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Company No: 02066647 (England and Wales)

PETER LUNDIE LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

PETER LUNDIE LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

PETER LUNDIE LIMITED

BALANCE SHEET

As at 30 June 2024
PETER LUNDIE LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 46 57
Investment property 4 375,000 350,000
375,046 350,057
Current assets
Debtors 5 154 376
Cash at bank and in hand 24,591 38,122
24,745 38,498
Creditors: amounts falling due within one year 6 ( 3,821) ( 3,092)
Net current assets 20,924 35,406
Total assets less current liabilities 395,970 385,463
Provision for liabilities ( 25,222) ( 18,972)
Net assets 370,748 366,491
Capital and reserves
Called-up share capital 7 1,000 1,000
Fair value reserve 9 168,859 150,109
Profit and loss account 200,889 215,382
Total shareholders' funds 370,748 366,491

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.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Peter Lundie Limited (registered number: 02066647) were approved and authorised for issue by the Board of Directors on 11 February 2025. They were signed on its behalf by:

Mrs M L P Lundie
Director
PETER LUNDIE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
PETER LUNDIE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Peter Lundie Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Penvro, Grampound, Cornwall, TR2 4SB, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises rent receivable from the letting of investment property and is recognised in accordance with the terms of the underlying lease.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 July 2023 817 817
At 30 June 2024 817 817
Accumulated depreciation
At 01 July 2023 760 760
Charge for the financial year 11 11
At 30 June 2024 771 771
Net book value
At 30 June 2024 46 46
At 30 June 2023 57 57

4. Investment property

Investment property
£
Valuation
As at 01 July 2023 350,000
Fair value movement 25,000
As at 30 June 2024 375,000

Investment property was revalued on 30 June 2024 by an independent valuer. These assets have a current value of £375,000 (2023 - £350,000) and a carrying amount at historical cost of £180,919 (2023 - £180,919). The depreciation on this historical cost is £nil (2023 - £nil).

5. Debtors

2024 2023
£ £
Other debtors 154 376

6. Creditors: amounts falling due within one year

2024 2023
£ £
Corporation tax 1,839 1,412
Other creditors 1,982 1,680
3,821 3,092

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Mrs M L P Lundie 1,142 840

Interest free loan
Mrs M L P Lundie operates a loan account with the company. At the year end the amount due to Mrs M L P Lundie was £1,142 (2023 - £840).

9. Reserves

Fair value reserve relates to fair value movement of investment property, net of provision for deferred tax, and is unrealised and non distributable.