Registration number:
Prospectus 3.0 Limited
for the Period from 2 July 2019 to 31 March 2020
Prospectus 3.0 Limited
(Registration number: 12080977)
Balance Sheet as at 31 March 2020
Note |
2020 |
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Fixed assets |
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Investments |
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Creditors: Amounts falling due within one year |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
60 |
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Share premium reserve |
540 |
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Profit and loss account |
1,359,169 |
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Total equity |
1,359,769 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Prospectus 3.0 Limited
Notes to the Financial Statements for the Period from 2 July 2019 to 31 March 2020
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Prospectus 3.0 Limited
Notes to the Financial Statements for the Period from 2 July 2019 to 31 March 2020
Going concern
The financial statements have been prepared on a going concern basis.
Prospectus 3.0 Ltd is the ultimate parent company of Prospectus Limited. The 2019/20 financial statements of Prospectus Limited showcase a successful financial year, with an increased net profit versus the prior year. 2019/20 was also the year during which the business ownership changed following the completion of the Management Buy Out by Prospectus 3.0 Limited, which extended ownership to the Leadership Team at Prospectus Limited. The Prospectus Limited financial statements were prepared in the midst of the COVID-19 pandemic. Like all businesses, the company has been affected and expect a reduction in activity during the current year. However, Prospectus Limited moved swiftly and effectively to remote working with no impact on the services offered to its clients and candidates and has made the necessary adjustments to ensure the business is well positioned to move forwards during these challenging times and is very much a going concern. In reaching this conclusion, the directors have assessed cash flows and working capital requirements for the twelve months following the date of preparing the financial statements of Prospectus Limited.
The directors have also considered the potential impact of the COVID-19 virus on the future viability of the company. At the date of preparing these financial statements, the general weakness in the economy leads to a greater level of uncertainty in considering the future results. If there was a further serious deterioration in the external environment this would have a material effect on Prospectus Limited. However, the directors continue to take all available steps to maintain sufficient resources in order that Prospectus Limited can continue and grow.
Audit report
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
It is the Directors view that there was no impairment at the year end based on the value reached in August 2019. The company will review this annually and document any changes moving forward.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Prospectus 3.0 Limited
Notes to the Financial Statements for the Period from 2 July 2019 to 31 March 2020
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Investments |
2020 |
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Investments in subsidiaries |
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Prospectus 3.0 Limited
Notes to the Financial Statements for the Period from 2 July 2019 to 31 March 2020
Subsidiaries |
£ |
Cost or valuation |
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Additions |
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Provision |
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Carrying amount |
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At 31 March 2020 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2020 |
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Subsidiary undertakings |
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20-22 Stukeley Street, London, WC2B 5LR England & Wales |
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Subsidiary undertakings |
Prospectus Management Ltd The principal activity of Prospectus Management Ltd is |
Prospectus 3.0 Limited
Notes to the Financial Statements for the Period from 2 July 2019 to 31 March 2020
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
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Due within one year |
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Loans and borrowings |
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Amounts owed to subsidiaries |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2020 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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2020 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Related party transactions |
Prospectus 3.0 Limited
Notes to the Financial Statements for the Period from 2 July 2019 to 31 March 2020
The company was incorporated on 9 August 2019 to facilitate a Management Buyout (MBO) of Prospectus Management Limited. Prospectus 3.0 Limited acquired the entire share capital of Prospectus Management Limited a company incorporated in England & Wales. Its registered office and principal place of business is 20-22 Stukeley Street, London, London, WC2B 5LR. Prospectus Management Limited holds the entire share capital of Prospectus Limited a company incorporated in England & Wales. Its registered office and principal place of business is 20-22 Stukeley Street, London, London, WC2B 5LR
As part of the Management buyout in August 2019, a loan facility agreement was agreed between Prospectus 3.0 Limited and Santander UK plc for £1,000,000. It is guaranteed by fixed and floating charges (LIBOR + 4% margin) over the borrower’s assets and undertakings. In parallel, a Cross-guarantee agreement was signed in August 2019 between Prospectus Ltd, the “guarantors”
Prospectus Management Ltd and Prospectus 3.0 Ltd, and Santander UK plc.