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REGISTERED NUMBER: 03936563 (England and Wales)















Financial Statements

for the Year Ended 30 April 2023

for

Pepper Best Developments Limited

Pepper Best Developments Limited (Registered number: 03936563)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Pepper Best Developments Limited

Company Information
for the Year Ended 30 April 2023







DIRECTORS: I C Pepper
M F Pepper





REGISTERED OFFICE: 2 Nurseries Close
Exton
Exeter
Devon
EX3 0PG





REGISTERED NUMBER: 03936563 (England and Wales)





ACCOUNTANTS: Barnbrook Sinclair
Chartered Accountants
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

Pepper Best Developments Limited (Registered number: 03936563)

Statement of Financial Position
30 April 2023

30/4/23 30/4/22
Notes £    £   
FIXED ASSETS
Investment property 5 1,280,000 1,300,000

CURRENT ASSETS
Debtors 6 50,068 113,878
Cash at bank 51,388 3,378
101,456 117,256
CREDITORS
Amounts falling due within one year 7 (115,778 ) (7,448 )
NET CURRENT (LIABILITIES)/ASSETS (14,322 ) 109,808
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,265,678

1,409,808

CREDITORS
Amounts falling due after more than one
year

8

(370,306

)

(491,972

)

PROVISIONS FOR LIABILITIES (106,063 ) (80,590 )
NET ASSETS 789,309 837,246

CAPITAL AND RESERVES
Called up share capital 1,250 1,250
Fair value reserve 399,497 444,970
Retained earnings 388,562 391,026
SHAREHOLDERS' FUNDS 789,309 837,246

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

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

The directors acknowledge their 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.

Pepper Best Developments Limited (Registered number: 03936563)

Statement of Financial Position - continued
30 April 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 Board of Directors and authorised for issue on 16 November 2023 and were signed on its behalf by:





I C Pepper - Director


Pepper Best Developments Limited (Registered number: 03936563)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

Pepper Best Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The accounts have been prepared on a going concern basis as the directors have confirmed that they will continue to provide support to the company to enable it to meet its liabilities for the twelve months from the date of signing these financial statements.

Turnover
Turnover represents rent received from investment properties, excluding value added tax. Turnover is recognised as the right to consideration arises and adjustments are made for accrued and deferred income.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4. EMPLOYEES AND DIRECTORS

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

Pepper Best Developments Limited (Registered number: 03936563)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

5. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 May 2022 1,300,000
Revaluations (20,000 )
At 30 April 2023 1,280,000
Net book value
At 30 April 2023 1,280,000
At 30 April 2022 1,300,000

Fair value at 30 April 2023 is represented by:
£   
Valuation in 2012 177,089
Valuation in 2014 124,923
Valuation in 2017 125,000
Valuation in 2022 98,548
Valuation in 2023 (20,000 )
Cost 774,440
1,280,000

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

30/4/23 30/4/22
£    £   
Cost 774,440 774,440

Investment properties were valued on an open market basis on 30 April 2023 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/4/23 30/4/22
£    £   
Other debtors 50,068 113,878

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/4/23 30/4/22
£    £   
Bank loans and overdrafts 101,500 1,500
Taxation and social security 360 1,388
Other creditors 13,918 4,560
115,778 7,448

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/4/23 30/4/22
£    £   
Bank loans 370,306 491,972

Pepper Best Developments Limited (Registered number: 03936563)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
30/4/23 30/4/22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 4,306 5,972

9. SECURED DEBTS

The following secured debts are included within creditors:

30/4/23 30/4/22
£    £   
Bank loans 471,806 493,472

The bank loans and overdraft are secured on the investment properties of the company by way of fixed and floating charges. The present borrowing is less than the security needed but charges have been left in place in anticipation of future developments.

10. RELATED PARTY DISCLOSURES

Included in other debtors is £50,068 (2022: £90,000) due from Pepper Best LLC a company registered in United States of America and under the control of the directors. Interest has not been charged on the balance.