Company Registration No. 04957474 (England and Wales)
Peartime Properties Limited
Unaudited financial statements
for the year ended 30 June 2024
Pages for filing with the registrar
Peartime Properties Limited
Company information
Director
Rowland Palmer
Company number
04957474
Registered office
Midland House
2 Poole Road
Bournemouth
Dorset
BH2 5QY
Business address
Priory Drive
Seaview
Isle Of Wight
PO34 5BU
Peartime Properties Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Peartime Properties Limited
Balance sheet
As at 30 June 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
16,839
11,434
Investment property
6
690,000
690,000
706,839
701,434
Current assets
Stocks
-
327
Debtors
7
299
32,684
Cash at bank and in hand
5,888
20,632
6,187
53,643
Creditors: amounts falling due within one year
8
(248,005)
(290,521)
Net current liabilities
(241,818)
(236,878)
Total assets less current liabilities
465,021
464,556
Creditors: amounts falling due after more than one year
9
(25,037)
(38,847)
Provisions for liabilities
(82,424)
(82,424)
Net assets
357,560
343,285
Capital and reserves
Called up share capital
100
100
Other reserves
358,575
358,575
Profit and loss reserves
(1,115)
(15,390)
Total equity
357,560
343,285
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
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 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Peartime Properties Limited
Balance sheet (continued)
As at 30 June 2024
2
The financial statements were approved and signed by the director and authorised for issue on 6 March 2025.
Rowland Palmer
Director
Company Registration No. 04957474
Peartime Properties Limited
Notes to the financial statements
For the year ended 30 June 2024
3
1
Accounting policies
Company information
Peartime Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Midland House, 2 Poole Road, Bournemouth, Dorset, BH2 5QY.
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, modified to include investment properties at fair value. 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Turnover represents rental income from the letting of the property.
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:
Plant and machinery
20% straight line
Fixtures, fittings & equipment
20% 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. Changes in fair value are recognised in profit or loss.
Peartime Properties Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
4
1.5
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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
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.
1.8
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, 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.
Peartime Properties Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
5
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.
1.9
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Peartime Properties Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
6
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,585
130
Adjustments in respect of prior periods
(130)
Total current tax
1,455
130
Peartime Properties Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
7
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
11,450
Additions
9,284
At 30 June 2024
20,734
Depreciation and impairment
At 1 July 2023
16
Depreciation charged in the year
3,879
At 30 June 2024
3,895
Carrying amount
At 30 June 2024
16,839
At 30 June 2023
11,434
6
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
690,000
The investment property was purchased on 30 June 2005 at market value. The property was reviewed in the year by the director on an opening market basis, considering similar property sales in the same area.
On a historical cost basis the value of the property is £249,000 (2023: £249,000).
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,429
Other debtors
299
31,255
299
32,684
Peartime Properties Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
8
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
15,712
15,216
Trade creditors
46
2,742
Amounts due to connected company
69,255
76,255
Other taxation and social security
2,460
451
Other creditors
160,532
195,857
248,005
290,521
The bank loans are secured upon the assets of the company.
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
25,037
38,847
10
Related party transactions
At the year-end the company owed £69,255 (2023: £76,255) to an entity in which the director has an interest.
At the year-end the company was owed £nil (2023: £31,275) by an entity in which the director has an interest.
11
Directors' transactions
Interest free loans have been granted to the company by its director as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan from director
-
163,050
28,727
(35,994)
155,783
163,050
28,727
(35,994)
155,783