Silverfin false false 31/12/2023 01/01/2023 31/12/2023 P S Crawford 09/12/2014 26 September 2024 The principal activity of the Company during the financial year was the letting and operating of real estate. 09348224 2023-12-31 09348224 bus:Director1 2023-12-31 09348224 2022-12-31 09348224 core:CurrentFinancialInstruments 2023-12-31 09348224 core:CurrentFinancialInstruments 2022-12-31 09348224 core:ShareCapital 2023-12-31 09348224 core:ShareCapital 2022-12-31 09348224 core:RetainedEarningsAccumulatedLosses 2023-12-31 09348224 core:RetainedEarningsAccumulatedLosses 2022-12-31 09348224 core:OtherPropertyPlantEquipment 2022-12-31 09348224 core:OtherPropertyPlantEquipment 2023-12-31 09348224 bus:OrdinaryShareClass1 2023-12-31 09348224 bus:OrdinaryShareClass2 2023-12-31 09348224 2023-01-01 2023-12-31 09348224 bus:FilletedAccounts 2023-01-01 2023-12-31 09348224 bus:SmallEntities 2023-01-01 2023-12-31 09348224 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09348224 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09348224 bus:Director1 2023-01-01 2023-12-31 09348224 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 09348224 2022-01-01 2022-12-31 09348224 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 09348224 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 09348224 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 09348224 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09348224 (England and Wales)

PEAS PROPERTY LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

PEAS PROPERTY LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

PEAS PROPERTY LIMITED

BALANCE SHEET

As at 31 December 2023
PEAS PROPERTY LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Investment property 5 530,000 530,000
530,000 530,000
Current assets
Debtors 6 23,553 23,553
Cash at bank and in hand 7 33,271 20,346
56,824 43,899
Creditors: amounts falling due within one year 8 ( 488,497) ( 486,911)
Net current liabilities (431,673) (443,012)
Total assets less current liabilities 98,327 86,988
Net assets 98,327 86,988
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 98,227 86,888
Total shareholders' funds 98,327 86,988

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

Director's responsibilities:

The financial statements of Peas Property Limited (registered number: 09348224) were approved and authorised for issue by the Director on 26 September 2024. They were signed on its behalf by:

P S Crawford
Director
PEAS PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
PEAS PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

Peas Property Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Flat 4 Holland House, 11 Sundridge Avenue, Bromley, BR1 2PU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Peas Property Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable in respect of rental income 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.

Taxation

Current tax
The tax expense for the period comprises current 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 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
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed 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 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:

Plant and machinery etc. 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors 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 the profit and loss.

Trade and other debtors

Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, except where the effect of discounting would be immaterial. In such cases debtors are stated at transaction price less impairment losses. 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 transaction.

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 and other creditors

Trade and other creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Ordinary 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.

Financial assets and liabilities

All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the
classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Specifically, judgements and estimates are required in determining the useful economic lives of fixed assets, the recoverability of trade debtors and the adoption of the going concern basis in preparing these accounts.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 1,280 1,280
At 31 December 2023 1,280 1,280
Accumulated depreciation
At 01 January 2023 1,280 1,280
At 31 December 2023 1,280 1,280
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

5. Investment property

Investment property
£
Valuation
As at 01 January 2023 530,000
As at 31 December 2023 530,000

6. Debtors

2023 2022
£ £
Trade debtors 1,949 1,949
Other debtors 21,604 21,604
23,553 23,553

7. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 33,271 20,346

8. Creditors: amounts falling due within one year

2023 2022
£ £
Corporation tax 2,660 1,518
Other creditors 485,837 485,393
488,497 486,911

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
98 Ordinary shares shares of £ 1.00 each 98 98
2 Ordinary B shares shares of £ 1.00 each 2 2
100 100

10. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts payable to director 476,969 476,969

The above is unsecured, interest free and repayable on demand.