Caseware UK (AP4) 2023.0.135 2023.0.135 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2023-05-01falseDevelopment of building projects.11truetrue 11456262 2023-05-01 2024-04-30 11456262 2022-05-01 2023-04-30 11456262 2024-04-30 11456262 2023-04-30 11456262 2022-05-01 11456262 c:Director1 2023-05-01 2024-04-30 11456262 d:Buildings 2023-05-01 2024-04-30 11456262 d:Buildings 2024-04-30 11456262 d:Buildings 2023-04-30 11456262 d:CurrentFinancialInstruments 2024-04-30 11456262 d:CurrentFinancialInstruments 2023-04-30 11456262 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 11456262 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 11456262 d:ShareCapital 2023-05-01 2024-04-30 11456262 d:ShareCapital 2024-04-30 11456262 d:ShareCapital 2022-05-01 2023-04-30 11456262 d:ShareCapital 2023-04-30 11456262 d:ShareCapital 2022-05-01 11456262 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 11456262 d:RetainedEarningsAccumulatedLosses 2024-04-30 11456262 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 11456262 d:RetainedEarningsAccumulatedLosses 2023-04-30 11456262 d:RetainedEarningsAccumulatedLosses 2022-05-01 11456262 c:FRS102 2023-05-01 2024-04-30 11456262 c:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 11456262 c:FullAccounts 2023-05-01 2024-04-30 11456262 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 11456262 2 2023-05-01 2024-04-30 11456262 6 2023-05-01 2024-04-30 11456262 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 11456262










Petley Estates Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 30 April 2024

 
Petley Estates Limited
 
  
Chartered accountants' report to the director on the preparation of the unaudited statutory financial statements of Petley Estates Limited for the year ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Petley Estates Limited for the year ended 30 April 2024 which comprise the Balance sheet, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Petley Estates Limited in accordance with the terms of our engagement letter dated 26 July 2023Our work has been undertaken solely to prepare for your approval the financial statements of Petley Estates Limited and state those matters that we have agreed to state to the director of Petley Estates Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Petley Estates Limited and its director for our work or for this report. 

It is your duty to ensure that Petley Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Petley Estates Limited. You consider that Petley Estates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Petley Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
 
Chartered Accountants
  
37 St Margaret's Street
Canterbury
Kent
CT1 2TU
22 January 2025
Page 1

 
Petley Estates Limited
Registered number: 11456262

Balance sheet
As at 30 April 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
47,135
103,349

Investments
 5 
195,591
195,591

  
242,726
298,940

Current assets
  

Stocks
  
-
597

Debtors: amounts falling due within one year
 7 
94,209
29,080

Cash at bank and in hand
  
137,755
75,212

  
231,964
104,889

Creditors: amounts falling due within one year
 8 
(21,786)
(12,040)

Net current assets
  
 
 
210,178
 
 
92,849

Total assets less current liabilities
  
452,904
391,789

  

Net assets
  
452,904
391,789


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
452,804
391,689

  
452,904
391,789


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 January 2025.


Mr Mark Chandler
Director

The notes on pages 5 to 9 form part of these financial statements.

Page 2
 

 
Petley Estates Limited


 

Statement of changes in equity
For the year ended 30 April 2024



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 May 2022
100
350,893
350,993



Comprehensive income for the year


Profit for the year

-
190,796
190,796



Other comprehensive income for the year
-
-
-



Total comprehensive income for the year
-
190,796
190,796



Contributions by and distributions to owners


Dividends: Equity capital
-
(150,000)
(150,000)



Total transactions with owners
-
(150,000)
(150,000)





At 1 May 2023
100
391,689
391,789



Comprehensive income for the year


Profit for the year

-
166,115
166,115



Other comprehensive income for the year
-
-
-



Total comprehensive income for the year
-
166,115
166,115



Contributions by and distributions to owners


Dividends: Equity capital
-
(105,000)
(105,000)



Total transactions with owners
-
(105,000)
(105,000)



At 30 April 2024
100
452,804
452,904



Page 3

 

 
Petley Estates Limited


 


Statement of changes in equity (continued)
For the year ended 30 April 2024

The notes on pages 5 to 9 form part of these financial statements.

Page 4
 
Petley Estates Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

1.


General information

Petley Estates Limited is a limited liability company incorporated in England. The registered office is 37 St Margaret's Street, Canterbury, Kent CT1 2TU

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

  
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Land is not depreciated.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
Petley Estates Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Page 6

 
Petley Estates Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7

 
Petley Estates Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Tangible fixed assets





Freehold land

£



Cost or valuation


At 1 May 2023
103,349


Disposals
(56,214)



At 30 April 2024

47,135






Net book value



At 30 April 2024
47,135



At 30 April 2023
103,349


5.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 May 2023
195,591



At 30 April 2024
195,591





6.


Stocks

As restated
2024
2023
£
£

Work in progress
-
597

-
597


Page 8

 
Petley Estates Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

7.


Debtors

As restated
2024
2023
£
£


Other debtors
94,209
29,080

94,209
29,080



8.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Corporation tax
16,942
5,313

Other creditors
299
223

Accruals and deferred income
4,545
6,504

21,786
12,040



Page 9