Registered number
03936563
Pepper Best Developments Limited
Filleted Accounts
30 April 2024
Pepper Best Developments Limited
Registered number: 03936563
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 1,090,000 1,280,000
Current assets
Debtors 4 50,068 50,068
Cash at bank and in hand 11,786 51,388
61,854 101,456
Creditors: amounts falling due within one year 5 (95,194) (115,778)
Net current liabilities (33,340) (14,322)
Total assets less current liabilities 1,056,660 1,265,678
Creditors: amounts falling due after more than one year 6 (268,639) (370,306)
Provisions for liabilities (62,149) (106,063)
Net assets 725,872 789,309
Capital and reserves
Called up share capital 1,300 1,250
Fair value reserve 330,945 399,497
Profit and loss account 393,627 388,562
Shareholders' funds 725,872 789,309
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
I C Pepper
Director
Approved by the board on 23 January 2025
Pepper Best Developments Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Investments
investment
property Total
£ £
Fair value
At 1 May 2023 1,280,000 1,280,000
Disposals (190,000) (190,000)
At 30 April 2024 1,090,000 1,090,000
Fair value at 30 April 2024 is represented by:
Cost 696,906
Valuation in 2012 177,089
Valuation in 2014 124,923
Valuation in 2017 125,000
Valuation in 2022 98,548
Valuation in 2023 (20,000)
Revaluation of 8 School House - sold in year (112,466)
At 30 April 2024 1,090,000
If investment properties had not been revalued they would have been included at the following historical cost:
2024 2023
£ £
Cost 696,906 774,440
4 Debtors 2024 2023
£ £
Other debtors 50,068 50,068
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1,500 101,500
Amounts owed to group undertakings and undertakings in which the company has a participating interest 62,798 5,122
Taxation and social security costs 1,726 360
Other creditors 29,170 8,796
95,194 115,778
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 268,639 370,306
7 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years - 4,306
Secured bank loans 270,139 471,806
The bank loans and overdraft are secured on the investment properties of the companies by way of fixed and floating charges. The present borrowing is less than the security needed but charges have been left in place in anticipation of future developments.
8 Related party transactions
Included in other debtors is £50,068 (2023: £50,068) due from Pepper Best LLC a company registered in United States of America and under the control of the directors. Interest has not been charged on the balance.
Included in creditors is £62,798 (2023: £5,122) due to Pepper Best Limited a company under the control of the directors. Interest has not been charged on the balance.
9 Other information
Pepper Best Developments Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Nurseries Close
Exton
Exeter
Devon
EX3 0PG
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