Peach Co-Living Limited 10519020 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is property ownership. Digita Accounts Production Advanced 6.30.9574.0 true true 10519020 2022-04-01 2023-03-31 10519020 2023-03-31 10519020 core:CurrentFinancialInstruments 2023-03-31 10519020 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 10519020 core:Non-currentFinancialInstruments 2023-03-31 10519020 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 10519020 core:OtherResidualIntangibleAssets 2023-03-31 10519020 bus:SmallEntities 2022-04-01 2023-03-31 10519020 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 10519020 bus:FullAccounts 2022-04-01 2023-03-31 10519020 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 10519020 bus:RegisteredOffice 2022-04-01 2023-03-31 10519020 bus:Director2 2022-04-01 2023-03-31 10519020 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10519020 countries:EnglandWales 2022-04-01 2023-03-31 10519020 2022-03-31 10519020 core:OtherResidualIntangibleAssets 2022-03-31 10519020 2021-04-01 2022-03-31 10519020 2022-03-31 10519020 core:CurrentFinancialInstruments 2022-03-31 10519020 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 10519020 core:Non-currentFinancialInstruments 2022-03-31 10519020 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 10519020

Peach Co-Living Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Peach Co-Living Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Peach Co-Living Limited

(Registration number: 10519020)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

1,019,995

795,750

Current assets

 

Debtors

6

32,848

26,216

Cash at bank and in hand

 

2,771

5,374

 

35,619

31,590

Creditors: Amounts falling due within one year

7

(948,313)

(588,206)

Net current liabilities

 

(912,694)

(556,616)

Total assets less current liabilities

 

107,301

239,134

Creditors: Amounts falling due after more than one year

7

(700,678)

(459,135)

Net liabilities

 

(593,377)

(220,001)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(593,477)

(220,101)

Shareholders' deficit

 

(593,377)

(220,001)

 

Peach Co-Living Limited

(Registration number: 10519020)
Balance Sheet as at 31 March 2023

For the financial 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 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

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

.........................................
Mr R G Fenton
Director

 

Peach Co-Living Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
22 Roundhead Road
Theale
Reading
Berkshire
RG7 5DL
England

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.

Going concern

The financial statements have been prepared on a going concern basis as the parent company First Rung Enterprises has confirmed they will continue to support the entity for a period of twelve months from the date the financial statements are signed.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for property rental in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually . Changes in fair value are recognised in profit or loss.

Included within the valuation of the investment property is the cost of the furniture and fixtures within the property. The value of the furniture is considered in the valuation of the investment property, with any changes in fair value recognised in profit or loss.

Intangible assets

Website costs are amortised over a 10 year period.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

 

Peach Co-Living Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 1).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2022

5,260

5,260

At 31 March 2023

5,260

5,260

Amortisation

At 1 April 2022

5,260

5,260

At 31 March 2023

5,260

5,260

Carrying amount

At 31 March 2023

-

-

 

Peach Co-Living Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Investment properties

2023
£

At 1 April

795,750

Additions

566,372

Fair value adjustments

(342,127)

At 31 March

1,019,995

Investment properties were subject to valuation by the director who is not a professionally qualified valuer, but has experience in the location and class of investment property being revalued.

6

Debtors

Current

2023
£

2022
£

Trade debtors

28,510

25,920

Prepayments

4,260

296

Other debtors

78

-

 

32,848

26,216

 

Peach Co-Living Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

124,321

7,020

Trade creditors

25,305

21,596

Amounts owed to group undertakings and undertakings in which the company has a participating interest

784,866

551,459

Other creditors

13,821

8,131

948,313

588,206

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

700,678

459,135

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

124,321

7,020

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

122,535

Other borrowings

700,678

336,600

700,678

459,135

9

Related party transactions

Other transactions with directors

Mr R Fenton, a director, had a loan with the company at year end. He owed £78 (2022: £nil) to the company which has been repaid within 9 months of the year end.

 

Peach Co-Living Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023


10 Controlling Party

Peach Co-Living Limited is a 100% owned subsidary of First Rung Enterprises Limited.

At the balance sheet date the amount owed to First Rung Enterprises was £784,866 (2022: £551,459).