Company registration number 09641447 (England and Wales)
PEPPERMINT GROVE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
PEPPERMINT GROVE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
PEPPERMINT GROVE LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
149,263
152,344
Investment property
4
7,868,821
7,840,564
Investments
5
1
1
8,018,085
7,992,909
Current assets
Stocks
548,774
221,507
Debtors
6
886,380
613,817
Cash at bank and in hand
2,896,748
3,126,753
4,331,902
3,962,077
Creditors: amounts falling due within one year
7
(6,119,501)
(5,962,671)
Net current liabilities
(1,787,599)
(2,000,594)
Total assets less current liabilities
6,230,486
5,992,315
Provisions for liabilities
(155,000)
(149,000)
Net assets
6,075,486
5,843,315
Capital and reserves
Called up share capital
8
25,000
25,000
Profit and loss reserves
6,050,486
5,818,315
Total equity
6,075,486
5,843,315
PEPPERMINT GROVE LTD
BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 25 February 2025 and are signed on its behalf by:
Mr S D Priestnall
Director
Company registration number 09641447 (England and Wales)
PEPPERMINT GROVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Peppermint Grove Ltd is a private company limited by shares incorporated in England and Wales. The registered office is One Waterside Place, Basin Square, Brimington Road, Chesterfield, Derbyshire, S41 7FH.
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 to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rents and service charges receivable.
Revenue from the sale of property is recognised when the significant risks and rewards of ownership of the property has been passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
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:
Land and buildings freehold
2% straight line
Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% straight line
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.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
PEPPERMINT GROVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Work in progress is valued at the lower of cost and net realisable value.
1.8
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
1.9
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, bank balances and loans to fellow group companies are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, 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.
PEPPERMINT GROVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
5
PEPPERMINT GROVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
3
Tangible fixed assets
Land and buildings freehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
144,448
5,619
19,296
169,363
Additions
4,722
17,747
22,469
Disposals
(19,296)
(19,296)
At 30 June 2024
144,448
10,341
17,747
172,536
Depreciation and impairment
At 1 July 2023
11,556
4,257
1,206
17,019
Depreciation charged in the year
2,889
1,244
3,327
7,460
Eliminated in respect of disposals
(1,206)
(1,206)
At 30 June 2024
14,445
5,501
3,327
23,273
Carrying amount
At 30 June 2024
130,003
4,840
14,420
149,263
At 30 June 2023
132,892
1,362
18,090
152,344
PEPPERMINT GROVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
4
Investment property
2024
£
Fair value
At 1 July 2023
7,840,564
Additions
28,257
At 30 June 2024
7,868,821
The investment properties are held at open market value at the date of purchase. The directors believe the valuation is appropriate as at 30 June 2024.
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
96,560
82,746
Amounts owed by group undertakings
736,805
480,374
Other debtors
53,015
50,697
886,380
613,817
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
301,015
7,345
Corporation tax
85,471
106,146
Other taxation and social security
47,470
55,097
Other creditors
5,685,545
5,794,083
6,119,501
5,962,671
Included in other creditors are amounts owing to directors of £5,558,549 (2023: £5,662,571).
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of 50p each
50,000
50,000
25,000
25,000
PEPPERMINT GROVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
9
Related party transactions
BRMCO (215) Limited is a subsidiary of Peppermint Grove Limited. During the year, the company made payments of £126,478 (2023: £15,489) and received an amount of £52,661 (2023: £4,025) from BRMCO (215) Limited. There was an amount owing from BRMCO (215) Limited of £554,191 (2023: £480,374) at the year end.
Woodseats Garages Limited is a related company of Peppermint Grove Limited. During the year, the company received amounts of £200 (2023: £6,832) from Woodseats Garages Limited and repaid £200 (£4,686). There was an amount owing to Woodseats Garages Limited of £2,146 (2023: £2,146) at the year end.
Hallam Partners Limited is a related company of Peppermint Grove Limited. During the year, the company received amounts of £182,956 (2023: £nil) from Hallam Partners Limited and repaid £342 (2023: £nil). There was an amount owing to Hallam Partners Limited of £182,614 (2023: £nil) at the year end.