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Registration number: 09999907

Peacemills Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Peacemills Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Peacemills Limited

Company Information



 

Director

Mr Paul Hearn

Registered office

The TAX Partnership
2 Cheapside
Derby
Derbyshire
DE1 1BR

Accountants

The TAX Partnership
2 Cheapside
Derby
Derbyshire
DE1 1BR

 

Peacemills Limited

(Registration number: 09999907)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,165,901

1,191,989

Current assets

 

Debtors

5

1,211,892

1,211,892

Cash at bank and in hand

 

6,284

964

 

1,218,176

1,212,856

Creditors: Amounts falling due within one year

6

(777,184)

(588,432)

Net current assets

 

440,992

624,424

Total assets less current liabilities

 

1,606,893

1,816,413

Creditors: Amounts falling due after more than one year

6

(1,693,881)

(1,791,897)

Net (liabilities)/assets

 

(86,988)

24,516

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(87,088)

24,416

Shareholders' (deficit)/funds

 

(86,988)

24,516

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 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 September 2024
 

 

Peacemills Limited

(Registration number: 09999907)
Balance Sheet as at 31 December 2023

.........................................
Mr Paul Hearn
Director

 

Peacemills Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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:
The TAX Partnership
2 Cheapside
Derby
Derbyshire
DE1 1BR
England

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.

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

Freehold Property

50 years

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.

 

Peacemills Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Land and buildings
£

Properties under construction
 £

Total
£

Cost or valuation

At 1 January 2023

832,117

472,201

1,304,318

Transfers

472,201

(472,201)

-

At 31 December 2023

1,304,318

-

1,304,318

Depreciation

At 1 January 2023

112,330

-

112,330

Charge for the year

26,087

-

26,087

At 31 December 2023

138,417

-

138,417

Carrying amount

At 31 December 2023

1,165,901

-

1,165,901

At 31 December 2022

719,788

472,201

1,191,989

Included within the net book value of land and buildings above is £1,165,901 (2022 - £719,788) in respect of freehold land and buildings.
 

 

Peacemills Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

9

1,209,178

1,209,178

Other debtors

 

2,714

2,714

 

1,211,892

1,211,892

 

Peacemills Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

96,248

86,311

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

672,121

495,121

Accruals and deferred income

 

8,815

7,000

 

777,184

588,432

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

1,693,881

1,791,897

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,693,881

1,791,897

2023
£

2022
£

Current loans and borrowings

Bank borrowings

96,248

86,311

 

Peacemills Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Related party transactions

Summary of transactions with other related parties

The following amounts are owed to related companies under common control.
 The loans are interest free and repayable on demand.
 

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

1,209,178

1,209,178

At end of period

1,209,178

1,209,178

2022

Other related parties
£

Total
£

Advanced

1,209,178

1,209,178

At end of period

1,209,178

1,209,178

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

495,121

495,121

Advanced

237,000

237,000

Repaid

(60,000)

(60,000)

At end of period

672,121

672,121

2022

Other related parties
£

Total
£

At start of period

309,434

309,434

Advanced

265,687

265,687

Repaid

(80,000)

(80,000)

At end of period

495,121

495,121