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REGISTERED NUMBER: 05454534 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

PEER ESTATES LIMITED

PEER ESTATES LIMITED (REGISTERED NUMBER: 05454534)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

PEER ESTATES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTOR: Mr P Corso





REGISTERED OFFICE: 167-169 Great Portland Street,
Fifth Floor
London
W1W 5PF





REGISTERED NUMBER: 05454534 (England and Wales)





ACCOUNTANTS: Chris Skarparis & Co Ltd
Chartered Accountants
2nd Floor
10(b) Aldermans Hill
Palmers Green
London
N13 4PJ

PEER ESTATES LIMITED (REGISTERED NUMBER: 05454534)

BALANCE SHEET
30 JUNE 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,886 6,929
Investment property 5 4,625,000 4,625,000
4,630,886 4,631,929

CURRENT ASSETS
Cash at bank 266,945 338,459

CREDITORS
Amounts falling due within one year 6 18,917 6,513
NET CURRENT ASSETS 248,028 331,946
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,878,914

4,963,875

CREDITORS
Amounts falling due after more than one
year

7

(2,655,057

)

(2,778,808

)

PROVISIONS FOR LIABILITIES 11 (127,718 ) (127,718 )
NET ASSETS 2,096,139 2,057,349

CAPITAL AND RESERVES
Called up share capital 12 1 1
Retained earnings 13 2,096,138 2,057,348
SHAREHOLDERS' FUNDS 2,096,139 2,057,349

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PEER ESTATES LIMITED (REGISTERED NUMBER: 05454534)

BALANCE SHEET - continued
30 JUNE 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 September 2023 and were signed by:





Mr P Corso - Director


PEER ESTATES LIMITED (REGISTERED NUMBER: 05454534)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

Peer Estates Limited Limited is a private company,limited by shares, registered in England and Wales.The company 's registered number is 05454534 and registered office address is 3rd Floor,4 Hanover Street, London,W1S 1YH.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
Critical accounting estimates and assumptions

The preparation of financial statements in accordance with generally accepted accounting principals requires management to make estimates and assumptions in certain circumstances that effect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the accounts and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. The estimates and assumptions that have a significant risk of causing a maternal adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined below.

Investment and operating property valuations

Properties are valued internally by the company directors. Valuations are made as at the reporting date and conform to International Valuation Standards. Valuations are made using various assumptions and estimations which include, but are not limited to market yields, transaction prices of similar properties, tenure and tenancy details. These assumptions are approved by the company directors.

Trade receivables

The company reviews trade receivables and makes judgements on the recoverability of these receivables with reference to the age of outstanding amounts, credit status of the counterparty and the status of any outstanding dispute.

Turnover
Turnover represents rental income and net commission received, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on reducing balance

Investment property
Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Capital gains tax on uncrystallised gains on property investments is provided in the financial statements using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

PEER ESTATES LIMITED (REGISTERED NUMBER: 05454534)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued

Finance cost amortisation
Finance costs incurred in connection with the arrangement of bank loans are capitalised as a reduction to the loan and then amortised , on a straight line basis, over the duration of the loans.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.


Creditors
Short term creditors are measured at the transaction price.

Long term directors loan account is interest free and measured at the transaction price.

Going concern
As with most businesses the Company has been affected by the ongoing impact of Covid-19, the exit from the European Union and the high level of inflation in the UK economy These have had an impact on the operations and tenants. The Company is taking all the steps it can to protect the future of the business. Although the total impact is still uncertain the director believes that it is appropriate to prepare the accounts on a going concern basis

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 July 2022
and 30 June 2023 35,394 1,834 37,228
DEPRECIATION
At 1 July 2022 28,507 1,792 30,299
Charge for year 1,033 10 1,043
At 30 June 2023 29,540 1,802 31,342
NET BOOK VALUE
At 30 June 2023 5,854 32 5,886
At 30 June 2022 6,887 42 6,929

PEER ESTATES LIMITED (REGISTERED NUMBER: 05454534)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022
and 30 June 2023 4,625,000
NET BOOK VALUE
At 30 June 2023 4,625,000
At 30 June 2022 4,625,000

Fair value at 30 June 2023 is represented by:
£   
Valuation in 2010 (205,761 )
Valuation in 2011 421,180
Valuation in 2013 250,000
Valuation in 2014 565,312
Valuation in 2015 241,019
Valuation in 2017 (370,000 )
Valuation in 2018 (350,000 )
Valuation in 2019 100,000
Valuation in 2020 13,405
Valuation in 2022 420,000
Cost 3,539,845
4,625,000

If investment properties had not been revalued they would have been included at the following historical cost:

30.6.23 30.6.22
£    £   
Cost 3,539,845 3,539,845

Investment properties were valued on an open market basis on 30 June 2023 by the director .

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade creditors 1 1
Tax 9,931 967
Social security and other taxes - 180
Net wages 29 3
Rent received in advance 6,436 2,842
Accrued expenses 2,520 2,520
18,917 6,513

PEER ESTATES LIMITED (REGISTERED NUMBER: 05454534)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
£    £   
Bank loans (see note 8) 1,430,374 1,555,328
Other loans (see note 8) (17,317 ) (18,419 )
Tenant's deposits 5,583 5,482
Directors' loan accounts 1,236,417 1,236,417
2,655,057 2,778,808

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 353,905 -
Bank loans more 5 yrs non-inst 628,074 628,073
Bank loans more 5 yrs non-inst 100,000 225,000
Bank loans more 5 yrs non-inst 348,395 702,255
1,430,374 1,555,328

8. LOANS

An analysis of the maturity of loans is given below:

30.6.23 30.6.22
£    £   
Amounts falling due between two and five years:
Finance costs (17,317 ) (18,419 )

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 353,905 -
Bank loans more 5 yrs non-inst 628,074 628,073
Bank loans more 5 yrs non-inst 100,000 225,000
Bank loans more 5 yrs non-inst 348,395 702,255
1,430,374 1,555,328

9. SECURED DEBTS

The following secured debts are included within creditors:

30.6.23 30.6.22
£    £   
Bank loans 1,430,374 1,555,328

10. DIRECTOR'S LOAN

Included in Creditors - amounts falling due after more than one year is a loan of £1,236,417 (2022-£1,237,417) due to the Director. This loan is recognised at transaction price.The director's loan is not due until after more than 1 year and is interest free.

PEER ESTATES LIMITED (REGISTERED NUMBER: 05454534)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

11. PROVISIONS FOR LIABILITIES
30.6.23 30.6.22
£    £   
Deferred tax
Capital gain tax provision 127,718 127,718

Deferred
tax
£   
Balance at 1 July 2022 127,718
Balance at 30 June 2023 127,718

Capital gains tax on uncrystallised gains on property investments is provided in the financial statements as shown above.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
1 Ordinary £1 1 1

13. RESERVES
Retained
earnings
£   

At 1 July 2022 2,057,348
Profit for the year 38,790
At 30 June 2023 2,096,138

Included in Retained earnings as at 30 June 2023 is an amount of £957,437 (2022- £957,437) of revaluation reserves which are non distributable.

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PEER ESTATES LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Peer Estates Limited for the year ended 30 June 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Peer Estates Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Peer Estates Limited and state those matters that we have agreed to state to the director of Peer Estates Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Peer Estates Limited and its director for our work or for this report.

It is your duty to ensure that Peer Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Peer Estates Limited. You consider that Peer Estates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Peer Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Chris Skarparis & Co Ltd
Chartered Accountants
2nd Floor
10(b) Aldermans Hill
Palmers Green
London
N13 4PJ


22 September 2023