Company registration number 08056611 (England and Wales)
PEAK ARCHITECTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
PEAK ARCHITECTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PEAK ARCHITECTS LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,819
13,615
Current assets
Debtors
4
173,443
179,612
Cash at bank and in hand
130,145
145,536
303,588
325,148
Creditors: amounts falling due within one year
5
(94,197)
(68,171)
Net current assets
209,391
256,977
Total assets less current liabilities
218,210
270,592
Creditors: amounts falling due after more than one year
6
(14,881)
(17,857)
Provisions for liabilities
(2,000)
(3,000)
Net assets
201,329
249,735
Capital and reserves
Called up share capital
7
11
11
Profit and loss reserves
201,318
249,724
Total equity
201,329
249,735
PEAK ARCHITECTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 2 -

For the financial year ended 31 May 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 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.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 25 February 2025
Mr P Holden
Director
Company registration number 08056611 (England and Wales)
PEAK ARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

Peak Architects Limited is a private company limited by shares incorporated in England and Wales. The registered office is Broomhall, 8-10 Broomhall Road, Sheffield, S10 2DR.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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:

Leasehold Improvements
25% straight line
Fixtures and fittings
25% straight line
Computers
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
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).

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

PEAK ARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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.

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

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.

PEAK ARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
14
16
3
Tangible fixed assets
Leasehold Improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 June 2023
13,702
28,578
50,385
92,665
Additions
-
0
383
640
1,023
At 31 May 2024
13,702
28,961
51,025
93,688
Depreciation and impairment
At 1 June 2023
13,702
27,170
38,178
79,050
Depreciation charged in the year
-
0
567
5,252
5,819
At 31 May 2024
13,702
27,737
43,430
84,869
Carrying amount
At 31 May 2024
-
0
1,224
7,595
8,819
At 31 May 2023
-
0
1,408
12,207
13,615
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
148,119
155,045
Other debtors
25,324
24,567
173,443
179,612
PEAK ARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
2,976
2,976
Trade creditors
12,751
9,007
Corporation tax
16,162
-
0
Other taxation and social security
33,220
44,863
Other creditors
29,088
11,325
94,197
68,171

The bank loan is backed by the UK Government under the bounce back loan scheme.

Included within other creditors are amounts due to the director of £21,678 (2023: £nil).

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
14,881
17,857

The bank loan is backed by the UK Government under the bounce back loan scheme.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
10
10
10
10
B Ordinary Shares of £1 each
1
1
1
1
11
11
11
11
2024-05-312023-06-01falsefalsefalse25 February 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityPaul HoldenG Newsome080566112023-06-012024-05-31080566112024-05-31080566112023-05-3108056611core:LeaseholdImprovements2024-05-3108056611core:FurnitureFittings2024-05-3108056611core:ComputerEquipment2024-05-3108056611core:LeaseholdImprovements2023-05-3108056611core:FurnitureFittings2023-05-3108056611core:ComputerEquipment2023-05-3108056611core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-3108056611core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3108056611core:Non-currentFinancialInstrumentscore:AfterOneYear2024-05-3108056611core:Non-currentFinancialInstrumentscore:AfterOneYear2023-05-3108056611core:CurrentFinancialInstruments2024-05-3108056611core:CurrentFinancialInstruments2023-05-3108056611core:ShareCapital2024-05-3108056611core:ShareCapital2023-05-3108056611core:RetainedEarningsAccumulatedLosses2024-05-3108056611core:RetainedEarningsAccumulatedLosses2023-05-3108056611core:ShareCapitalOrdinaryShares2024-05-3108056611core:ShareCapitalOrdinaryShares2023-05-3108056611bus:Director12023-06-012024-05-3108056611core:LeaseholdImprovements2023-06-012024-05-3108056611core:FurnitureFittings2023-06-012024-05-3108056611core:ComputerEquipment2023-06-012024-05-31080566112022-06-012023-05-3108056611core:LeaseholdImprovements2023-05-3108056611core:FurnitureFittings2023-05-3108056611core:ComputerEquipment2023-05-31080566112023-05-3108056611core:WithinOneYear2024-05-3108056611core:WithinOneYear2023-05-3108056611core:Non-currentFinancialInstruments2024-05-3108056611core:Non-currentFinancialInstruments2023-05-3108056611bus:PrivateLimitedCompanyLtd2023-06-012024-05-3108056611bus:SmallCompaniesRegimeForAccounts2023-06-012024-05-3108056611bus:FRS1022023-06-012024-05-3108056611bus:AuditExemptWithAccountantsReport2023-06-012024-05-3108056611bus:CompanySecretary12023-06-012024-05-3108056611bus:FullAccounts2023-06-012024-05-31xbrli:purexbrli:sharesiso4217:GBP