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Company registration number: 02668564
PEAKE (GB) LIMITED
Unaudited filleted financial statements
31 December 2023
PEAKE (GB) LIMITED
Contents
Directors and other information
Balance sheet
Notes to the financial statements
PEAKE (GB) LIMITED
Directors and other information
Directors Mr R J Peake
Mrs J A Peake
Mrs N A Brenton
Mr R W Brenton
Secretary N A Brenton
Company number 02668564
Registered office Stoneybridge Park
Pengover Road
Liskeard
Cornwall
PL14 3NQ
Accountants Northcott Trumfield
Devonshire Villa
52 Stuart Road
Plymouth
Devon
PL3 4EE
Solicitors Osborne Clarke
50 Queen Charlotte Street
Bristol
BS1 4HE
PEAKE (GB) LIMITED
Balance sheet
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1,704,172 1,767,232
_______ _______
1,704,172 1,767,232
Current assets
Stocks 12,127 14,592
Debtors 6 1,000,050 855,686
Cash at bank and in hand 953,350 1,309,157
_______ _______
1,965,527 2,179,435
Creditors: amounts falling due
within one year 7 ( 877,152) ( 711,602)
_______ _______
Net current assets 1,088,375 1,467,833
_______ _______
Total assets less current liabilities 2,792,547 3,235,065
Provisions for liabilities ( 135,000) ( 135,000)
_______ _______
Net assets 2,657,547 3,100,065
_______ _______
Capital and reserves
Called up share capital 80,000 80,000
Revaluation reserve 310,900 310,900
Capital redemption reserve 570,000 570,000
Profit and loss account 1,696,647 2,139,165
_______ _______
Shareholders funds 2,657,547 3,100,065
_______ _______
For the year 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 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 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 Profit and Loss Account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 August 2024 , and are signed on behalf of the board by:
Mr R J Peake
Director
Company registration number: 02668564
PEAKE (GB) LIMITED
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England within the United Kingdom. The address of the registered office is Stoneybridge Park, Pengover Road, Liskeard, Cornwall, PL14 3NQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 rounded to the nearest £1, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss.
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:
Freehold buildings - 2 % straight line
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 6.67 % straight line
Motor vehicles - 25 % reducing balance
Freehold land - Not depreciated
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Hire purchase and finance leases
Assets held under finance leases 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance Sheet and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 43 (2022: 45 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 January 2023 1,318,486 266,408 1,767,857 1,261,726 4,614,477
Additions - 13,232 - 51,000 64,232
Disposals - - - ( 102,113) ( 102,113)
_______ _______ _______ _______ _______
At 31 December 2023 1,318,486 279,640 1,767,857 1,210,613 4,576,596
_______ _______ _______ _______ _______
Depreciation
At 1 January 2023 - 166,574 1,767,854 912,817 2,847,245
Charge for the year - 22,612 - 70,513 93,125
Disposals - - - ( 67,946) ( 67,946)
_______ _______ _______ _______ _______
At 31 December 2023 - 189,186 1,767,854 915,384 2,872,424
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2023 1,318,486 90,454 3 295,229 1,704,172
_______ _______ _______ _______ _______
At 31 December 2022 1,318,486 99,834 3 348,909 1,767,232
_______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 924,115 783,087
Other debtors 75,935 72,599
_______ _______
1,000,050 855,686
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 626,943 301,420
Corporation tax - 995
Social security and other taxes 144,051 285,528
Other creditors 106,158 123,659
_______ _______
877,152 711,602
_______ _______