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COMPANY REGISTRATION NUMBER: 04943651
Peligro Industries Limited
Filleted Unaudited Financial Statements
31 October 2023
Peligro Industries Limited
Financial Statements
Year ended 31 October 2023
Contents
Page
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Peligro Industries Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Peligro Industries Limited
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Peligro Industries Limited for the year ended 31 October 2023, which comprise the statement of financial position and the related notes 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Peligro Industries Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Peligro Industries Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Peligro Industries Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Peligro Industries Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Peligro Industries Limited. You consider that Peligro Industries Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Peligro Industries 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 financial statements.
HEBBLETHWAITES Chartered accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
31 July 2024
Peligro Industries Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
1,345,193
1,235,761
Investments
6
102
102
------------
------------
1,345,295
1,235,863
Current assets
Debtors
7
13,001
3,013
Cash at bank and in hand
198,763
107,193
---------
---------
211,764
110,206
Creditors: amounts falling due within one year
8
57,975
353,233
---------
---------
Net current assets/(liabilities)
153,789
( 243,027)
------------
------------
Total assets less current liabilities
1,499,084
992,836
Creditors: amounts falling due after more than one year
9
1,264,668
858,283
------------
---------
Net assets
234,416
134,553
------------
---------
Peligro Industries Limited
Statement of Financial Position (continued)
31 October 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
234,414
134,551
---------
---------
Shareholders funds
234,416
134,553
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
Mr D P Flowers
Director
Company registration number: 04943651
Peligro Industries Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 25 Stewart Road, Sheffield, S11 8XS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the sum of the tax currently payable. The taxation currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Tangible assets
Tangible assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Investment property, which is property held to earn rentals and/or capital appreciation, is initially recognised at cost, which includes the purchase costs and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
The gain or loss arising from the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, as is credited or charged to the profit and loss account.
Investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Investment property
Plant and machinery
Total
£
£
£
Cost
At 1 November 2022
1,171,872
106,180
1,278,052
Additions
101,000
52,780
153,780
Disposals
( 47,987)
( 47,987)
------------
---------
------------
At 31 October 2023
1,272,872
110,973
1,383,845
------------
---------
------------
Depreciation
At 1 November 2022
42,291
42,291
Charge for the year
24,105
24,105
Disposals
( 27,744)
( 27,744)
------------
---------
------------
At 31 October 2023
38,652
38,652
------------
---------
------------
Carrying amount
At 31 October 2023
1,272,872
72,321
1,345,193
------------
---------
------------
At 31 October 2022
1,171,872
63,889
1,235,761
------------
---------
------------
Investment properties are held at cost which the directors believe is equal to fair value by reference to market evidence of transaction prices for similar properties.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 October 2023
72,321
--------
At 31 October 2022
63,889
--------
6. Investments
Shares in group undertakings
£
Cost
At 1 November 2022 and 31 October 2023
102
----
Impairment
At 1 November 2022 and 31 October 2023
----
Carrying amount
At 31 October 2023
102
----
At 31 October 2022
102
----
Fixed asset investments are held at cost.
7. Debtors
2023
2022
£
£
Trade debtors
3,226
3,013
Other debtors
9,775
--------
-------
13,001
3,013
--------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,604
300,000
Corporation tax
29,300
7,327
Social security and other taxes
6,385
Other creditors
25,071
39,521
--------
---------
57,975
353,233
--------
---------
Included within other creditors are hire purchase contracts amounting to £18,696 (2022: £14,747).The amounts are secured against the assets to which they relate.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
1,264,668
858,283
------------
---------
Included within other creditors are hire purchase contracts amounting to £71,145 (2022: £68,759). The amounts are secured against the assets to which they relate.