Peepers Limited 01933070 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is opticians Digita Accounts Production Advanced 6.30.9574.0 true true 01933070 2023-04-01 2024-03-31 01933070 2024-03-31 01933070 bus:CompanySecretaryDirector2 1 2024-03-31 01933070 bus:OrdinaryShareClass1 2024-03-31 01933070 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 01933070 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 01933070 core:CurrentFinancialInstruments 2024-03-31 01933070 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 01933070 core:Non-currentFinancialInstruments 2024-03-31 01933070 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 01933070 core:Goodwill 2024-03-31 01933070 core:FurnitureFittingsToolsEquipment 2024-03-31 01933070 core:LandBuildings 2024-03-31 01933070 core:OtherPropertyPlantEquipment 2024-03-31 01933070 1 2024-03-31 01933070 2 2024-03-31 01933070 bus:SmallEntities 2023-04-01 2024-03-31 01933070 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01933070 bus:FilletedAccounts 2023-04-01 2024-03-31 01933070 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01933070 bus:RegisteredOffice 2023-04-01 2024-03-31 01933070 bus:CompanySecretaryDirector2 2023-04-01 2024-03-31 01933070 bus:CompanySecretaryDirector2 1 2023-04-01 2024-03-31 01933070 bus:Director2 2023-04-01 2024-03-31 01933070 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 01933070 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01933070 core:Goodwill 2023-04-01 2024-03-31 01933070 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 01933070 core:LandBuildings 2023-04-01 2024-03-31 01933070 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 01933070 core:PlantMachinery 2023-04-01 2024-03-31 01933070 1 2023-04-01 2024-03-31 01933070 2 2023-04-01 2024-03-31 01933070 countries:EnglandWales 2023-04-01 2024-03-31 01933070 2023-03-31 01933070 bus:CompanySecretaryDirector2 1 2023-03-31 01933070 core:Goodwill 2023-03-31 01933070 core:FurnitureFittingsToolsEquipment 2023-03-31 01933070 core:LandBuildings 2023-03-31 01933070 core:OtherPropertyPlantEquipment 2023-03-31 01933070 2022-04-01 2023-03-31 01933070 2023-03-31 01933070 bus:CompanySecretaryDirector2 1 2023-03-31 01933070 bus:OrdinaryShareClass1 2023-03-31 01933070 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 01933070 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 01933070 core:CurrentFinancialInstruments 2023-03-31 01933070 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01933070 core:Non-currentFinancialInstruments 2023-03-31 01933070 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 01933070 core:Goodwill 2023-03-31 01933070 core:FurnitureFittingsToolsEquipment 2023-03-31 01933070 core:LandBuildings 2023-03-31 01933070 core:OtherPropertyPlantEquipment 2023-03-31 01933070 1 2023-03-31 01933070 2 2023-03-31 01933070 bus:CompanySecretaryDirector2 1 2022-04-01 2023-03-31 01933070 bus:CompanySecretaryDirector2 1 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01933070

Peepers Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Peepers Limited

Contents

Company Information

1

Profit and Loss Account

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 15

 

Peepers Limited

Company Information

Directors

David Twocock

Danny Twocock

Company secretary

David Twocock

Registered office

49 High Street
Tunbridge Wells
Kent
TN1 1XU

Accountants

Redshield Business Solutions Limited
Chartered Accountants
Suite 3, 1 - 3 Warren Court
Park Road
Crowborough
East Sussex
TN6 2QX

 

Peepers Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

1,218,478

1,146,188

Cost of sales

 

(389,554)

(370,463)

Gross profit

 

828,924

775,725

Administrative expenses

 

(721,770)

(651,929)

Operating profit

 

107,154

123,796

Interest payable and similar expenses

 

(7,932)

(7,902)

Profit before tax

99,222

115,894

Tax on profit

 

(25,589)

(21,293)

Profit for the financial year

 

73,633

94,601

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Peepers Limited

(Registration number: 01933070)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

137,012

151,562

Tangible assets

5

79,378

93,708

 

216,390

245,270

Current assets

 

Stocks

6

38,412

36,306

Debtors

7

34,864

32,417

Cash at bank and in hand

 

22,359

18,457

 

95,635

87,180

Creditors: Amounts falling due within one year

8

(231,418)

(223,582)

Net current liabilities

 

(135,783)

(136,402)

Total assets less current liabilities

 

80,607

108,868

Creditors: Amounts falling due after more than one year

8

(42,653)

(70,884)

Provisions for liabilities

(7,155)

(13,317)

Net assets

 

30,799

24,667

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

30,699

24,567

Shareholders' funds

 

30,799

24,667

 

Peepers Limited

(Registration number: 01933070)
Balance Sheet as at 31 March 2024 (continued)

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.

