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REGISTERED NUMBER: 11474606 (England and Wales)










Peter Street Developments Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2023






Peter Street Developments Ltd (Registered number: 11474606)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Peter Street Developments Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTOR: Kim Eivind Krohn





SECRETARY: Mrs Karen O'Connor





REGISTERED OFFICE: 31 Sackville Street
Manchester
M1 3LZ





REGISTERED NUMBER: 11474606 (England and Wales)






Peter Street Developments Ltd (Registered number: 11474606)

Balance Sheet
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 988 1,482
Investments 6 207,000 207,000
Investment property 7 6,335,998 2,817,557
6,543,986 3,026,039

CURRENT ASSETS
Debtors 8 840,164 783,367
Cash at bank 1,175,444 4,426
2,015,608 787,793
CREDITORS
Amounts falling due within one year 9 (3,401,311 ) (2,999,746 )
NET CURRENT LIABILITIES (1,385,703 ) (2,211,953 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,158,283

814,086

CREDITORS
Amounts falling due after more than one year 10 (5,257,213 ) (756,353 )
NET (LIABILITIES)/ASSETS (98,930 ) 57,733

CAPITAL AND RESERVES
Called up share capital 11 1 1
Retained earnings (98,931 ) 57,732
SHAREHOLDERS' FUNDS (98,930 ) 57,733

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Peter Street Developments Ltd (Registered number: 11474606)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 August 2024 and were signed by:





Kim Eivind Krohn - Director


Peter Street Developments Ltd (Registered number: 11474606)

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:
2 Canal Street
Manchester
M1 3HE

2. 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).

3. 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.

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.

EXEMPTION FROM PREPARING GROUP ACCOUNTS
The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

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:

Asset class Depreciation method and rate
Fixtures and fittings 20% straight line

Peter Street Developments Ltd (Registered number: 11474606)

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

3. ACCOUNTING POLICIES - continued

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.

BUSINESS COMBINATIONS
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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.

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.


Peter Street Developments Ltd (Registered number: 11474606)

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

3. ACCOUNTING POLICIES - continued
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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2022
and 31 March 2023 2,469
DEPRECIATION
At 1 April 2022 987
Charge for year 494
At 31 March 2023 1,481
NET BOOK VALUE
At 31 March 2023 988
At 31 March 2022 1,482

6. INVESTMENT
Other
investments
£   
COST
At 1 April 2022
and 31 March 2023 207,000
NET BOOK VALUE
At 31 March 2023 207,000
At 31 March 2022 207,000

Peter Street Developments Ltd (Registered number: 11474606)

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

6. INVESTMENT - continued

Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:



Undertaking


Registered office


Holding
Proportion of
votingrights and shares
held
Subsidiary undertakings 2023 2022

KRO Hotels
ManchesterM2 Limited
272 Bath Street,
Glasgow,Lanarkshire, Scotland, G2
4JRScotland


Ordinary


100%


100%

Subsidiary undertakings
KRO Hotels Manchester M2 Limited
The principal activity of KRO Hotels Manchester M2 Limited is that of a hotel and restaurant.

7. INVESTMENT PROPERTY
Total
£   
COST
At 1 April 2022 2,817,557
Additions 3,518,441
At 31 March 2023 6,335,998
NET BOOK VALUE
At 31 March 2023 6,335,998
At 31 March 2022 2,817,557

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by related parties 519,112 393,084
Other debtors 321,052 390,283
840,164 783,367

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 323,789 298,120
Amounts due to related parties 9,028 80,127
Taxation and social security 400 -
Other creditors 3,068,094 2,621,499
3,401,311 2,999,746

Peter Street Developments Ltd (Registered number: 11474606)

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

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 5,257,213 756,353

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst - 756,353
Cynergy loan account 5,257,213 -
5,257,213 756,353

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary Share 1 1 1