Company registration number 07165289 (England and Wales)
PENINSULAR DEVELOPMENTS (SW) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
PENINSULAR DEVELOPMENTS (SW) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
PENINSULAR DEVELOPMENTS (SW) LTD
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
135,289
173,550
Current assets
Stocks
-
475,101
Debtors
4
202,993
116,995
Cash at bank and in hand
4,116
45,913
207,109
638,009
Creditors: amounts falling due within one year
5
(258,002)
(346,684)
Net current (liabilities)/assets
(50,893)
291,325
Total assets less current liabilities
84,396
464,875
Creditors: amounts falling due after more than one year
6
(40,364)
(373,551)
Provisions for liabilities
(33,823)
-
0
Net assets
10,209
91,324
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
10,109
91,224
Total equity
10,209
91,324

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

PENINSULAR DEVELOPMENTS (SW) LTD
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 October 2024 and are signed on its behalf by:
Mr J D Evennett
Director
Company registration number 07165289 (England and Wales)
PENINSULAR DEVELOPMENTS (SW) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

Peninsular Developments (SW) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, United Kingdom, EX2 5WS.

1.1
Accounting convention

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”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Income from the sale of properties is recognised at the point in time when an unconditional contract is signed by the purchaser.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% per annum on net book value
Motor vehicles
20% per annum on net book value

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.

1.4
Work in progress

Work in progress is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the property to their present location and condition.

 

Work in progress is the accumulated cost of unsold plots. At the point of sale of a property, the relevant accumulated costs are transferred to cost of sales with allowance made for general site development costs to come.

 

The company operates a policy of capitalising within work in progress interest and charges incurred on loans taken specifically for the purpose of funding the development of properties where the interest can be accurately apportioned to a development.

1.5
Taxation

The tax expense represents the sum of the tax currently payable.

PENINSULAR DEVELOPMENTS (SW) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.6
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023
244,843
Additions
9,285
Disposals
(12,500)
At 31 January 2024
241,628
Depreciation and impairment
At 1 February 2023
71,293
Depreciation charged in the year
39,814
Eliminated in respect of disposals
(4,768)
At 31 January 2024
106,339
Carrying amount
At 31 January 2024
135,289
At 31 January 2023
173,550
PENINSULAR DEVELOPMENTS (SW) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
140,000
78,619
Other debtors
62,993
38,376
202,993
116,995
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
19,575
9,911
Trade creditors
25,202
209,346
Taxation and social security
46,964
13,294
Other creditors
166,261
114,133
258,002
346,684

Included within other creditors is a hire purchase liability of £18,827 (2023: £17,664). Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,321
327,681
Other creditors
27,043
45,870
40,364
373,551

The loans are secured on the assets concerned.

Included within other creditors is a hire purchase liability of £27,043 (2023: £45,870). Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

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