2023-04-012024-03-312024-03-31false04098456PEACOCKS OF THIRSK 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PEACOCKS OF THIRSK LIMITED

Registered Number
04098456
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

PEACOCKS OF THIRSK LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

PEACOCK, Brian
PEACOCK, Roger Edwin

Company Secretary

PEACOCK, Patricia Margaret

Registered Address

Leake Hall
Knayton
Thirsk
YO7 4BN

Registered Number

04098456 (England and Wales)
PEACOCKS OF THIRSK LIMITED
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3247,686292,357
247,686292,357
Current assets
Stocks287,322360,794
Debtors4592,268604,212
Cash at bank and on hand339,330232,212
1,218,9201,197,218
Creditors amounts falling due within one year5(375,306)(351,335)
Net current assets (liabilities)843,614845,883
Total assets less current liabilities1,091,3001,138,240
Provisions for liabilities6(44,336)(70,361)
Net assets1,046,9641,067,879
Capital and reserves
Called up share capital100100
Profit and loss account1,046,8641,067,779
Shareholders' funds1,046,9641,067,879
The financial statements were approved and authorised for issue by the Board of Directors on 11 September 2024, and are signed on its behalf by:
PEACOCK, Brian
Director
Registered Company No. 04098456
PEACOCKS OF THIRSK LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The company is operating fully and as such the accounts have been prepared on the going concern basis.
Turnover policy
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/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-25
Plant and machinery25-
Vehicles25-
Office Equipment33-
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 April 2320,986428,59291,005587541,170
Additions-23,76533,394-57,159
Disposals--(31,500)-(31,500)
At 31 March 2420,986452,35792,899587566,829
Depreciation and impairment
At 01 April 2310,074210,47727,903359248,813
Charge for year83959,48016,4987576,892
On disposals--(6,562)-(6,562)
At 31 March 2410,913269,95737,839434319,143
Net book value
At 31 March 2410,073182,40055,060153247,686
At 31 March 2310,912218,11563,102228292,357
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables592,268604,212
Total592,268604,212
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.
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables31,3941,537
Taxation and social security26,5749,291
Other creditors315,232338,509
Accrued liabilities and deferred income2,1061,998
Total375,306351,335
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. Finance lease and HP contracts are secured on the assets to which they relate.
6.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)44,33670,361
Total44,33670,361
7.Related party transactions
Included in Other Creditors is an amount owing to the Directors in the sum of £315,232, (2023: £338,509). Interest was charged on this loan at 0.4% and the loan is repayable on demand.