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Registration number: 14250659

Peascod Ltd

Annual Report and Unaudited Financial Statements

for the Period from 22 July 2022 to 31 December 2023

 

Peascod Ltd

(Registration number: 14250659)
Balance Sheet as at 31 December 2023

Note

2023
£

Fixed assets

 

Tangible assets

5

1,913

Investment property

6

6,388,710

 

6,390,623

Current assets

 

Debtors

7

52,610

Cash at bank and in hand

 

298,742

 

351,352

Creditors: Amounts falling due within one year

8

(483,492)

Net current liabilities

 

(132,140)

Total assets less current liabilities

 

6,258,483

Creditors: Amounts falling due after more than one year

8

(6,339,907)

Net liabilities

 

(81,424)

Capital and reserves

 

Called up share capital

9

1

Retained earnings

(81,425)

Shareholders' deficit

 

(81,424)

For the financial period ending 31 December 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 period 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.

 

Peascod Ltd

(Registration number: 14250659)
Balance Sheet as at 31 December 2023

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.

Approved and authorised by the Board on 26 March 2024 and signed on its behalf by:
 

.........................................
Mr Benjamin Marc Bouillet
Director

.........................................
Mr Baptiste Hubert Bachelier
Director

 
     
 

Peascod Ltd

Notes to the Unaudited Financial Statements for the Period from 22 July 2022 to 31 December 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:
100 Avebury Boulevard
Milton Keynes
Buckinghamnshire
MK9 1FH
England

These financial statements were authorised for issue by the Board on 26 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

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 using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue 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.

Tangible assets

Tangible assets are stated in the balance sheet 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:

 

Peascod Ltd

Notes to the Unaudited Financial Statements for the Period from 22 July 2022 to 31 December 2023

Asset class

Depreciation method and rate

Office Equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

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.

 

Peascod Ltd

Notes to the Unaudited Financial Statements for the Period from 22 July 2022 to 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

Depreciation expense

326

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

2,240

2,240

At 31 December 2023

2,240

2,240

Depreciation

Charge for the period

327

327

At 31 December 2023

327

327

Carrying amount

At 31 December 2023

1,913

1,913

6

Investment properties

2023
£

Additions

6,388,710

At 31 December

6,388,710

There has been no valuation of investment property by an independent valuer.

7

Debtors

Current

2023
£

Trade debtors

28,800

Prepayments

23,810

 

52,610

 

Peascod Ltd

Notes to the Unaudited Financial Statements for the Period from 22 July 2022 to 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Trade creditors

(1,080)

Taxation and social security

42,884

Accruals and deferred income

187,729

Other creditors

253,959

483,492

Creditors: amounts falling due after more than one year

Note

2023
£

Due after one year

 

Loans and borrowings

10

6,339,907

9

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary shares of £1 each

1

1

     
 

Peascod Ltd

Notes to the Unaudited Financial Statements for the Period from 22 July 2022 to 31 December 2023

10

Loans and borrowings

2023
£

Non-current loans and borrowings

Bank borrowings

3,200,000

Other borrowings

3,139,907

6,339,907

11

Related party transactions

Summary of transactions with parent

The company's immediate parent company is MNK Master One Sarl incorporated in 10 Boulevard Royal, L-2449, Luxembourg. This company holds the only share which is an ordinary share of £1.00.