Company registration number 13887648 (England and Wales)
PEACHES ONE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
PEACHES ONE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PEACHES ONE LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
Notes
£
£
Current assets
Debtors
3
678,085
Creditors: amounts falling due within one year
4
(3,540)
Net current assets
674,545
Creditors: amounts falling due after more than one year
5
(680,785)
Net liabilities
(6,240)
Capital and reserves
Called up share capital
6
50
Profit and loss reserves
(6,290)
Total equity
(6,240)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 period 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.
The financial statements were approved and signed by the director and authorised for issue on 23 October 2023
Paolo Pieri
Director
Company Registration No. 13887648
PEACHES ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
Company information
Peaches One Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Cannon Street, London, United Kingdom, EC4M 6XH.
1.1
Reporting period
The company was incorporated on 2 February 2022 and by default its first period of accounts ended on 28 February 2023. These accounts therefore cover a 13 month period rather than a year.
1.2
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.
1.3
Going concern
The company has net liabilities and is dependent on the support of its director to meet its financial obligations. The director has confirmed that he will continue to provide this support for the forseeable future. true
Furthermore, the director has considered a period of at least twelve months from the date of which these financial statements have been signed and having assessed all relevant information available to him, including the current inflationary impact on costs, believes it appropriate to prepare the financial statements on a going concern basis.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
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.
PEACHES ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
1.6
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
1
3
Debtors
2023
Amounts falling due within one year:
£
Other debtors
678,085
PEACHES ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2023
- 4 -
4
Creditors: amounts falling due within one year
2023
£
Other creditors
3,540
5
Creditors: amounts falling due after more than one year
2023
£
Other creditors
680,785
6
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
10 A Ordinary Shares of £1 each
10
10
10 B Ordinary Shares of £1 each
10
10
10 C Ordinary Shares of £1 each
10
10
10 D Ordinary Shares of £1 each
10
10
10 E Ordinary Shares of £1 each
10
10
50
50
The company was incorporated on 2 February 2022 and 1 Ordinary share of £1 was issued on subscription at nominal value. On 29 August 2022 the 1 Ordinary £1 share was redesignated as 1 A Ordinary £1 share. Also on 29 August 2022 a further 9 A Ordinary £1 shares, 10 B Ordinary £1 shares, 10 C Ordinary £1 shares, 10 D Ordinary £1 shares and 10 E Ordinary £1 shares were issued at nominal value.
The A Ordinary shares have voting rights, whereas the B,C,D and E Ordinary shares do not have voting rights.
All classes of shares carry the right to dividends or distributions of an income nature.
On a return of capital on liquidation the A,B and C Ordinary shares have the right to the surplus assets of the company remaining after payment of its liabilities, but resricted to 110% of the respective nominal value of these share classes. On the D and E Ordinary shares the right to the surplus assets remaining is in proportion to the number of shares entitled to such capital rights.