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Registered number: 12517413
Peak Converters Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—7
Page 1
Balance Sheet
Registered number: 12517413
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 12,000 14,000
Tangible Assets 5 272,099 292,946
284,099 306,946
CURRENT ASSETS
Stocks 6 258,186 275,286
Debtors 7 567,341 783,938
Cash at bank and in hand 190,631 192,516
1,016,158 1,251,740
Creditors: Amounts Falling Due Within One Year 8 (470,795 ) (833,020 )
NET CURRENT ASSETS (LIABILITIES) 545,363 418,720
TOTAL ASSETS LESS CURRENT LIABILITIES 829,462 725,666
Creditors: Amounts Falling Due After More Than One Year 9 (104,229 ) (109,970 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (62,457 ) (47,138 )
NET ASSETS 662,776 568,558
CAPITAL AND RESERVES
Called up share capital 11 182 182
Share premium account 499,918 499,918
Profit and Loss Account 162,676 68,458
SHAREHOLDERS' FUNDS 662,776 568,558
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Michael Crowshaw
Director
19 September 2024
The notes on pages 4 to 7 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Share Premium Profit and Loss Account Total
£ £ £ £
As at 1 May 2022 182 499,918 (277,657 ) 222,443
Profit for the year and total comprehensive income - - 346,115 346,115
As at 30 April 2023 and 1 May 2023 182 499,918 68,458 568,558
Profit for the year and total comprehensive income - - 94,218 94,218
As at 30 April 2024 182 499,918 162,676 662,776
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Peak Converters Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12517413 . The registered office is Water Lane, Wirksworth, Derby, Derbyshire, DE4 4AA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% per annum on cost
Motor Vehicles 25% per annum on cost
Fixtures & Fittings 20% per annum on cost
Computer Equipment 20% per annum on cost
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 62 (2023: 62)
62 62
4. Intangible Assets
Goodwill
£
Cost
As at 1 May 2023 20,000
As at 30 April 2024 20,000
Amortisation
As at 1 May 2023 6,000
Provided during the period 2,000
As at 30 April 2024 8,000
Net Book Value
As at 30 April 2024 12,000
As at 1 May 2023 14,000
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Page 6
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 May 2023 284,111 62,550 35,620 12,194 394,475
Additions 1,531 40,238 3,289 3,157 48,215
Disposals (7,500 ) (1,750 ) - (311 ) (9,561 )
As at 30 April 2024 278,142 101,038 38,909 15,040 433,129
Depreciation
As at 1 May 2023 69,131 20,881 7,015 4,502 101,529
Provided during the period 28,401 24,104 7,502 2,878 62,885
Disposals (1,750 ) (1,484 ) - (150 ) (3,384 )
As at 30 April 2024 95,782 43,501 14,517 7,230 161,030
Net Book Value
As at 30 April 2024 182,360 57,537 24,392 7,810 272,099
As at 1 May 2023 214,980 41,669 28,605 7,692 292,946
6. Stocks
2024 2023
£ £
Materials 183,039 185,569
Finished goods 30,061 36,437
Work in progress 45,086 53,280
258,186 275,286
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 398,682 620,183
Prepayments and accrued income 33,753 78,842
Other debtors 134,906 84,913
567,341 783,938
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 7,542 45,254
Trade creditors 252,450 413,291
Bank loans and overdrafts 16 16
Corporation tax 13,530 -
Other taxes and social security 18,858 39,067
VAT 37,689 234,181
Net wages 563 24,966
...CONTINUED
Page 6
Page 7
Other creditors 5,961 8,999
Accruals and deferred income 134,186 56,470
Director's loan account - 10,776
470,795 833,020
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 7,542
Other creditors 104,229 102,428
104,229 109,970
10. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 7,542 52,796
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 182 182
12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year - 132,952
- 132,952
Page 7