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COMPANY REGISTRATION NUMBER: 10089631
Peak Marquee Hire Limited
Filleted Unaudited Financial Statements
31 March 2023
Peak Marquee Hire Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
110,926
129,814
Current assets
Debtors
6
1,274
3,270
Cash at bank and in hand
24,363
44,831
--------
--------
25,637
48,101
Creditors: amounts falling due within one year
7
37,816
49,571
--------
--------
Net current liabilities
12,179
1,470
---------
---------
Total assets less current liabilities
98,747
128,344
Creditors: amounts falling due after more than one year
8
23,097
54,390
--------
---------
Net assets
75,650
73,954
--------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
75,648
73,952
--------
--------
Shareholders funds
75,650
73,954
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 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 .
Peak Marquee Hire Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 17 October 2023 , and are signed on behalf of the board by:
Mr B Jones
Mrs H Jones
Director
Director
Company registration number: 10089631
Peak Marquee Hire Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 45 Vale Street, Denbigh, Denbighshire, LL16 3AH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Static caravan
-
20% straight line
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Computer Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 4 ).
5. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
40,128
157,081
46,468
1,153
244,830
Additions
27,956
6,992
198
35,146
Transfers
( 40,128)
( 40,128)
--------
---------
--------
-------
---------
At 31 March 2023
185,037
53,460
1,351
239,848
--------
---------
--------
-------
---------
Depreciation
At 1 April 2022
8,026
72,211
34,045
734
115,016
Charge for the year
16,924
4,854
154
21,932
Transfers
( 8,026)
( 8,026)
--------
---------
--------
-------
---------
At 31 March 2023
89,135
38,899
888
128,922
--------
---------
--------
-------
---------
Carrying amount
At 31 March 2023
95,902
14,561
463
110,926
--------
---------
--------
-------
---------
At 31 March 2022
32,102
84,870
12,423
419
129,814
--------
---------
--------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
1,064
3,270
Other debtors
210
-------
-------
1,274
3,270
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
319
Corporation tax
5,651
6,996
Social security and other taxes
5,673
4,735
Other creditors
26,173
37,840
--------
--------
37,816
49,571
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
16,603
21,445
Other creditors
6,494
32,945
--------
--------
23,097
54,390
--------
--------
9. Directors' advances, credits and guarantees
No advances, credits or guarantees were given to the Directors during the current financial year.