Directors' 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 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 10 September 2024 and signed on its behalf by:
 

Danny Twocock
Director

   
     
 

Peepers 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:
49 High Street
Tunbridge Wells
Kent
TN1 1XU

These financial statements were authorised for issue by the Board on 10 September 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.

 

Peepers Limited

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

2

Accounting policies (continued)

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.

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

Optical equipment

25% reducing balance method

Fixtures and fittings

25% reducing balance method

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years straight line basis

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.

 

Peepers Limited

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

2

Accounting policies (continued)

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.

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 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.

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.

 

Peepers Limited

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

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 11).

 

Peepers Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

291,000

291,000

At 31 March 2024

291,000

291,000

Amortisation

At 1 April 2023

139,438

139,438

Amortisation charge

14,550

14,550

At 31 March 2024

153,988

153,988

Carrying amount

At 31 March 2024

137,012

137,012

At 31 March 2023

151,562

151,562

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

-

45,555

253,698

299,253

Additions

5,864

881

7,662

14,407

Disposals

-

-

(38,376)

(38,376)

At 31 March 2024

5,864

46,436

222,984

275,284

Depreciation

At 1 April 2023

-

37,998

167,547

205,545

Charge for the year

293

2,109

22,493

24,895

Eliminated on disposal

-

-

(34,534)

(34,534)

At 31 March 2024

293

40,107

155,506

195,906

Carrying amount

At 31 March 2024

5,571

6,329

67,478

79,378

At 31 March 2023

-

7,557

86,151

93,708

 

Peepers Limited

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

5

Tangible assets (continued)

Included within the net book value of land and buildings above is £5,571 (2023 - £Nil) in respect of short leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

38,412

36,306

7

Debtors

Current

2024
£

2023
£

Trade debtors

6,966

7,811

Prepayments

12,875

12,875

Other debtors

15,023

11,731

 

34,864

32,417

 

Peepers Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

49,585

69,491

Trade creditors

 

111,897

101,950

Taxation and social security

 

41,972

27,087

Accruals and deferred income

 

4,000

3,121

Other creditors

 

23,964

21,933

 

231,418

223,582

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

42,653

70,884

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £1 each

100

100

100

100

       
 

Peepers Limited

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

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

11,667

21,667

Hire purchase contracts

30,986

49,217

42,653

70,884

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

26,389

Bank overdrafts

11,667

7,877

Hire purchase contracts

18,941

23,516

Other borrowings

8,977

11,709

49,585

69,491

Bank borrowings

Natwest Bank loan is denominated in sterling with a nominal interest rate of 4.71%, and the final instalment is due on 18 October 2023. The carrying amount at year end is £Nil (2023 - £16,389).

The Natwest Bank loan was secured by a Debenture over the company assets.

Bounce Back Loan is denominated in sterling with a nominal interest rate of 2.5%, and the final instalment is due on 6 May 2026. The carrying amount at year end is £21,667 (2023 - £31,667).

 

Peepers Limited

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

11

Dividends

2024

2023

£

£

Final dividend of £Nil (2023 - £Nil) per ordinary share

-

-

Interim dividend of £675.00 (2023 - £750.00) per ordinary share

67,500

75,000

67,500

75,000

 

 

12

Related party transactions

 

Peepers Limited

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

12

Related party transactions (continued)

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

David Twocock

Director's loan, interest free and repayable on demand

-

16,043

(16,043)

-

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

David Twocock

Director's loan, interest free and repayable on demand

-

6,952

(6,952)

-

 

Peepers Limited

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

12

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

72,352

72,758