Company registration number 07165289 (England and Wales)
PENINSULAR DEVELOPMENTS (SW) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
PAGES FOR FILING WITH REGISTRAR
PENINSULAR DEVELOPMENTS (SW) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
PENINSULAR DEVELOPMENTS (SW) LTD
BALANCE SHEET
AS AT 31 JANUARY 2022
31 January 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
96,112
43,711
Current assets
Debtors
4
808,364
36,935
Cash at bank and in hand
28,612
1,814
836,976
38,749
Creditors: amounts falling due within one year
5
(1,061,138)
(365,172)
Net current liabilities
(224,162)
(326,423)
Total assets less current liabilities
(128,050)
(282,712)
Creditors: amounts falling due after more than one year
6
(35,881)
(42,892)
Net liabilities
(163,931)
(325,604)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(164,031)
(325,704)
Total equity
(163,931)
(325,604)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

PENINSULAR DEVELOPMENTS (SW) LTD
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2022
31 January 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 August 2022 and are signed on its behalf by:
Mr J D Evennett
Director
Company Registration No. 07165289
PENINSULAR DEVELOPMENTS (SW) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
- 3 -
1
Accounting policies
Company information

Peninsular Developments (SW) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Michael House, Castle Street, Exeter, Devon, EX4 3LQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company meets its day to day working capital requirements through continued financial support from the directors and an investor. The nature of the company's business is such that there can be considerable unpredictable variation in the timing of cash inflows.

 

On the basis of the continued support of the directors and an investor, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the facilities provided by the directors or the investor.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Income from the sale of properties is recognised at the point in time when an unconditional contract is signed by the purchaser.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% per annum on net book value
Motor vehicles
20% per annum on net book value

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable.

PENINSULAR DEVELOPMENTS (SW) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.6
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
6
3
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2021
50,079
Additions
76,897
At 31 January 2022
126,976
Depreciation and impairment
At 1 February 2021
6,368
Depreciation charged in the year
24,496
At 31 January 2022
30,864
Carrying amount
At 31 January 2022
96,112
At 31 January 2021
43,711
PENINSULAR DEVELOPMENTS (SW) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 5 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
808,364
36,935
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
785,836
15,532
Trade creditors
33,048
35,077
Taxation and social security
100
100
Other creditors
242,154
314,463
1,061,138
365,172
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
35,881
42,892

The loans are secured on the assets concerned.

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