on the most recent valuation. Any aggregate surplus |
or deficit arising from changes in fair value is recognised in the income statement. Deferred tax is |
provided on the gain at the rate expected to apply when the property is sold. A transfer is made from |
retained earnings to a non-distributable fair value reserve equivalent to the unrealised gain on |
investment property. |
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Properties let to group entities are shown in freehold property and have been valued at cost less |
depreciation instead of fair value in accordance with the Triennial Review 2017 amendments to FRS |
102. |
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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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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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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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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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PROSPECT NUMBER SEVEN LIMITED (REGISTERED NUMBER: 04371023) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2018 |
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4. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST |
At 1 April 2017 |
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Reclassification/transfer | ( |
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At 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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Reclassification/transfer | ( |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 April 2017 |
and 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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PROSPECT NUMBER SEVEN LIMITED (REGISTERED NUMBER: 04371023) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2018 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2017 |
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Revaluations | 124,484 |
Reclassification/transfer | 250,516 |
At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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Fair value at 31 March 2018 is represented by: |
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£ |
Valuation in 2018 | 102,701 |
Cost | 440,893 |
543,594 |
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If investment property had not been revalued it would have been included at the following historical |
cost: |
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2018 | 2017 |
£ | £ |
Cost | 440,893 | 168,594 |
Aggregate depreciation | (62,602 | ) | (32,001 | ) |
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Investment property was valued on an open market basis on 31 March 2018 by the directors . |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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PROSPECT NUMBER SEVEN LIMITED (REGISTERED NUMBER: 04371023) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2018 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £1 | 11,000 | 11,000 |