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Registration number: 09875416

Pepper Commercial (Exeter) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Pepper Commercial (Exeter) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Pepper Commercial (Exeter) Limited

Company Information

Director

Mr AL Parsons

Registered office

C/o Wortham Jaques
130A High Street
Crediton
Devon
EX17 3LQ

Accountants

Wortham Jaques Limited
Chartered Accountants & Business Advisers
130a High Street,
Crediton,
Devon
EX17 3LQ

 

Pepper Commercial (Exeter) Limited

(Registration number: 09875416)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,674

3,142

Investment property

5

250,000

225,000

 

252,674

228,142

Current assets

 

Debtors

6

14,156

6,313

Cash at bank and in hand

 

2

2

 

14,158

6,315

Creditors: Amounts falling due within one year

7

(48,005)

(31,153)

Net current liabilities

 

(33,847)

(24,838)

Total assets less current liabilities

 

218,827

203,304

Creditors: Amounts falling due after more than one year

7

(70,154)

(89,595)

Provisions for liabilities

(11,649)

(4,192)

Net assets

 

137,024

109,517

Capital and reserves

 

Called up share capital

2

2

Revaluation reserve

32,942

15,327

Retained earnings

104,080

94,188

Shareholders' funds

 

137,024

109,517

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Pepper Commercial (Exeter) Limited

(Registration number: 09875416)
Balance Sheet as at 31 March 2024

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 August 2024
 

.........................................
Mr AL Parsons
Director

 

Pepper Commercial (Exeter) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
C/o Wortham Jaques
130A High Street
Crediton
Devon
EX17 3LQ
United Kingdom

These financial statements were authorised for issue by the director on 29 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 except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Pepper Commercial (Exeter) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

20% reducing balance basis

Bicycle

over 5 years straight line basis

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.

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.

 

Pepper Commercial (Exeter) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Pepper Commercial (Exeter) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

7,177

7,177

Additions

667

667

At 31 March 2024

7,844

7,844

Depreciation

At 1 April 2023

4,035

4,035

Charge for the year

1,135

1,135

At 31 March 2024

5,170

5,170

Carrying amount

At 31 March 2024

2,674

2,674

At 31 March 2023

3,142

3,142

5

Investment properties

2024
£

At 1 April

225,000

Fair value adjustments

25,000

At 31 March

250,000

Fair valuation was carried out by Stratton Creber Commercial on 20 June 2024.

6

Debtors

Current

2024
£

2023
£

Trade debtors

7,857

-

Prepayments

1,277

1,291

Other debtors

5,022

5,022

 

14,156

6,313

 

Pepper Commercial (Exeter) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

6,586

6,987

Trade creditors

 

1,733

608

Taxation and social security

 

24,633

9,557

Accruals and deferred income

 

1,646

2,115

Other creditors

 

13,407

11,886

 

48,005

31,153

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

17,615

17,615

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

70,154

89,595

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

6,586

6,987

 

Pepper Commercial (Exeter) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £31,000.00 (2023 - £Nil) per each Ordinary A share

31,000

-

Final dividend of £10,000.00 (2023 - £Nil) per each Ordinary B share

10,000

-

41,000

-

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil (2023 - £26,500.00) per each Ordinary A share

-

26,500

Interim dividend of £1,000.00 (2023 - £4,500.00) per each Ordinary B share

1,000

4,500

1,000

31,000

11

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

11,500

11,500



 

 

Pepper Commercial (Exeter) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Dividends paid to the director

2024
£

2023
£

Mr AL Parsons

Dividends paid

31,000

26,500

 

 

Summary of transactions with other related parties

The following companies have directors in common
 Aaron Fox Limited
Lynx House Limited


Lynx House Limited paid Pepper Commercial (Exeter) Ltd management charges during the year of £3,500 (2023 - £3,500)

 

12

Parent and ultimate parent undertaking

The ultimate controlling party is the company's directors.