Perpetuum Construction Limited 08898311 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of property development. Digita Accounts Production Advanced 6.30.9574.0 true true 08898311 2022-04-01 2023-03-31 08898311 2023-03-31 08898311 core:CurrentFinancialInstruments 2023-03-31 08898311 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 08898311 bus:SmallEntities 2022-04-01 2023-03-31 08898311 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 08898311 bus:FullAccounts 2022-04-01 2023-03-31 08898311 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 08898311 bus:RegisteredOffice 2022-04-01 2023-03-31 08898311 bus:Director3 2022-04-01 2023-03-31 08898311 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08898311 countries:AllCountries 2022-04-01 2023-03-31 08898311 2021-04-01 2022-03-31 08898311 2022-03-31 08898311 core:CurrentFinancialInstruments 2022-03-31 08898311 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 08898311 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2022-03-31 08898311 core:CurrentFinancialInstruments core:PreviouslyStatedAmount 2022-03-31 08898311 core:PreviouslyStatedAmount 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 08898311

Perpetuum Construction Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Perpetuum Construction Limited

Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

5,573,351

6,796,770

Debtors

5

2,720,799

980,803

Cash at bank and in hand

 

10,122

5,570

 

8,304,272

7,783,143

Creditors: Amounts falling due within one year

6

(6,750,046)

(6,601,108)

Net assets

 

1,554,226

1,182,035

Capital and reserves

 

Called up share capital

10,000

10,000

Share premium reserve

1,964,600

1,964,600

Retained earnings

(420,374)

(792,565)

Shareholders' funds

 

1,554,226

1,182,035

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 13 March 2023 and signed on its behalf by:
 

.........................................

Mr S Donovan

Director

Company registration number: 08898311

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Perpetuum Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Ground floor
189 Richmond Road
Kingston upon Thames
Surrey
KT2 5DD

The principal activity of the company is that of property development.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a profit for the year ended 31 March 2023 and had net assets at that date amounting to £1,554,226.

The company's cash flow forecasts indicate that the company has sufficient working capital and the directors are confident that the development properties will be realised for an amount in excess of their carrying value. The company continues to trade profitably and the directors do not believe the current economic conditions or global conflicts will have a material effect on the company.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of consideration received or receivable in respect of property sales in the ordinary course of the company's activities. The company recognises revenue on the date an unconditional contract is entered into.

 

Perpetuum Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Interest

Interest incurred on specific borrowings utilised to finance the company's development property is capitalised in work in progress up to the stage the properties are completed and available for sale.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, cost of conversion, capitalised interest and other costs incurred in bringing the stock to its present location and condition. Interest is capitalised up to completion of building work, after which it is written off.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Perpetuum Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company during the year was 0 (2022 - 0).

4

Stocks

   

2023
£

2022
£

Work in progress

5,573,351

6,796,770

Work in progress includes an amount of £361,968 (2022: £440,676) in respect of capitalised interest.

5

Debtors

2023
£

2022
£

Amounts owed by group undertakings

842,475

743,392

Other debtors

1,878,324

237,411

2,720,799

980,803

6

Creditors

Creditors: amounts falling due within one year

     

Note

2023
£

2022
£

Loans and borrowings

7

6,649,368

6,550,000

Accruals and deferred income

 

48,560

32,527

Other creditors

 

52,118

18,581

 

6,750,046

6,601,108

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank loan

6,649,368

6,550,000

The bank loan is secured by a fixed charge over the properties in development included in work in progress and a fixed and floating charge over the other assets and undertakings of the company.

 

Perpetuum Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Related party transactions

Exemption is taken under FRS 102 paragraph 1AC35 not to disclose transactions or amounts falling due with companies wholly owned within the group.