| 247 Peckham Rye Limited |
| Notes to the Accounts |
| for the year ended 31 October 2024 |
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| 1 |
Accounting policies |
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Company information |
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247 PECKHAM RYE LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is 247 Peckham Rye, London, SE15 3AB. |
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Accounting convention |
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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. |
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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. The principal accounting policies adopted are set out below. |
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Income Statement |
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The company has not traded during the year rf the preceding finanncial period. During this time, the company received no income and incurred no expenditure and therefore no income statement is presented in these finnacial statements. |
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Property, plant and equipment |
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Property, plant and equipment 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: |
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Freehold land and buildings |
Nil |
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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. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Cash and cash equivalents |
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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. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Judgements and key sources of estimation uncertainty |
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In the application of the company’s accounting policies, the directors are 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 |
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| 2 |
Employees |
2024 |
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2023 |
| Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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| 3 |
Tangible fixed assets |
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Land and buildings |
| £ |
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Cost |
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At 1 November 2023 |
29,600 |
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At 31 October 2024 |
29,600 |
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Depreciation |
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At 31 October 2024 |
- |
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Net book value |
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At 31 October 2024 |
29,600 |
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At 31 October 2023 |
29,600 |
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| 4 |
Debtors |
2024 |
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2023 |
| £ |
£ |
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Amounts falling due within one year: |
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Other debtors |
4 |
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4 |
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4 |
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4 |
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| 5 |
Other information |
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247 Peckham Rye Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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247 Peckham Rye |
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London |
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SE15 3AB |