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Peerless Properties (Oxford) Ltd
Filleted accounts
31 December 2024
Company registration number: 06023918
Peerless Properties (Oxford) Ltd
Directors and other information
Directors G B Hughes
P S Hughes
D M Hughes
B A Hughes
Secretary P S Hughes
Company number 06023918
Registered office 1 Court Farm Barns
Medcroft Road
Tackley
Oxon
OX5 3AL
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Peerless Properties (Oxford) Ltd
Balance sheet
31st December 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 1,532 1,644
_______ _______
1,532 1,644
Current assets
Debtors 6 39,824 28,188
Cash at bank and in hand 57,945 75,975
_______ _______
97,769 104,163
Creditors: amounts falling due
within one year 7 ( 80,379) ( 76,489)
_______ _______
Net current assets 17,390 27,674
_______ _______
Net assets 18,922 29,318
_______ _______
Capital and reserves
Called up share capital 8 100 100
Profit and loss account 18,822 29,218
_______ _______
Shareholders funds 18,922 29,318
_______ _______
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 June 2025 , and are signed on behalf of the board by:
G B Hughes
Director
Company registration number: 06023918
Peerless Properties (Oxford) Ltd
Notes to the financial statements
Year ended 31st December 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 1 Court Farm Barns, Medcroft Road, Tackley, Oxon, OX5 3AL. There was no significant change in the company's principal activity during the year which continued to be that of property management .
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is not recognised in respect of any timing differences at the reporting date as all are insignificant.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment - Reducing balance basis at 25% per annum
Computer equipment - Straight line basis over 3 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 10 ).
5. Tangible assets
Equipment Total
£ £
Cost
At 1st January 2024 6,417 6,417
Additions 755 755
_______ _______
At 31st December 2024 7,172 7,172
_______ _______
Depreciation
At 1st January 2024 4,773 4,773
Charge for the year 867 867
_______ _______
At 31st December 2024 5,640 5,640
_______ _______
Carrying amount
At 31st December 2024 1,532 1,532
_______ _______
At 31st December 2023 1,644 1,644
_______ _______
6. Debtors
2024 2023
£ £
Trade debtors 15,870 12,323
Other debtors 23,954 15,865
_______ _______
39,824 28,188
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 27,478 13,546
Social security and other taxes 28,187 41,059
Other creditors 24,714 21,884
_______ _______
80,379 76,489
_______ _______
8. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 10,875 10,875
_______ _______
10. Controlling party
The company is under the control of P Hughes who owns 50% of the issued shares in her own name and 50% jointly with G Hughes.