Registration number:
Peromnia Limited
for the Period from 6 April 2023 to 29 February 2024
Peromnia Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Peromnia Limited
Company Information
Directors |
Mr R A Gallo Mr F Gallo Mrs R Margiotta |
Company secretary |
Mrs C Viola |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Peromnia Limited
for the Period Ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Peromnia Limited for the period ended 29 February 2024 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance
This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of Peromnia Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.
It is your duty to ensure that Peromnia Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Peromnia Limited. You consider that Peromnia Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Peromnia 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 accounts.
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Chartered Accountants
Edinburgh
Lothian
EH9 3DP
Peromnia Limited
(Registration number: SC034604)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
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Current assets |
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Debtors |
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- |
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Investments |
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|
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Cash at bank and in hand |
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|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Total assets less current liabilities |
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|
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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
21,000 |
21,000 |
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Non distributable reserve |
- |
187,769 |
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Retained earnings |
1,372,973 |
1,118,403 |
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Shareholders' funds |
1,393,973 |
1,327,172 |
For the financial period ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Peromnia Limited
Notes to the Financial Statements for the Period from 6 April 2023 to 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
UK
Registered number: SC034604
Accounting policies |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
Financial instruments
Basic Financial Assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market value rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic Financial Liabilities
Basic financial liabilities, including creditors and shareholders' loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.
Going concern
The financial statements have not been prepared on the going concern basis. The directors intend to liquidate the company after period end.
Turnover - Investment income
Turnover represents dividend income received from listed investments.
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 that have been enacted or substantively enacted by the balance sheet date.
Peromnia Limited
Notes to the Financial Statements for the Period from 6 April 2023 to 29 February 2024
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 unrealised gains and 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.
Current asset investments
Current asset investments comprise publicly traded ordinary shares and cash deposits available for investment or withdrawal at short notice. Investments in publicly traded ordinary shares are measured at fair value with changes in fair value recognised in profit or loss. This is transferred, for ease of identification, to a non distributable reserve which displays the cumulative unrealised surplus or deficit on revaluation net of deferred taxation. This transfer and the resultant balances are shown in the notes to the financial statements.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Taxation |
2024 |
2023 |
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£ |
£ |
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UK corporation tax |
60,084 |
(78) |
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Deferred tax |
(44,045) |
(9,406) |
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16,040 |
(9,484) |
Current asset investments |
2024 |
2023 |
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Listed investments |
- |
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Investment deposit |
1,452,298 |
68,954 |
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Listed investments stated at original cost are £ nil ( 2023- £1,063,857) .
Peromnia Limited
Notes to the Financial Statements for the Period from 6 April 2023 to 29 February 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Taxation and social security |
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- |
Accruals and deferred income |
|
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Other creditors |
- |
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Included in other creditors are loans from the shareholders of £ nil (2023 £17,000). The loans were interest free and had no fixed repayment terms.
Provisions for liabilities |
2024 |
2023 |
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Deferred tax |
- |
44,044 |
£ |
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Balance at 5 April 2023 |
44,044 |
Charges to income statement during the year |
(44,044) |
Balance at 29 February 2024 |
- |
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
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|
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21,000 |
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21,000 |
Post balance sheet event and going concern |
After period end the directors intend to liquidate the company.