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REGISTERED NUMBER: 03566732 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2023

for

Peermark Limited

Peermark Limited (Registered number: 03566732)






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




Page

Balance Sheet 1

Notes to the Financial Statements 3


Peermark Limited (Registered number: 03566732)

Balance Sheet
30 June 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible fixed assets 4 1,725 1,997
Investment property 5 5,450,000 6,200,000
5,451,725 6,201,997

Current assets
Stocks - 372,738
Debtors 6 259,800 258,196
Investments 7 1 1
Cash at bank 33,467 24,195
293,268 655,130
Creditors
Amounts falling due within one year 8 3,645,994 3,395,518
Net current liabilities (3,352,726 ) (2,740,388 )
Total assets less current liabilities 2,098,999 3,461,609

Creditors
Amounts falling due after more than one
year

9

(19,167

)

(1,286,067

)

Provisions for liabilities (230,201 ) (117,529 )
Net assets 1,849,631 2,058,013

Peermark Limited (Registered number: 03566732)

Balance Sheet - continued
30 June 2023

2023 2022
Notes £    £    £    £   
Capital and reserves
Called up share capital 10 100 100
Fair value reserve 11 1,236,153 1,759,428
Retained earnings 613,378 298,485
Shareholders' funds 1,849,631 2,058,013

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

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

The director acknowledges his 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 March 2024 and were signed by:





E F Barakat - Director


Peermark Limited (Registered number: 03566732)

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

1. Statutory information

Peermark Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03566732

Registered office: 2a Church Road
Church Road
Hove
BN3 2FL

The presentation currency of the financial statements is in Pound Sterling (£) and rounding is to the nearest (£).

2. Accounting policies

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

Turnover
Rents received are shown gross of commissions and fees.

Turnover is measured at the fair value of the consideration received or receivable net of trade discounts. Turnover from the sale of property is recognised when significant risks and rewards of ownership have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.This is usually on completion of the sale of the property.

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment - 25% reducing balance
Leasehold improvements - 10% straight line

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

Peermark Limited (Registered number: 03566732)

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

2. Accounting policies - continued

Stocks
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. Employees and directors

The average number of employees during the year was 1 (2022 - 1 ) .

Peermark Limited (Registered number: 03566732)

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

4. Tangible fixed assets
Plant and
Land and machinery
buildings etc Totals
£    £    £   
Cost
At 1 July 2022
and 30 June 2023 2,000 3,599 5,599
Depreciation
At 1 July 2022 292 3,310 3,602
Charge for year 200 72 272
At 30 June 2023 492 3,382 3,874
Net book value
At 30 June 2023 1,508 217 1,725
At 30 June 2022 1,708 289 1,997

5. Investment property
Total
£   
Fair value
At 1 July 2022 6,200,000
Disposals (500,000 )
Revaluations (250,000 )
At 30 June 2023 5,450,000
Net book value
At 30 June 2023 5,450,000
At 30 June 2022 6,200,000

The investment properties fair value has been determined by the director at the balance sheet date based on local open market rates of similar properties.

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Amounts owed by group undertakings 10,817 -
Other debtors 248,983 258,196
259,800 258,196

Peermark Limited (Registered number: 03566732)

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

7. Current asset investments
2023 2022
£    £   
Shares in group undertakings 1 1

8. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 1,193,089 1,111,642
Trade creditors - 5,120
Amounts owed to group undertakings - 4,501
Taxation and social security 35,464 14,220
Other creditors 2,417,441 2,260,035
3,645,994 3,395,518

9. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 19,167 1,286,067

Creditors include liabilities of £3,468,822 (2022 £4,508,774) which are secured by the assets to which they relate.

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

11. Reserves
Fair
value
reserve
£   
At 1 July 2022 1,759,428
Revaluation (199,032 )
Transfer (324,243 )

At 30 June 2023 1,236,153

Peermark Limited (Registered number: 03566732)

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

12. Off-balance sheet arrangements

At the year end, the company had operating lease commitments of £39,727 (2022: £57,727)

13. Director's advances, credits and guarantees

During the year, the company advanced a director £nil (2022: £17,974) and he repaid £4,046 (2022: £4,046). At the year end, the director owed the company £nil (2022: £4,046). The advances were interest-free, unsecured and repayable on demand.

14. Related party disclosures

At the year end, the company owed the director £19,130 (2022: £nil).