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Registration number: 12031572

Peak District Accommodation Limited

Director's Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Peak District Accommodation Limited

(Registration number: 12031572)

Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

1,781,938

1,764,139

Current assets

 

Debtors

4

680

810

Cash at bank and in hand

 

43,793

25,094

 

44,473

25,904

Creditors: Amounts falling due within one year

5

(1,027,925)

(1,114,281)

Net current liabilities

 

(983,452)

(1,088,377)

Total assets less current liabilities

 

798,486

675,762

Provisions for liabilities

(150,784)

(95,071)

Net assets

 

647,702

580,691

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

614,426

662,154

Retained earnings

33,176

(81,563)

Shareholders' funds

 

647,702

580,691

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Director's Report and the Profit and Loss Account has been taken.

 

Peak District Accommodation Limited

(Registration number: 12031572)

Balance Sheet as at 30 June 2024 (continued)

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the director on 18 November 2024
 

.........................................

H M Dernie

Director

 

Peak District Accommodation Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 July 2023

100

662,154

(81,563)

580,691

Profit for the year

-

-

67,011

67,011

Transfers

-

(47,728)

47,728

-

At 30 June 2024

100

614,426

33,176

647,702

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 July 2022

100

-

(97,014)

(96,914)

Profit for the year

-

-

677,605

677,605

Transfers

-

662,154

(662,154)

-

At 30 June 2023

100

662,154

(81,563)

580,691

 

Peak District Accommodation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

Accounting policies

Statutory information

Peak District Accommodation Limited is a private company, limited by shares, domiciled in England and Wales, company number 12031572. The registered office is at 10 Portland Lane, Sheffield, S1 4DG.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Revenue recognition

Turnover represents the income arising from furnished holiday lettings. Revenue is recognised in line with the terms of the rental agreements, net of sales/value added tax and discounts.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Peak District Accommodation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

1

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost or valuation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Investment properties

not depreciated

Motor vehicles

25% straight line

Fixtures and fittings

25% straight line

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.
 

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 2).

 

Peak District Accommodation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

3

Tangible assets

Investment properties
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

1,750,000

40,868

27,936

1,818,804

At 30 June 2024

1,750,000

40,868

27,936

1,818,804

Depreciation

At 1 July 2023

35,000

9,153

10,512

54,665

Charge for the year

-

10,217

6,984

17,201

Revaluation

(35,000)

-

-

(35,000)

At 30 June 2024

-

19,370

17,496

36,866

Carrying amount

At 30 June 2024

1,750,000

21,498

10,440

1,781,938

At 30 June 2023

1,715,000

31,715

17,424

1,764,139

Investment properties were revalued on 30 June 2024 by the director who is internal to the company. The basis of this valuation was existing use basis. If the revalued assets were stated at historical cost the amount would be £992,775.

4

Debtors

2024
£

2023
£

Prepayments

580

710

Other debtors

100

100

 

680

810

 

Peak District Accommodation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

5

Creditors

2024
£

2023
£

Due within one year

Taxation and social security

12,951

4,587

Accruals

10,542

19,298

Other creditors

1,004,432

1,090,396

1,027,925

1,114,281

6

Related party transactions

During the year the company had an interest free loan with Sunrisestar Limited, a company in which H M Dernie is a director. At the balance sheet date the amount due to Sunrisestar Limited was £1,004,432 (2023: £1,090,396).