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Registration number: 06935762

Peak Resources Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Peak Resources Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account and Statement of Retained Earnings

4

Balance Sheet

5

Notes to the Unaudited Financial Statements

6 to 10

 

Peak Resources Limited

Company Information

Directors

Mr Karl Russell Stanley Shaw

Mrs Stephanie Jane Shaw

Registered office

The Manor House
St Lawrence Road
North Wingfield
Chesterfield
Derbyshire
S42 5HX

Accountants

M.G. Walker & Co. Limited
The Coach House
119a High Street
Clay Cross
Chesterfield
Derbyshire
S45 9DZ

 

Peak Resources Limited

Directors' Report for the Year Ended 31 August 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Karl Russell Stanley Shaw

Mrs Stephanie Jane Shaw

Principal activity

The principal activity of the company is Other letting and operating of own or leased real estate

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 13 May 2025 and signed on its behalf by:
 

.........................................
Mr Karl Russell Stanley Shaw
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Peak Resources Limited
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Peak Resources Limited for the year ended 31 August 2024 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of International Accountants (AIA), we are subject to its ethical and other professional requirements.

This report is made solely to the Board of Directors of Peak Resources Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Peak Resources Limited and state those matters that we have agreed to state to the Board of Directors of Peak Resources Limited, as a body, in this report in accordance with AIA . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Peak Resources Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Peak Resources Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Peak Resources Limited. You consider that Peak Resources Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Peak Resources Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

M.G. Walker & Co. Limited
The Coach House
119a High Street
Clay Cross
Chesterfield
Derbyshire
S45 9DZ

13 May 2025

 

Peak Resources Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 August 2024

Note

2024
£

2023
£

Turnover

 

38,282

68,781

Administrative expenses

 

(55,272)

(86,366)

Operating loss

 

(16,990)

(17,585)

Loss before tax

4

(16,990)

(17,585)

Taxation

 

218

496

Loss for the financial year

 

(16,772)

(17,089)

Retained earnings brought forward

 

46,888

63,977

Retained earnings carried forward

 

30,116

46,888

 

Peak Resources Limited

(Registration number: 06935762)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

-

1,146

Investment property

6

144,630

144,630

 

144,630

145,776

Current assets

 

Stocks

7

1,015

1,015

Debtors

8

13,357

9,701

Cash at bank and in hand

 

2,476

402

 

16,848

11,118

Creditors: Amounts falling due within one year

9

(131,262)

(109,688)

Net current liabilities

 

(114,414)

(98,570)

Total assets less current liabilities

 

30,216

47,206

Provisions for liabilities

-

(218)

Net assets

 

30,216

46,988

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

30,116

46,888

Shareholders' funds

 

30,216

46,988

For the financial year ending 31 August 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 13 May 2025 and signed on its behalf by:
 

.........................................
Mr Karl Russell Stanley Shaw
Director

 

Peak Resources Limited

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

1

General information

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

The address of its registered office is:
The Manor House
St Lawrence Road
North Wingfield
Chesterfield
Derbyshire
S42 5HX
England

These financial statements were authorised for issue by the Board on 13 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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.

 

Peak Resources Limited

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

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Other tanglible assets

33% Straight line

Furniture fittings and equipment

33% Straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Peak Resources Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

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

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,146

2,612

 

Peak Resources Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

3,600

5,149

8,749

At 31 August 2024

3,600

5,149

8,749

Depreciation

At 1 September 2023

3,309

4,294

7,603

Charge for the year

291

855

1,146

At 31 August 2024

3,600

5,149

8,749

Carrying amount

At 31 August 2024

-

-

-

At 31 August 2023

291

855

1,146

6

Investment properties

2024
£

At 1 September

144,630

At 31 August

144,630

There has been no valuation of investment property by an independent valuer.

7

Stocks

2024
£

2023
£

Other inventories

1,015

1,015

8

Debtors

Current

2024
£

2023
£

Trade debtors

12,173

9,701

Other debtors

1,184

-

 

13,357

9,701

 

Peak Resources Limited

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

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

14,617

4,736

Taxation and social security

-

729

Accruals and deferred income

1,650

1,650

Other creditors

114,995

102,573

131,262

109,688

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

-

5,472

The amount of non-cancellable operating lease payments recognised as an expense during the year was £5,587 (2023 - £16,606).