Perretts ( Paignton) Ltd 00682938 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is management of rental properties Digita Accounts Production Advanced 6.30.9574.0 true true 00682938 2022-03-01 2023-02-28 00682938 2023-02-28 00682938 bus:OrdinaryShareClass1 2023-02-28 00682938 bus:OrdinaryShareClass2 2023-02-28 00682938 core:CurrentFinancialInstruments 2023-02-28 00682938 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 00682938 core:Non-currentFinancialInstruments 2023-02-28 00682938 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 00682938 core:FurnitureFittingsToolsEquipment 2023-02-28 00682938 bus:SmallEntities 2022-03-01 2023-02-28 00682938 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 00682938 bus:FullAccounts 2022-03-01 2023-02-28 00682938 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 00682938 bus:RegisteredOffice 2022-03-01 2023-02-28 00682938 bus:Director1 2022-03-01 2023-02-28 00682938 bus:Director2 2022-03-01 2023-02-28 00682938 bus:Director3 2022-03-01 2023-02-28 00682938 bus:Director4 2022-03-01 2023-02-28 00682938 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 00682938 bus:OrdinaryShareClass2 2022-03-01 2023-02-28 00682938 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 00682938 core:FurnitureFittings 2022-03-01 2023-02-28 00682938 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 00682938 countries:EnglandWales 2022-03-01 2023-02-28 00682938 2022-02-28 00682938 core:FurnitureFittingsToolsEquipment 2022-02-28 00682938 2021-03-01 2022-02-28 00682938 2022-02-28 00682938 bus:OrdinaryShareClass1 2022-02-28 00682938 bus:OrdinaryShareClass2 2022-02-28 00682938 core:CurrentFinancialInstruments 2022-02-28 00682938 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 00682938 core:Non-currentFinancialInstruments 2022-02-28 00682938 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 00682938 core:FurnitureFittingsToolsEquipment 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 00682938

Perretts ( Paignton) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Perretts ( Paignton) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Perretts ( Paignton) Ltd

Company Information

Directors

Mr Nicholas Perrett

Mrs Valerie Scott Perrett

Mr David John Perrett

Mrs Carolyn Perrett

Registered office

Town Bank House
R/O 43 Torbay Road
Paignton
Devon
TQ4 6AA

Accountants

Neil Wilson Accountancy Limited
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

Perretts ( Paignton) Ltd

(Registration number: 00682938)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

23,386

25,984

Investment property

5

1,990,000

1,990,000

 

2,013,386

2,015,984

Current assets

 

Debtors

6

12,546

10,763

Cash at bank and in hand

 

41,185

41,989

 

53,731

52,752

Creditors: Amounts falling due within one year

7

(45,956)

(48,771)

Net current assets

 

7,775

3,981

Total assets less current liabilities

 

2,021,161

2,019,965

Creditors: Amounts falling due after more than one year

7

(151,700)

(169,249)

Provisions for liabilities

(187,873)

(171,719)

Net assets

 

1,681,588

1,678,997

Capital and reserves

 

Called up share capital

8

50,000

50,000

Retained earnings

1,631,588

1,628,997

Shareholders' funds

 

1,681,588

1,678,997

For the financial year ending 28 February 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 August 2023 and signed on its behalf by:
 

 

Perretts ( Paignton) Ltd

(Registration number: 00682938)
Balance Sheet as at 28 February 2023

.........................................
Mr Nicholas Perrett
Director

 

Perretts ( Paignton) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Town Bank House
R/O 43 Torbay Road
Paignton
Devon
TQ4 6AA

These financial statements were authorised for issue by the Board on 23 August 2023.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Perretts ( Paignton) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

10% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Perretts ( Paignton) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 8).

 

Perretts ( Paignton) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

82,740

82,740

At 28 February 2023

82,740

82,740

Depreciation

At 1 March 2022

56,756

56,756

Charge for the year

2,598

2,598

At 28 February 2023

59,354

59,354

Carrying amount

At 28 February 2023

23,386

23,386

At 28 February 2022

25,984

25,984

5

Investment properties

2023
£

At 1 March

1,990,000

At 28 February

1,990,000

The company's investment property consists of a series of properties rented out on open market terms.

The latest valuations were carried out by the directors in February 2020. The historic cost of the investment property is £575,406

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2023
£

2022
£

Trade debtors

1,642

(355)

Prepayments

9,374

9,588

Other debtors

1,530

1,530

 

12,546

10,763

 

Perretts ( Paignton) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

16,851

16,851

Trade creditors

 

123

(37)

Taxation and social security

 

14,341

11,374

Accruals and deferred income

 

13,111

19,053

Other creditors

 

1,530

1,530

 

45,956

48,771

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

151,700

169,249

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

30,000

30,000

30,000

30,000

Ordinary A of £1 each

20,000

20,000

20,000

20,000

 

50,000

50,000

50,000

50,000

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

151,700

169,249

 

Perretts ( Paignton) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

16,851

16,851

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £0.60 (2022 - £1.25) per ordinary share

 

30,000

 

37,500

         

11

Related party transactions

 

Perretts ( Paignton) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

28,650

35,590

Contributions paid to money purchase schemes

9,000

1,902

37,650

37,492

Dividends paid to directors

   

2023
£

 

2022
£