Company registration number 00699723 (England and Wales)
PEEL STREET PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
PEEL STREET PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PEEL STREET PROPERTIES LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
55,227
56,296
Investment property
4
4,175,539
6,475,539
4,230,766
6,531,835
Current assets
Debtors
5
1,608,171
213,581
Cash at bank and in hand
26,312
20,650
1,634,483
234,231
Creditors: amounts falling due within one year
6
(456,236)
(746,508)
Net current assets/(liabilities)
1,178,247
(512,277)
Total assets less current liabilities
5,409,013
6,019,558
Creditors: amounts falling due after more than one year
7
(13,385)
(29,178)
Provisions for liabilities
(281,860)
(644,636)
Net assets
5,113,768
5,345,744
Capital and reserves
Called up share capital
35,456
35,456
Capital redemption reserve
23,544
23,544
Profit and loss reserves
5,054,768
5,286,744
Total equity
5,113,768
5,345,744
PEEL STREET PROPERTIES LIMITED
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 10 March 2025 and are signed on its behalf by:
Mr J R Stephenson
Director
Company registration number 00699723 (England and Wales)
PEEL STREET PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Peel Street Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Trinity House, Thurston Road, Northallerton, North Yorkshire, DL6 2NA.
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 the revaluation of freehold properties and 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 gross rental income from investment properties. All rents are accounted for on a straight line basis over the lease term.
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 land and buildings
10% straight line
Fixtures and fittings
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 property
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.
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).
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
PEEL STREET PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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 and cash and bank balances, are measured at transaction price including transaction costs. 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 and loans from fellow group companies, are recognised at transaction price. 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 at transaction price.
1.8
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.
1.9
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.
PEEL STREET PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
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. Deferred tax is charged or credited in the profit and loss account. 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
3
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
72,314
55,075
127,389
Depreciation and impairment
At 1 July 2023
17,234
53,859
71,093
Depreciation charged in the year
1,069
1,069
At 30 June 2024
17,234
54,928
72,162
Carrying amount
At 30 June 2024
55,080
147
55,227
At 30 June 2023
55,080
1,216
56,296
PEEL STREET PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 July 2023
6,475,539
Disposals
(2,300,000)
At 30 June 2024
4,175,539
Investment property comprises land and buildings. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 30 June 2024 by the Director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The most recent professional valuations on three of the investment properties were carried out in October and November 2020 and March 2021 by firms of Chartered Surveyors, who are not connected with the company.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,391
8,710
Amounts owed by group undertakings
1,559,714
Other debtors
46,066
204,871
1,608,171
213,581
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
17,752
162,817
Trade creditors
376
1,926
Amounts owed to group undertakings
466,354
Taxation and social security
388,975
35,899
Other creditors
49,133
79,512
456,236
746,508
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,385
29,178
8
Financial commitments, guarantees and contingent liabilities
The company has entered into a cross guarantee in connection with bank borrowings by Peel Street Developments Limited, its parent company. This guarantee is in respect of loans totalling £300,000 (2023: £2,050,000) and the company's overdraft facility.
PEEL STREET PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
2.25
172,465
170,632
1,369
(326,281)
18,185
2.25
7,040
3,106
-
(9,012)
1,134
179,505
173,738
1,369
(335,293)
19,319
10
Parent company
The immediate parent company and ultimate parent company is Peel Street Developments Limited, a company registered in England and Wales (company no. 06335732). Its registered address is Trinity House, Thurston Road, Northallerton, North Yorkshire DL6 2NA.