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Peak Products Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Blue Cloud Accounting Solutions Limited
128 Saltergate
Chesterfield
Derbyshire
S40 1NG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08174158
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 86,285 93,029
86,285 93,029
CURRENT ASSETS
Stocks 5 2,000 2,000
Debtors 6 10,115 58,362
Cash at bank and in hand 16,258 2,622
28,373 62,984
Creditors: Amounts Falling Due Within One Year 7 (9,042 ) (33,947 )
NET CURRENT ASSETS (LIABILITIES) 19,331 29,037
TOTAL ASSETS LESS CURRENT LIABILITIES 105,616 122,066
Creditors: Amounts Falling Due After More Than One Year 8 (10,403 ) (14,233 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,311 ) (2,499 )
NET ASSETS 93,902 105,334
CAPITAL AND RESERVES
Called up share capital 10 150 150
Profit and Loss Account 93,752 105,184
SHAREHOLDERS' FUNDS 93,902 105,334
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Mark Mettam
Director
13 November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Peak Products Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08174158 . The registered office is 128 Saltergate, Chesterfield, Derbyshire, S40 1NG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 1% Reducing Balance Basis
Plant & Machinery 30% Reducing Balance Basis
Motor Vehicles 20% Straight Line Basis
Office & Computer Equipment 33% Straight Line Basis
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2 (2023: 3)
2 3
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Office & Computer Equipment Total
£ £ £ £ £
Cost
As at 1 September 2023 83,000 5,547 29,883 2,233 120,663
Additions - - - 455 455
As at 31 August 2024 83,000 5,547 29,883 2,688 121,118
Depreciation
As at 1 September 2023 2,465 5,171 17,931 2,067 27,634
Provided during the period 806 113 5,977 303 7,199
As at 31 August 2024 3,271 5,284 23,908 2,370 34,833
Net Book Value
As at 31 August 2024 79,729 263 5,975 318 86,285
As at 1 September 2023 80,535 376 11,952 166 93,029
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 5,975 11,952
5. Stocks
2024 2023
£ £
Materials 2,000 2,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 9,332 45,917
Other debtors 450 -
Corporation tax recoverable assets - 5,561
Other taxes and social security 333 333
Director's loan account - 6,551
10,115 58,362
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 1,886 3,232
Trade creditors 2,838 14,880
Bank loans and overdrafts 1,750 1,750
Corporation tax (82 ) 3,198
VAT 341 3,453
Other creditors 420 6,034
Accruals and deferred income 1,400 1,400
Director's loan account 489 -
9,042 33,947
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 1,886
Bank loans 10,403 12,347
10,403 14,233
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 3,402 5,347
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 1,886 3,232
Later than one year and not later than five years - 1,886
1,886 5,118
1,886 5,118
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 150 150
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 September 2023 Amounts advanced Amounts repaid Amounts written off As at 31 August 2024
£ £ £ £ £
Mr Mark Mettam 6,551 - 6,551 - -
The above loan is unsecured, interest free and repayable on demand.
Page 5
Page 6
Dividends paid to directors
2024 2023
£ £
Mr Mark Mettam 16,000 7,000
Page 6