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Registration number: 08898311

Perpetuum Construction Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Perpetuum Construction Limited

Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

3,652,002

5,573,351

Debtors

5

990,346

2,720,799

Cash at bank and in hand

 

5,087

10,122

 

4,647,435

8,304,272

Creditors: Amounts falling due within one year

6

(2,527,008)

(6,750,046)

Net assets

 

2,120,427

1,554,226

Capital and reserves

 

Called up share capital

10,000

10,000

Share premium reserve

1,964,600

1,964,600

Retained earnings

145,827

(420,374)

Shareholders' funds

 

2,120,427

1,554,226

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The directors have elected not to include a copy of the Income Statement within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, section 444.

Approved and authorised by the Board on 27 March 2025 and signed on its behalf by:
 

.........................................

Mr S Donovan

Director

Company registration number: 08898311

 

Perpetuum Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Ground floor
189 Richmond Road
Kingston upon Thames
Surrey
KT2 5DD

The principal activity of the company is that of property development.

2

Accounting policies

Statement of compliance

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' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a profit for the year ended 31 March 2024 and had net assets at that date amounting to £2,120,427.

The company's cash flow forecasts indicate that the company has sufficient working capital and the directors are confident that the development properties will be realised for an amount in excess of their carrying value. The company continues to trade profitably and the directors do not believe the current economic conditions or global conflicts will have a material effect on the company.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of consideration received or receivable in respect of property sales in the ordinary course of the company's activities. The company recognises revenue on the date an unconditional contract is entered into.

 

Perpetuum Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Interest

Interest incurred on specific borrowings utilised to finance the company's development property is capitalised in work in progress up to the stage the properties are completed and available for sale.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, cost of conversion, capitalised interest and other costs incurred in bringing the stock to its present location and condition. Interest is capitalised up to completion of building work, after which it is written off.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Perpetuum Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company during the year was 0 (2023 - 0).

4

Stocks

   

2024
£

2023
£

Work in progress

3,652,002

5,573,351

Work in progress includes an amount of £237,184 (2023: £361,968) in respect of capitalised interest.

5

Debtors

2024
£

2023
£

Amounts owed by group undertakings

927,296

842,475

Other debtors

63,050

1,878,324

990,346

2,720,799

6

Creditors

Creditors: amounts falling due within one year

     

Note

2024
£

2023
£

Loans and borrowings

7

2,442,662

6,649,368

Taxation and social security

 

48,609

-

Accruals and deferred income

 

17,550

48,560

Other creditors

 

18,187

52,118

 

2,527,008

6,750,046

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank loan

2,442,662

6,649,368

The bank loan is secured by a fixed charge over the properties in development included in work in progress and a fixed and floating charge over the other assets and undertakings of the company.

 

Perpetuum Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Related party transactions

Exemption is taken under FRS 102 paragraph 1AC35 not to disclose transactions or amounts falling due with companies wholly owned within the group.