Company Registration No. SC228737 (Scotland)
PEAT-IM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PEAT-IM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PEAT-IM LIMITED
BALANCE SHEET
AS AT
5 MARCH 2024
05 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
40,369
40,777
Current assets
Debtors
4
1,029
1,057
Cash at bank and in hand
77
44
1,106
1,101
Creditors: amounts falling due within one year
5
(99,745)
(110,850)
Net current liabilities
(98,639)
(109,749)
Total assets less current liabilities
(58,270)
(68,972)
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
(59,270)
(69,972)
Total equity
(58,270)
(68,972)

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

For the financial year ended 5 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

The financial statements were approved and signed by the director and authorised for issue on 2 December 2024
Mr J Allan
Director
Company Registration No. SC228737
PEAT-IM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 MARCH 2024
- 2 -
1
Accounting policies
Company information

Peat-IM Limited is a private company limited by shares incorporated in Scotland. The registered office is Rudha Na Moine, Colintraive, Argyll, Scotland, PA22 3AR.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Freehold land and buildings
Not depreciated
Plant and equipment
25% p.a reducing balance
Fixtures and fittings
25% p.a reducing balance
Computers
25% p.a reducing balance

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.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

PEAT-IM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

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

2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 6 March 2023 and 5 March 2024
39,144
1,088
26,076
666
66,974
Depreciation and impairment
At 6 March 2023
-
0
898
25,008
291
26,197
Depreciation charged in the year
-
0
47
267
94
408
At 5 March 2024
-
0
945
25,275
385
26,605
Carrying amount
At 5 March 2024
39,144
143
801
281
40,369
At 5 March 2023
39,144
190
1,068
375
40,777
PEAT-IM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 MARCH 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,019
1,021
Other debtors
10
36
1,029
1,057
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
99,745
110,850
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