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COMPANY REGISTRATION NUMBER: 05461343
PEEK HOUSE MANAGEMENT LIMITED
Company Limited by Guarantee
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
20 February 2023
PEEK HOUSE MANAGEMENT LIMITED
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
YEAR ENDED 20th FEBRUARY 2023
CONTENTS
PAGE
Officers and professional advisers
1
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
PEEK HOUSE MANAGEMENT LIMITED
COMPANY LIMITED BY GUARANTEE
OFFICERS AND PROFESSIONAL ADVISERS
The Board of Directors
PA Jennings
R T Roppestad
S L Hansen
N J A Shaw
A J Cutler
S J Swallow
Company Secretary
N J A Shaw
Registered Office
3rd Floor
78/79 Leadenhall Street
London
EC3A 3DH
Accountants
Colne Valley Business Services LLP t/a Cloke & Co
Chartered Certified Accountants
475 Salisbury House
London Wall
London
EC2M 5QQ
Bankers
C Hoare & Co
37 Fleet Street
London
EC4P 4DQ
PEEK HOUSE MANAGEMENT LIMITED
COMPANY LIMITED BY GUARANTEE
CHARTERED CERTIFIED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PEEK HOUSE MANAGEMENT LIMITED
YEAR ENDED 20th FEBRUARY 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Peek House Management Limited for the year ended 20th February 2023, which comprise the statement of financial position 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of Peek House Management Limited, as a body, in accordance with the terms of our engagement letter dated 1st August 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Peek House Management Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Peek House Management Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Peek House Management 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 Peek House Management Limited. You consider that Peek House Management 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 Peek House Management 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.
Colne Valley Business Services LLP t/a Cloke & Co Chartered Certified Accountants
475 Salisbury House London Wall London EC2M 5QQ
PEEK HOUSE MANAGEMENT LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
20 February 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Tangible assets
6
79,538
93,619
CURRENT ASSETS
Debtors
8
263,720
240,036
Cash at bank and in hand
176,687
170,633
---------
---------
440,407
410,669
CREDITORS: amounts falling due within one year
9
517,083
501,201
---------
---------
NET CURRENT LIABILITIES
76,676
90,532
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,862
3,087
PROVISIONS
Taxation including deferred tax
2,862
3,087
-------
-------
NET LIABILITIES
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 20th February 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PEEK HOUSE MANAGEMENT LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION (continued)
20 February 2023
These financial statements were approved by the board of directors and authorised for issue on 1 November 2023 , and are signed on behalf of the board by:
N J A Shaw
Director
Company registration number: 05461343
PEEK HOUSE MANAGEMENT LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 20th FEBRUARY 2023
1. GENERAL INFORMATION
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 3rd Floor, 78/79 Leadenhall Street, London, EC3A 3DH.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
BASIS OF PREPARATION
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
CONSOLIDATION
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
REVENUE RECOGNITION
The turnover shown in the profit and loss account represents the value of sales, exclusive of Value Added Tax.
INCOME TAX
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
OPERATING LEASES
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
TANGIBLE ASSETS
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
DEPRECIATION
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
Over the lease term
Fixtures and fittings
-
25% reducing balance
Equipment
-
33% straight line
INVESTMENTS
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
PROVISIONS
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
FINANCIAL INSTRUMENTS
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments.
DEFINED CONTRIBUTION PLANS
Contributions are made by the company into independently administered defined contribution pension schemes.
4. COMPANY LIMITED BY GUARANTEE
The company is limited by guarantee and has no share capital.
5. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 14 (2022: 12 ).
6. TANGIBLE ASSETS
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 21st February 2022
128,961
27,415
47,323
203,699
Additions
8,758
8,758
---------
--------
--------
---------
At 20th February 2023
128,961
27,415
56,081
212,457
---------
--------
--------
---------
Depreciation
At 21st February 2022
51,584
18,741
39,755
110,080
Charge for the year
12,897
2,169
7,773
22,839
---------
--------
--------
---------
At 20th February 2023
64,481
20,910
47,528
132,919
---------
--------
--------
---------
Carrying amount
At 20th February 2023
64,480
6,505
8,553
79,538
---------
--------
--------
---------
At 20th February 2022
77,377
8,674
7,568
93,619
---------
--------
--------
---------
7. INVESTMENTS
Shares in group undertakings
£
Cost
At 21st February 2022 and 20th February 2023
6,581
-------
Impairment
At 21st February 2022 and 20th February 2023
6,581
-------
Carrying amount
At 20th February 2023
-------
At 20th February 2022
-------
The company owns 100% of the issued share capital of Peek Private Trustee Co Ltd which is incorporated in Bermuda and is non-trading.
8. DEBTORS
2023
2022
£
£
Trade debtors
132,726
101,293
Other debtors
130,994
138,743
---------
---------
263,720
240,036
---------
---------
9. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
291,541
291,543
Corporation tax
4,260
3,323
Social security and other taxes
56,407
55,991
Other creditors
164,875
150,344
---------
---------
517,083
501,201
---------
---------
10. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
146,300
146,300
Later than 1 year and not later than 5 years
585,200
585,200
Later than 5 years
58,310
204,610
---------
---------
789,810
936,110
---------
---------