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Petal Ventures Ltd

Unaudited Financial Statements for the Year Ended 27 February 2023






Petal Ventures Ltd (Registered number: 10000817)






Contents of the Financial Statements
for the Year Ended 27 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Petal Ventures Ltd

Company Information
for the Year Ended 27 February 2023







DIRECTORS: P Schriewersmann
G A J Cosgrove





REGISTERED OFFICE: 48 - 52 Penny Lane
Mossley Hill
Liverpool
Merseyside
L18 1DG





REGISTERED NUMBER: 10000817 (England and Wales)





ACCOUNTANTS: Matthews Sutton & Co Ltd
Chartered Certified Accountants
48 - 52 Penny Lane
Mossley Hill
Liverpool
Merseyside
L18 1DG

Petal Ventures Ltd (Registered number: 10000817)

Balance Sheet
27 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 70,000 80,000
Tangible assets 5 36,450 40,500
Investment property 6 518,393 518,393
624,843 638,893

CURRENT ASSETS
Debtors 7 55,925 51,840
Cash at bank 2,282 21,975
58,207 73,815
CREDITORS
Amounts falling due within one year 8 70,098 54,380
NET CURRENT (LIABILITIES)/ASSETS (11,891 ) 19,435
TOTAL ASSETS LESS CURRENT
LIABILITIES

612,952

658,328

CREDITORS
Amounts falling due after more than one
year

9

(557,853

)

(600,000

)

PROVISIONS FOR LIABILITIES (6,926 ) (6,070 )
NET ASSETS 48,173 52,258

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 48,171 52,256
48,173 52,258

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 27 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 27 February 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.

Petal Ventures Ltd (Registered number: 10000817)

Balance Sheet - continued
27 February 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 22 November 2023 and were signed on its behalf by:




G A J Cosgrove - Director



P Schriewersmann - Director


Petal Ventures Ltd (Registered number: 10000817)

Notes to the Financial Statements
for the Year Ended 27 February 2023

1. STATUTORY INFORMATION

Petal Ventures Ltd 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.

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.

Turnover
Turnover is measured as rents receivable excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

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 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Petal Ventures Ltd (Registered number: 10000817)

Notes to the Financial Statements - continued
for the Year Ended 27 February 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 28 February 2022
and 27 February 2023 100,000
AMORTISATION
At 28 February 2022 20,000
Charge for year 10,000
At 27 February 2023 30,000
NET BOOK VALUE
At 27 February 2023 70,000
At 27 February 2022 80,000

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 28 February 2022
and 27 February 2023 50,000
DEPRECIATION
At 28 February 2022 9,500
Charge for year 4,050
At 27 February 2023 13,550
NET BOOK VALUE
At 27 February 2023 36,450
At 27 February 2022 40,500

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 28 February 2022
and 27 February 2023 518,393
NET BOOK VALUE
At 27 February 2023 518,393
At 27 February 2022 518,393

Investment properties were valued using market data by the director on the 27/02/2023.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 55,925 51,840

Petal Ventures Ltd (Registered number: 10000817)

Notes to the Financial Statements - continued
for the Year Ended 27 February 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 16,000 -
Taxation and social security 532 -
Other creditors 53,566 54,380
70,098 54,380

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 457,854 -
Other creditors 99,999 600,000
557,853 600,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 99,999 600,000

Repayable by instalments
Bank loans more 5 yr by instal 393,854 -