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Registration number: 14279409

Peregrine Tiles Limited

Unaudited Financial Statements

for the Period from 5 August 2022 to 31 August 2023

 

Peregrine Tiles Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Peregrine Tiles Limited

(Registration number: 14279409)
Balance Sheet as at 31 August 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

969

Current assets

 

Stocks

5

101,697

Debtors

6

96

Cash at bank and in hand

 

46,159

 

147,952

Creditors: Amounts falling due within one year

7

(168,981)

Net current liabilities

 

(21,029)

Total assets less current liabilities

 

(20,060)

Provisions for liabilities

3,862

Net liabilities

 

(16,198)

Capital and reserves

 

Called up share capital

100

Retained earnings

(16,298)

Shareholders' deficit

 

(16,198)

For the financial period ending 31 August 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.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

 

Peregrine Tiles Limited

(Registration number: 14279409)
Balance Sheet as at 31 August 2023

.........................................
Mr D G Hughes
Director

 

Peregrine Tiles Limited

Notes to the Unaudited Financial Statements for the Period from 5 August 2022 to 31 August 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:
Unit 1
Cam Centre
Wilbury Way
Hitchin
Hertfordshire
SG4 0TW
United Kingdom

These financial statements were authorised for issue by the Board on 28 August 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the balance sheet date the company had net current liabilities of £21,029 and retained losses of £16,298. The directors have pledged to continue to financially support the company for the foreseeable future. On this basis, the directors feel it is appropriate to prepare these financial statements on a going concern basis.

 

Peregrine Tiles Limited

Notes to the Unaudited Financial Statements for the Period from 5 August 2022 to 31 August 2023

Judgements

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Office equipment

25% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Peregrine Tiles Limited

Notes to the Unaudited Financial Statements for the Period from 5 August 2022 to 31 August 2023

Trade debtors

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

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed on an annual basis and any adjustment is made accordingly through the profit and loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 at the transaction price.

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.

3

Staff numbers

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

 

Peregrine Tiles Limited

Notes to the Unaudited Financial Statements for the Period from 5 August 2022 to 31 August 2023

4

Tangible assets

Office Equipment
£

Total
£

Cost or valuation

Additions

1,397

1,397

At 31 August 2023

1,397

1,397

Depreciation

Charge for the period

428

428

At 31 August 2023

428

428

Carrying amount

At 31 August 2023

969

969

5

Stocks

2023
£

Finished goods

101,697

6

Debtors

Current

2023
£

Prepayments

96

 

96

 

Peregrine Tiles Limited

Notes to the Unaudited Financial Statements for the Period from 5 August 2022 to 31 August 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Trade creditors

1,694

Taxation and social security

18,995

Accruals and deferred income

4,226

Other creditors

144,066

168,981

8

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary A shares of £1 each

50

50

Ordinary B shares of £1 each

50

50

 

100

100

During the period 50 Ordinary A Shares having an aggregate nominal value of £1 and 50 Ordinary B Shares having aggregate nominal value of £1 were alloted for an aggregate consideration of £100. These shares were allotted on incorporation of the company.

Both share classes hold entitlement to distributions of profits and both hold voting rights.

 

Peregrine Tiles Limited

Notes to the Unaudited Financial Statements for the Period from 5 August 2022 to 31 August 2023

9

Related party transactions

Transactions with directors

2023

At 5 August 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Mr D G Hughes

Directors loan account

-

638

(129,435)

(128,797)

Mr M Tazzioli

Directors loan account

-

50

(312)

(262)


These loans are repayable on demand and interest is payable at 2.25% per annum.

10

Ultimate controlling party

The ultimate controlling party is Mr G Hughes and Mr M Tazzioli, by virtue of their shareholdings.