PEAK CHAPLET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Peak Chaplet Limited is a private company limited by shares registered in England and Wales. The address of its registered office is 124 Finchley Road, London NW3 5JS and its principal place of business is at 3 Sayers Court, London W5 5AB.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The company shows net current liabilities at the balance sheet date of £1,286,309 (2023: £1,339,145). In order to continue trading it is dependent on a loan from the director, Ms Lindy Chao Pan, who has confirmed her intention to continue to provide financial support to the company for the foreseeable future. On this basis the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of the aforementioned support.
Turnover comprises revenue recognised by the company in respect of rental income receivable for letting the investment property, exclusive of value added tax.
Investment property is carried at fair value determined annually by the director using market based evidence for similiar properties sold in the area.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
The company's functional and presentational currency is GBP.
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