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Company No: 11180349 (England and Wales)

PENINSULA HOUSING LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

PENINSULA HOUSING LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

PENINSULA HOUSING LIMITED

BALANCE SHEET

As at 31 January 2024
PENINSULA HOUSING LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,081,942 720,265
1,081,942 720,265
Current assets
Debtors 4 419 0
Cash at bank and in hand 1,560 5,762
1,979 5,762
Creditors: amounts falling due within one year 5 ( 323,085) ( 301,909)
Net current liabilities (321,106) (296,147)
Total assets less current liabilities 760,836 424,118
Creditors: amounts falling due after more than one year 6 ( 505,572) ( 178,493)
Provision for liabilities ( 54,860) ( 40,671)
Net assets 200,404 204,954
Capital and reserves
Called-up share capital 7 12 12
Revaluation reserve 164,096 173,174
Profit and loss account 36,296 31,768
Total shareholder's funds 200,404 204,954

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Peninsula Housing Limited (registered number: 11180349) were approved and authorised for issue by the Director on 27 March 2024. They were signed on its behalf by:

F C Simmons
Director
PENINSULA HOUSING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
PENINSULA HOUSING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Peninsula Housing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

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.

The company recognises 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Investment property not depreciated
Plant and machinery 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after
deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to
realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Investment property Plant and machinery Total
£ £ £
Cost
At 01 February 2023 720,000 1,709 721,709
Additions 356,296 649 356,945
Revaluations 5,000 0 5,000
At 31 January 2024 1,081,296 2,358 1,083,654
Accumulated depreciation
At 01 February 2023 0 1,444 1,444
Charge for the financial year 0 268 268
At 31 January 2024 0 1,712 1,712
Net book value
At 31 January 2024 1,081,296 646 1,081,942
At 31 January 2023 720,000 265 720,265

4. Debtors

2024 2023
£ £
Other debtors 419 0

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 7,177 6,874
Taxation and social security 999 2,798
Other creditors 314,909 292,237
323,085 301,909

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 505,572 178,493

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
12 Ordinary shares of £ 1.00 each 12 12