REGISTERED NUMBER: |
Peelclose Properties Limited |
Unaudited Financial Statements for the Year Ended 29 November 2023 |
REGISTERED NUMBER: |
Peelclose Properties Limited |
Unaudited Financial Statements for the Year Ended 29 November 2023 |
Peelclose Properties Limited (Registered number: 01030502) |
Contents of the Financial Statements |
for the Year Ended 29 November 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Peelclose Properties Limited |
Company Information |
for the Year Ended 29 November 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
71-73 Hoghton Street |
Southport |
Merseyside |
PR9 0PR |
Peelclose Properties Limited (Registered number: 01030502) |
Abridged Balance Sheet |
29 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Peelclose Properties Limited (Registered number: 01030502) |
Abridged Balance Sheet - continued |
29 November 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Peelclose Properties Limited (Registered number: 01030502) |
Notes to the Financial Statements |
for the Year Ended 29 November 2023 |
1. | STATUTORY INFORMATION |
Peelclose Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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"), as adapted by Section 1A of FRS 102, and the requirements of the Companies Act 2006. |
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 certain financial instruments at fair value. The principal accounting policies adopted are set out below. |
Preparation of consolidated financial statements |
The financial statements contain information about Peelclose Properties Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for rent provided in the normal course of business and is shown net of VAT. Rental income is recognised equally over the course of the relevant lease agreement. |
Tangible fixed assets |
All fixed assets are initially recorded at cost and subsequently measured at cost, net of depreciation and any impairment losses. |
Depreciation is calculated so as to write off the cost of an assets, less their residual values, over their useful lives on the following bases. |
Fixtures & fittings - 10% on cost |
The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset and is credited or charged to profit or loss. |
Impairment of fixed assets |
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Peelclose Properties Limited (Registered number: 01030502) |
Notes to the Financial Statements - continued |
for the Year Ended 29 November 2023 |
2. | ACCOUNTING POLICIES - continued |
Investments in subsidiaries |
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. |
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
Cash at bank and in hand |
Cash at bank and in hand are basic financial assets and include cash in hand, and deposits held at call with banks. |
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. The surplus or deficit on revaluation is recognised in the profit and loss account. |
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 balance sheet 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. |
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 and bank loans 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. |
Peelclose Properties Limited (Registered number: 01030502) |
Notes to the Financial Statements - continued |
for the Year Ended 29 November 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Peelclose Properties Limited (Registered number: 01030502) |
Notes to the Financial Statements - continued |
for the Year Ended 29 November 2023 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 30 November 2022 |
Additions |
At 29 November 2023 |
DEPRECIATION |
At 30 November 2022 |
Charge for year |
At 29 November 2023 |
NET BOOK VALUE |
At 29 November 2023 |
At 29 November 2022 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST OR VALUATION |
At 30 November 2022 | 3,672,267 |
Additions | 141,393 |
Disposals | (956,593 | ) |
Revaluations | 1,339 |
Reclassification/transfer | 572,664 |
At 29 November 2023 | 3,431,070 |
NET BOOK VALUE |
At 29 November 2023 | 3,431,070 |
At 29 November 2022 | 3,672,267 |
Cost or valuation at 29 November 2023 is represented by: |
Totals |
£ |
Valuation in 2023 | 3,431,070 |
Peelclose Properties Limited (Registered number: 01030502) |
Notes to the Financial Statements - continued |
for the Year Ended 29 November 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
COST OR VALUATION |
At 30 November 2022 |
Revaluations |
At 29 November 2023 |
NET BOOK VALUE |
At 29 November 2023 |
At 29 November 2022 |
Cost or valuation at 29 November 2023 is represented by: |
£ |
Valuation in 2023 | 10,455,172 |
7. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
8. | SECURED DEBTS |
Creditors falling due within one year totalling £62,378 (2022: £72,374) are secured over the assets to which they relate. |
Creditors falling due over one year totalling £1,369,475 (2022: £1,420,215) are secured over the assets to which they relate. |