Registered number
11752501
Peachy Den Ltd
Unaudited Filleted Accounts
31 December 2023
Peachy Den Ltd
Registered number: 11752501
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 18,317 24,380
Current assets
Stocks 414,942 707,844
Debtors 4 117,618 144,620
Cash at bank and in hand 410,050 463,421
942,610 1,315,885
Creditors: amounts falling due within one year 5 (615,767) (553,433)
Net current assets 326,843 762,452
Total assets less current liabilities 345,160 786,832
Provisions for liabilities - (4,632)
Net assets 345,160 782,200
Capital and reserves
Called up share capital 1 1
Share premium 560,000 560,000
Profit and loss account (214,841) 222,199
Shareholder's funds 345,160 782,200
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
I Weatherby
Director
Approved by the board on 17 September 2024
Peachy Den Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Business review and future developments
The past few years appear to have been difficult in general for the clothing industry, with many large retailers “closing their doors”.
2023 was a particularly difficult year however we have taken the opportunity to cultivate the business during this time and believe that this has put in place the structure to enable us to grow.
During 2023 we also added to our talent pool in order to bring further operational expertise to Peachy Den and enable us to continue the upward trend seen in our early years.
These improvements have already made a visible difference within our financial reports for 2024 which to the end of July are showing an increase in net profit of 116% and a move back in to profitability.
Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements over the lease term
Office and computer equipment over 3 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 35,890
Additions 10,722
Disposals (3,655)
At 31 December 2023 42,957
Depreciation
At 1 January 2023 11,510
Charge for the year 15,832
On disposals (2,702)
At 31 December 2023 24,640
Net book value
At 31 December 2023 18,317
At 31 December 2022 24,380
4 Debtors 2023 2022
£ £
Trade debtors 19,539 58,221
Other debtors 98,079 86,399
117,618 144,620
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 21,916 -
Trade creditors 247,649 197,004
Taxation and social security costs 101,297 164,528
Other creditors 244,905 191,901
615,767 553,433
6 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 107,100 -
7 Other information
Peachy Den Ltd is a private company limited by shares and incorporated in England. Its registered office is:
9 Shepherds Lane
Homerton
London
E9 6JJ
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