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Registration number: 07544647

Perpetuum Development Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Perpetuum Development Limited

Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

5

1,207,000

1,207,000

Current assets

 

Stocks

6

1,050,782

1,005,211

Debtors

7

1,512,329

1,588,182

Cash at bank and in hand

 

20,545

4,076

 

2,583,656

2,597,469

Creditors: Amounts falling due within one year

8

(2,374,676)

(2,311,414)

Net current assets

 

208,980

286,055

Total assets less current liabilities

 

1,415,980

1,493,055

Creditors: Amounts falling due after more than one year

8

(1,503,000)

(1,523,600)

Net liabilities

 

(87,020)

(30,545)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(87,120)

(30,645)

Shareholders' deficit

 

(87,020)

(30,545)

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.

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.

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.

 

Perpetuum Development Limited

Statement of Financial Position as at 31 March 2023

Approved and authorised by the Board on 13 March 2024 and signed on its behalf by:
 

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

Mr S Donovan

Director

Company registration number: 07544647

 

Perpetuum Development Limited

Notes to the 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 and Wales.

The address of its registered office is:
84 Ewell Road
Surbiton
Surrey
KT6 6EX

The principal activity of the company is that of the development of building projects.

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.

Consolidation

The company and its subsidiary undertaking comprise a small group. The company has therefore taken advantage of the exemption provided by section 399 of the Companies Act 2006 not to prepare group accounts.

Going concern

The company had net liabilities at 31 March 2023 of £87,020. At this date an amount of £742,806 was due to the directors who have agreed to continue to support the company and not call for repayment until such time as the company has sufficient working capital. The company's cash flow forecasts indicate that the company has sufficient working capital. The directors are confident that the remaining development properties can be realised in excess of their carrying value.

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 the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue from building development work on the date of unconditional sales contract.

 

Perpetuum Development Limited

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

Government grants

Grants are accounted under the accruals model. Grants of a revenue nature are recognised in other income in the same period as the related expenditure.

Tax

The tax expense for the period comprises 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.

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixture and Fittings

25% straight line

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.

 

Perpetuum Development Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

3

Staff numbers

The average number of persons employed by the company during the year was 2 (2022 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

135,000

135,000

At 31 March 2023

135,000

135,000

Depreciation

At 1 April 2022

135,000

135,000

At 31 March 2023

135,000

135,000

Carrying amount

At 31 March 2023

-

-

 

Perpetuum Development Limited

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

5

Investments

2023
£

2022
£

Investments in subsidiaries

1,207,000

1,207,000

Subsidiaries

£

Cost or valuation

At 1 April 2022 and 31 March 2023

1,207,000

Carrying amount

At 31 March 2023

1,207,000

At 31 March 2022

1,207,000

6

Stocks

2023
£

2022
£

Work in progress

1,050,782

1,005,211

7

Debtors

2023
£

2022
£

Other debtors

1,512,329

1,588,182

 

Perpetuum Development Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

9

20,600

20,600

Amounts owed to group undertakings

842,476

743,392

Taxation and social security

 

18,633

8,489

Other creditors

 

1,492,967

1,538,933

 

2,374,676

2,311,414

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

9

1,503,000

1,523,600

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank loans

20,600

20,600

2023
£

2022
£

Non-current loans and borrowings

Bank loans

1,503,000

1,523,600

Bank loans includes an amount of £784,100 (2022: £794,700) which is secured, along with the bank overdraft, by a fixed charge over the development property included in stocks and a fixed and floating charge over the other assets and undertakings of the company.