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Company registration number: 13558093
Peaberry & Tap Limited
Unaudited filleted financial statements
30 November 2023
Peaberry & Tap Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Peaberry & Tap Limited
Directors and other information
Directors J M Kons
L M Crisp
Company number 13558093
Registered office 7 Pancras Square
London
UK
N1C 4AG
Accountants Mitchells
The Old Stables
Foxhole Lane
Wadhurst
East Sussex
TN5 6NB
Peaberry & Tap Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Peaberry & Tap Limited
Year ended 30 November 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 Peaberry & Tap Limited for the year ended 30 November 2023 which comprise the statement of financial position, statement of changes in equity and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Peaberry & Tap Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Peaberry & Tap Limited and state those matters that we have agreed to state to the board of directors of Peaberry & Tap Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Peaberry & Tap Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Peaberry & Tap 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 Peaberry & Tap Limited. You consider that Peaberry & Tap 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 Peaberry & Tap 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.
Mitchells
Chartered Accountants
The Old Stables
Foxhole Lane
Wadhurst
East Sussex
TN5 6NB
20 August 2024
Peaberry & Tap Limited
Statement of financial position
30 November 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 5,018 2,761
_______ _______
5,018 2,761
Current assets
Stocks 36,838 35,858
Debtors 6 290,749 111,858
Cash at bank and in hand 144,896 95,617
_______ _______
472,483 243,333
Creditors: amounts falling due
within one year 7 ( 406,542) ( 181,652)
_______ _______
Net current assets 65,941 61,681
_______ _______
Total assets less current liabilities 70,959 64,442
Provisions for liabilities ( 1,255) -
_______ _______
Net assets 69,704 64,442
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 69,702 64,440
_______ _______
Shareholders funds 69,704 64,442
_______ _______
For the year ending 30 November 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 August 2024 , and are signed on behalf of the board by:
L M Crisp
Director
Company registration number: 13558093
Peaberry & Tap Limited
Statement of changes in equity
Year ended 30 November 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 December 2021 - - -
Profit for the year 144,440 144,440
_______ _______ _______
Total comprehensive income for the year - 144,440 144,440
Issue of shares 2 2
Dividends paid and payable ( 80,000) ( 80,000)
_______ _______ _______
Total investments by and distributions to owners 2 ( 80,000) ( 79,998)
_______ _______ _______
At 30 November 2022 and 1 December 2022 2 64,440 64,442
Profit for the year 185,262 185,262
_______ _______ _______
Total comprehensive income for the year - 185,262 185,262
Dividends paid and payable ( 180,000) ( 180,000)
_______ _______ _______
Total investments by and distributions to owners - ( 180,000) ( 180,000)
_______ _______ _______
At 30 November 2023 2 69,702 69,704
_______ _______ _______
Peaberry & Tap Limited
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 7 Pancras Square, London, UK, N1C 4AG.
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, 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 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. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be 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:
Office equipment and IT - 25 % straight line
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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.
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 statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 5 (2022: 3 ).
The aggregate payroll costs incurred during the year were:
Year Period
ended ended
£ £
Wages and salaries 74,255 28,152
Other pension costs 1,376 99
_______ _______
75,631 28,251
_______ _______
5. Tangible assets
Office equipment Total
£ £
Cost
At 1 December 2022 3,378 3,378
Additions 3,254 3,254
_______ _______
At 30 November 2023 6,632 6,632
_______ _______
Depreciation
At 1 December 2022 617 617
Charge for the year 997 997
_______ _______
At 30 November 2023 1,614 1,614
_______ _______
Carrying amount
At 30 November 2023 5,018 5,018
_______ _______
At 30 November 2022 2,761 2,761
_______ _______
6. Debtors
£ £
Trade debtors 231,074 110,329
Other debtors 59,675 1,529
_______ _______
290,749 111,858
_______ _______
7. Creditors: amounts falling due within one year
£ £
Trade creditors 208,079 136,220
Corporation tax 57,668 34,400
Social security and other taxes 2,618 ( 11,261)
Other creditors 138,177 22,293
_______ _______
406,542 181,652
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Year ended
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
J M Kons ( 4,788) - ( 4,788)
L M Crisp ( 4,958) - ( 4,958)
_______ _______ _______
( 9,746) - ( 9,746)
_______ _______ _______
Period ended
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
J M Kons - ( 4,788) ( 4,788)
L M Crisp - ( 4,958) ( 4,958)
_______ _______ _______
- ( 9,746) ( 9,746)
_______ _______ _______