Company registration number 00943322 (England and Wales)
Peter Read Investments Limited
Unaudited financial statements
For the year ended 31 December 2023
Peter Read Investments Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Peter Read Investments Limited
Statement of financial position
As at 31 December 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
1,403,348
1,403,348
Investments
4
-
0
519
1,403,348
1,403,867
Current assets
Debtors
5
569,302
960,183
Cash at bank and in hand
21,621
53,111
590,923
1,013,294
Creditors: amounts falling due within one year
6
(10,269)
(390,320)
Net current assets
580,654
622,974
Total assets less current liabilities
1,984,002
2,026,841
Creditors: amounts falling due after more than one year
7
(12,183)
(20,089)
Provisions for liabilities
(45,191)
(45,191)
Net assets
1,926,628
1,961,561
Capital and reserves
Called up share capital
1,210
1,210
Share premium account
8,150
8,150
Profit and loss reserves
1,917,268
1,952,201
Total equity
1,926,628
1,961,561

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Peter Read Investments Limited
Statement of financial position (continued)
As at 31 December 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 July 2024 and are signed on its behalf by:
Mr M A Whiting
Director
Company registration number 00943322 (England and Wales)
Peter Read Investments Limited
Notes to the financial statements
For the year ended 31 December 2023
- 3 -
1
Accounting policies
Company information

Peter Read Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lancaster House, Blackburn Street, Radcliffe, Manchester, Greater Manchester, M26 9TS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

The turnover shown in the profit and loss account represents rental income received during the year. Income is recognised at the point at which the company has fulfilled it's obligation to the tenants.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Peter Read Investments Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Peter Read Investments Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 5 -
1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
3
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
1,403,348
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
-
0
519
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
519
Disposals
(519)
At 31 December 2023
-
Carrying amount
At 31 December 2023
-
At 31 December 2022
519
Peter Read Investments Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
554,729
958,906
Other debtors
14,573
1,277
569,302
960,183
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
7,800
7,800
Corporation tax
-
0
271,189
Other taxation and social security
2,357
2,019
Other creditors
112
109,312
10,269
390,320
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
12,183
20,089
8
Related party disclosures

The directors of Peter Read Investments Limited have control, joint control or significant influence over other companies. At the year end, debtor balances of £554,729 (2022 of £958,906) are due from those companies.

9
Reserves

Included within the profit and loss reserve are £180,765 (2022:£180,765) of non-distributable reserves.

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