REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
PEER ESTATES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
PEER ESTATES LIMITED |
PEER ESTATES LIMITED (REGISTERED NUMBER: 05454534) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 9 |
PEER ESTATES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
Fifth Floor |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
2nd Floor |
10(b) Aldermans Hill |
Palmers Green |
London |
N13 4PJ |
PEER ESTATES LIMITED (REGISTERED NUMBER: 05454534) |
BALANCE SHEET |
30 JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | 13 |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
PEER ESTATES LIMITED (REGISTERED NUMBER: 05454534) |
BALANCE SHEET - continued |
30 JUNE 2024 |
The financial statements were approved by the director and authorised for issue on |
PEER ESTATES LIMITED (REGISTERED NUMBER: 05454534) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Peer Estates Limited Limited is a private company,limited by shares, registered in England and Wales.The company 's registered number is 05454534 and registered office address is 3rd Floor,4 Hanover Street, London,W1S 1YH. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
Critical accounting estimates and assumptions |
The preparation of financial statements in accordance with generally accepted accounting principals requires management to make estimates and assumptions in certain circumstances that effect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the accounts and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. The estimates and assumptions that have a significant risk of causing a maternal adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined below. |
Investment and operating property valuations |
Properties are valued internally by the company directors. Valuations are made as at the reporting date and conform to International Valuation Standards. Valuations are made using various assumptions and estimations which include, but are not limited to market yields, transaction prices of similar properties, tenure and tenancy details. These assumptions are approved by the company directors. |
Trade receivables |
The company reviews trade receivables and makes judgements on the recoverability of these receivables with reference to the age of outstanding amounts, credit status of the counterparty and the status of any outstanding dispute. |
Turnover |
Turnover represents rental income and net commission received, excluding value added tax. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Investment property |
Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Capital gains tax on uncrystallised gains on property investments is provided in the financial statements using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
PEER ESTATES LIMITED (REGISTERED NUMBER: 05454534) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Finance cost amortisation |
Finance costs incurred in connection with the arrangement of bank loans are capitalised as a reduction to the loan and then amortised , on a straight line basis, over the duration of the loans. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. |
Long term directors loan account is interest free and measured at the transaction price. |
Going concern |
The directors have considered the working capital position of the company and future working capital requirements, including any impact from the ongoing conflict in Ukraine and high interest rates in the UK and are satisfied that the company will be able to meet its liabilities as they fall due for a period of not less than one year from date of approval of these financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
and 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
PEER ESTATES LIMITED (REGISTERED NUMBER: 05454534) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
Disposals | ( |
) |
Revaluations | (571,180 | ) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Fair value at 30 June 2024 is represented by: |
£ |
Valuation in 201 | 215,419 |
Valuation in 2013 | 250,000 |
Valuation in 2014 | 565,312 |
Valuation in 2015 | 241,019 |
Valuation in 2017 | (370,000 | ) |
Valuation in 2018 | (350,000 | ) |
Valuation in 2019 | 100,000 |
Valuation in 2020 | 13,405 |
Valuation in 2022 | 420,000 |
Valuation in 2024 | (571,180 | ) |
Cost | 3,061,025 |
3,575,000 |
If investment properties had not been revalued they would have been included at the following historical cost: |
30.6.24 | 30.6.23 |
£ | £ |
Cost | 3,061,025 | 3,539,845 |
Investment properties were valued on an open market basis on 30 June 2024 by the director . |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade creditors |
Tax |
Net wages | - | 29 |
Rent received in advance | 4,579 | 6,436 |
Accrued expenses |
PEER ESTATES LIMITED (REGISTERED NUMBER: 05454534) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans (see note 8) |
Other loans (see note 8) | ( |
) | ( |
) |
Tenant's deposits |
Directors' loan accounts | 1,086,446 | 1,236,417 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
Bank loans more 5 yrs non-inst | 628,074 | 628,074 |
Bank loans more 5 yrs non-inst | 100,000 | 100,000 |
Bank loans more 5 yrs non-inst | - | 348,395 |
8. | LOANS |
An analysis of the maturity of loans is given below: |
30.6.24 | 30.6.23 |
£ | £ |
Amounts falling due between two and five years: |
Finance costs | ( |
) | ( |
) |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst | 353,905 | 353,905 |
Bank loans more 5 yrs non-inst | 628,074 | 628,074 |
Bank loans more 5 yrs non-inst | 100,000 | 100,000 |
Bank loans more 5 yrs non-inst | - | 348,395 |
1,081,979 | 1,430,374 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans |
10. | DIRECTOR'S LOAN |
Included in Creditors - amounts falling due after more than one year is a loan of £1,086,388 (2023-£1,237,417) due to the Director. This loan is recognised at transaction price.The director's loan is not due until after more than 1 year and is interest free. |
PEER ESTATES LIMITED (REGISTERED NUMBER: 05454534) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
11. | PROVISIONS FOR LIABILITIES |
30.6.24 | 30.6.23 |
£ | £ |
Deferred tax |
Capital gain tax provision | 54,100 | 127,718 |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Provided during year | ( |
) |
Balance at 30 June 2024 |
Capital gains tax on uncrystallised gains on property investments is provided in the financial statements as shown above. |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
13. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2023 |
Deficit for the year | ( |
) |
At 30 June 2024 |
Included in Retained earnings as at 30 June 2024 is an amount of £459,876 (2023- £957,437) of revaluation reserves which are non distributable. |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
PEER ESTATES LIMITED |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Peer Estates Limited for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Peer Estates Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Peer Estates Limited and state those matters that we have agreed to state to the director of Peer Estates Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Peer Estates Limited and its director for our work or for this report. |
It is your duty to ensure that Peer Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Peer Estates Limited. You consider that Peer Estates Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Peer Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
2nd Floor |
10(b) Aldermans Hill |
Palmers Green |
London |
N13 4PJ |