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Petal Ventures Ltd

Unaudited Financial Statements for the Year Ended 29 February 2024






Petal Ventures Ltd (Registered number: 10000817)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Petal Ventures Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTORS: P Schriewersmann
G A J Cosgrove





REGISTERED OFFICE: 48 - 52 Penny Lane
Mossley Hill
Liverpool
Merseyside
L18 1DG





REGISTERED NUMBER: 10000817 (England and Wales)





ACCOUNTANTS: Matthews Sutton & Co Ltd
Chartered Certified Accountants
48 - 52 Penny Lane
Mossley Hill
Liverpool
Merseyside
L18 1DG

Petal Ventures Ltd (Registered number: 10000817)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 60,000 70,000
Tangible assets 5 32,805 36,450
Investment property 6 518,393 518,393
611,198 624,843

CURRENT ASSETS
Debtors 7 34,710 55,925
Cash at bank 4,390 2,282
39,100 58,207
CREDITORS
Amounts falling due within one year 8 72,775 70,098
NET CURRENT LIABILITIES (33,675 ) (11,891 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

577,523

612,952

CREDITORS
Amounts falling due after more than one
year

9

(537,225

)

(557,853

)

PROVISIONS FOR LIABILITIES (6,233 ) (6,926 )
NET ASSETS 34,065 48,173

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 34,063 48,171
34,065 48,173

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Petal Ventures Ltd (Registered number: 10000817)

Balance Sheet - continued
29 February 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 February 2025 and were signed on its behalf by:




G A J Cosgrove - Director



P Schriewersmann - Director


Petal Ventures Ltd (Registered number: 10000817)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Petal Ventures Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured as rents receivable excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Petal Ventures Ltd (Registered number: 10000817)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 100,000
AMORTISATION
At 1 March 2023 30,000
Charge for year 10,000
At 29 February 2024 40,000
NET BOOK VALUE
At 29 February 2024 60,000
At 28 February 2023 70,000

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023
and 29 February 2024 50,000
DEPRECIATION
At 1 March 2023 13,550
Charge for year 3,645
At 29 February 2024 17,195
NET BOOK VALUE
At 29 February 2024 32,805
At 28 February 2023 36,450

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 518,393
NET BOOK VALUE
At 29 February 2024 518,393
At 28 February 2023 518,393

Investment properties were valued using market data by the director on the 27/02/2024.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 34,710 55,925

Petal Ventures Ltd (Registered number: 10000817)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 21,000 16,000
Trade creditors 95 -
Taxation and social security 532 532
Other creditors 51,148 53,566
72,775 70,098

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 437,226 457,854
Other creditors 99,999 99,999
537,225 557,853

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 99,999 99,999

Repayable by instalments
Bank loans more 5 yr by instal 353,226 393,854