5 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 02004643 2023-04-01 2024-03-31 02004643 2024-03-31 02004643 2023-03-31 02004643 2022-04-01 2023-03-31 02004643 2023-03-31 02004643 2022-03-31 02004643 core:PlantMachinery 2023-04-01 2024-03-31 02004643 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 02004643 bus:Director1 2023-04-01 2024-03-31 02004643 bus:Director2 2023-04-01 2024-03-31 02004643 bus:Director3 2023-04-01 2024-03-31 02004643 bus:Director4 2023-04-01 2024-03-31 02004643 core:LandBuildings 2023-03-31 02004643 core:PlantMachinery 2023-03-31 02004643 core:LandBuildings 2024-03-31 02004643 core:PlantMachinery 2024-03-31 02004643 core:LandBuildings 2023-04-01 2024-03-31 02004643 core:WithinOneYear 2024-03-31 02004643 core:WithinOneYear 2023-03-31 02004643 core:ShareCapital 2024-03-31 02004643 core:ShareCapital 2023-03-31 02004643 core:RevaluationReserve 2024-03-31 02004643 core:RevaluationReserve 2023-03-31 02004643 core:RetainedEarningsAccumulatedLosses 2024-03-31 02004643 core:RetainedEarningsAccumulatedLosses 2023-03-31 02004643 core:LandBuildings 2023-03-31 02004643 core:PlantMachinery 2023-03-31 02004643 bus:SmallEntities 2023-04-01 2024-03-31 02004643 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02004643 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02004643 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02004643 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 02004643
Periworld Limited
Filleted Unaudited Financial Statements
31 March 2024
Periworld Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Periworld Limited
Period ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Periworld Limited for the period ended 31 March 2024, 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of Periworld Limited, as a body, in accordance with the terms of our engagement letter dated 17 June 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Periworld Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Periworld Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Periworld 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 Periworld Limited. You consider that Periworld Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of Periworld 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.
TURPIN BARKER ARMSTRONG Chartered Certified Accountants
Allen House 1 Westmead Road Sutton Surrey SM1 4LA
28 August 2024
Periworld Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
31,120,765
30,817,700
Current assets
Debtors
6
144,130
106,169
Cash at bank and in hand
133,802
272,985
---------
---------
277,932
379,154
Creditors: amounts falling due within one year
7
2,423,798
2,666,760
------------
------------
Net current liabilities
2,145,866
2,287,606
-------------
-------------
Total assets less current liabilities
28,974,899
28,530,094
Provisions
Taxation including deferred tax
3,780,858
3,780,858
-------------
-------------
Net assets
25,194,041
24,749,236
-------------
-------------
Capital and reserves
Called up share capital
100,400
100,400
Revaluation reserve
13,537,470
13,537,470
Profit and loss account
11,556,171
11,111,366
-------------
-------------
Shareholders funds
25,194,041
24,749,236
-------------
-------------
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 income statement has not been delivered.
For the period ending 31 March 2024 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 period 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 .
Periworld Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 16 May 2024 , and are signed on behalf of the board by:
A Delicata
D Delicata
Director
Director
J Delicata
Mrs A Bateman
Director
Director
Company registration number: 02004643
Periworld Limited
Notes to the Financial Statements
Period ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Allen House, 1 Westmead Road, Sutton, Surrey, SM1 4LA.
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.
Investment properties
Investment properties are included at fair value. Any gains are recognised in the income statement. Deferred tax would be provided on any gains at the rate expected to apply when the property is sold.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Plant & Machinery
-
25% reducing balance
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 5 (2023: 6 ).
5. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 April 2023
30,814,326
54,685
30,869,011
Additions
220,939
110,625
331,564
-------------
---------
-------------
At 31 March 2024
31,035,265
165,310
31,200,575
-------------
---------
-------------
Depreciation
At 1 April 2023
51,311
51,311
Charge for the period
28,499
28,499
-------------
---------
-------------
At 31 March 2024
79,810
79,810
-------------
---------
-------------
Carrying amount
At 31 March 2024
31,035,265
85,500
31,120,765
-------------
---------
-------------
At 31 March 2023
30,814,326
3,374
30,817,700
-------------
---------
-------------
The directors valued the freehold land and buildings at fair value on 11th June 2024.
6. Debtors
2024
2023
£
£
Trade debtors
104,941
66,463
Other debtors
39,189
39,706
---------
---------
144,130
106,169
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
227,474
56,523
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,904,605
2,330,605
Corporation tax
194,526
165,063
Social security and other taxes
63,785
72,121
Sundry creditors
257
9,817
Other creditors
33,151
32,631
------------
------------
2,423,798
2,666,760
------------
------------
8. Directors' advances, credits and guarantees
As no point during the year did advances/credits to the Directors Loan Accounts result in an overdrawn position.