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Registration number: 08618497

Peak Group London Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Peak Group London Ltd

Contents

Company Information

1

Directors' Report

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 10

 

Peak Group London Ltd

Company Information

Directors

Mr Guy Hayden

Mr Mark John Simpson

Registered office

81 - 85 High Street
Brentwood
Essex
CM14 4RR

Accountants

F9 Consulting Ltd
Chartered Certified
First Floor
81 - 85 High Street
Brentwood
Essex
CM14 4RR

 

Peak Group London Ltd

Directors' Report for the Year Ended 31 August 2023

The directors present their report and the financial statements for the year ended 31 August 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Guy Hayden

Mr Mark John Simpson

Financial instruments

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved and authorised by the Board on 2 November 2023 and signed on its behalf by:
 

.........................................
Mr Mark John Simpson
Director

 

Peak Group London Ltd

Profit and Loss Account for the Year Ended 31 August 2023

Note

2023
£

2022
£

Turnover

2,665,976

3,955,521

Cost of sales

 

(1,993,533)

(3,334,989)

Gross profit

 

672,443

620,532

Administrative expenses

 

(1,007,097)

(608,224)

Operating (loss)/profit

4

(334,654)

12,308

Interest payable and similar expenses

(36,274)

(36,017)

Loss before tax

 

(370,928)

(23,709)

Tax on loss

-

(3,030)

Loss for the financial year

 

(370,928)

(26,739)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Peak Group London Ltd

(Registration number: 08618497)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

(3,586)

23,355

Current assets

 

Stocks

186,450

755,765

Debtors

7

2,253

183,994

Cash at bank and in hand

 

34,529

226,338

 

223,232

1,166,097

Creditors: Amounts falling due within one year

8

(310,857)

(393,161)

Net current (liabilities)/assets

 

(87,625)

772,936

Total assets less current liabilities

 

(91,211)

796,291

Creditors: Amounts falling due after more than one year

8

(561,136)

(618,861)

Net (liabilities)/assets

 

(652,347)

177,430

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(652,447)

177,330

Shareholders' (deficit)/funds

 

(652,347)

177,430

For the financial year ending 31 August 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.

Approved and authorised by the Board on 2 November 2023 and signed on its behalf by:
 

.........................................
Mr Mark John Simpson
Director

 

Peak Group London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
81 - 85 High Street
Brentwood
Essex
CM14 4RR

These financial statements were authorised for issue by the Board on 2 November 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.

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 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.

 

Peak Group London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

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

Furniture and fittings

25% reducing balance

Motor Cars

20% reducing balance

Computer equipment

20% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2023
£

2022
£

Gain on disposal of tangible assets

3,618

-

 

Peak Group London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

4

Operating (loss)/profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

6,725

6,642

Operating lease expense - plant and machinery

24,602

14,612

Profit on disposal of property, plant and equipment

(3,618)

-

5

Staff costs

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

7

7

7

7

 

Peak Group London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

6

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 September 2022

545

170,020

11,019

30,424

Disposals

-

(170,020)

-

(30,424)

At 31 August 2023

545

-

11,019

-

Depreciation

At 1 September 2022

448

170,020

7,976

10,209

Charge for the year

25

-

2,755

3,946

Eliminated on disposal

-

(170,020)

-

(10,209)

At 31 August 2023

473

-

10,731

3,946

Carrying amount

At 31 August 2023

72

-

288

(3,946)

At 31 August 2022

97

-

3,043

20,215

Total
£

Cost or valuation

At 1 September 2022

212,008

Disposals

(200,444)

At 31 August 2023

11,564

Depreciation

At 1 September 2022

188,653

Charge for the year

6,726

Eliminated on disposal

(180,229)

At 31 August 2023

15,150

Carrying amount

At 31 August 2023

(3,586)

At 31 August 2022

23,355

 

Peak Group London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

7

Debtors

Current

2023
£

2022
£

Trade debtors

853

152,231

Other debtors

1,400

31,763

 

2,253

183,994

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

-

8,227

Trade creditors

 

164,966

323,990

Amounts due to related parties

9

-

610

Social security and other taxes

 

10,556

-

Outstanding defined contribution pension costs

 

2,917

-

Other payables

 

132,418

60,334

 

310,857

393,161

Due after one year

 

Loans and borrowings

561,136

618,861

9

Related party transactions

Transactions with directors

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Mr Guy Hayden

(49,248)

42,465

4,887

(1,895)

         

Mr Mark John Simpson

(49,248)

27,954

1,998

(19,296)

         

 

Peak Group London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

9

Related party transactions (continued)

2022

At 1 September 2021
£

Advances to director
£

Repayments by director
£

At 31 August 2022
£

Mr Guy Hayden

(62,059)

104,769

(91,958)

(49,248)

         
       

Mr Mark John Simpson

(141,619)

143,291

(50,920)

(49,248)

         
       

 

Summary of transactions with all associates