Company registration number 12099765 (England and Wales)
PEASE POTTAGE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
PAGES FOR FILING WITH REGISTRAR
PEASE POTTAGE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
PEASE POTTAGE LTD
BALANCE SHEET
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment property
3
8,750,000
Current assets
Stocks
13,449,251
-
Debtors
4
1,656,902
89,517
Cash at bank and in hand
163,081
15,106,153
252,598
Creditors: amounts falling due within one year
5
(3,434,238)
(497,394)
Net current assets/(liabilities)
11,671,915
(244,796)
Total assets less current liabilities
11,671,915
8,505,204
Creditors: amounts falling due after more than one year
6
(12,356,704)
(6,303,692)
Net (liabilities)/assets
(684,789)
2,201,512
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(684,889)
2,201,412
Total equity
(684,789)
2,201,512
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 July 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 member has 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.
PEASE POTTAGE LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 October 2023 and are signed on its behalf by:
R Gazzi
Director
Company Registration No. 12099765
PEASE POTTAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
- 3 -
1
Accounting policies
Company information
Pease Pottage Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4 Greenways,Walton on the Hill,Tadworth, Surrey, KT20 7QE.
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
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.
In the year to 31 July 2022, there were no sales.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
PEASE POTTAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
3
Investment property
2022
£
Fair value
At 1 August 2021
8,750,000
Transfers to stock
(8,750,000)
At 31 July 2022
PEASE POTTAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
3
Investment property
(Continued)
- 5 -
Freehold property which was previously recognised as investment property has now correctly been transferred to stock at cost to reflect the trading activities of the company.
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
2,250
2,250
Other debtors
1,654,652
87,267
1,656,902
89,517
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
3,075,088
491,894
Other creditors
359,150
5,500
3,434,238
497,394
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
9,306,704
3,253,692
Other creditors
3,050,000
3,050,000
12,356,704
6,303,692
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Related party transactions
Included in other creditors is a balance of £3,050,000 (2021: £3,050,000) owed to Pease Pottage Partners LLP, the holding entity.
Also, included in other debtors is a balance of £1,119,908 (2021: Nil) owed by Rucca Ltd, a connected party.