PEYMANS LTD

2019-07-012020-06-302020-06-30false09550831PEYMANS 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PEYMANS LTD

Registered Number
09550831
(England and Wales)

Unaudited Financial Statements for the Year Ended
30 June 2020

PEYMANS LTD

Company Information


Registered Address	15 Sherbourne Close
	Cambridge
	CB4 1RT

PEYMANS LTD

Balance Sheet as at
30 June 2020

	Notes	2020 £	2019 £
Fixed assets
Intangible assets	6	268,540	134,281
Tangible assets	7	209,673	231,672
Investments		4	4
Current assets
Debtors		890,353	854,910
Cash at bank and on hand		90,703	110,820
Creditors amounts falling due within one year	10	(756,156)	(774,337)
Net current assets (liabilities)		224,900	191,393
Total assets less current liabilities		703,117	557,350
Creditors amounts falling due after one year	11	(139,077)	(188,174)
Net assets		564,040	369,176
Capital and reserves
Called up share capital		100	100
Profit and loss account		563,940	369,076
Shareholders' funds		564,040	369,176

The company is a private company limited by shares and registered in England and Wales. It 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Board of Directors on 16 September 2020, and are signed on its behalf by:

PAYMÁN, Na'Ím Anís
Director
Registered Company No. 09550831

PEYMANS LTD

Notes to the financial statements
for the year ended 30 June 2020

1.	COMPLIANCE WITH APPLICABLE REPORTING FRAMEWORK
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

2.	PRINCIPAL ACTIVITIES
	Principal activity of the company during the financial year was that of short-term lets and management of serviced accommodation.

3.	BASIS OF MEASUREMENT USED IN FINANCIAL STATEMENTS
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Functional and presentation currency policy
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover comprises revenue recognised by the company for direct short-term lets and management services of rented properties. Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Revenue is recognised in the period in which the services are performed.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

	Intangible assets policy
	Intangible assets are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives of 10 years. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Research and development policy
	Research and development expenditure relates to the development of software. Research costs are charged to the profit or loss statement in the period in which they are incurred. Development costs of computer software are capitalised once a detailed program design has been established and are amortised on a straight line basis over 10 years. Software development costs are recognised as an intangible asset when all of the following criteria are demonstrated: - The technical feasibility of completing the software so that it will be available for use or sale. - The intention to complete the software and use or sell it. - The ability to use the software or to sell it. - How the software will generate probable future economic benefits. - The availability of adequate technical, financial and other resources to complete the development and to use or sell the software. - The ability to measure reliably the expenditure attributable to the software during its development.

Research and development policy

Research and development expenditure relates to the development of software. Research costs are charged to the profit or loss statement in the period in which they are incurred. Development costs of computer software are capitalised once a detailed program design has been established and are amortised on a straight line basis over 10 years.

Software development costs are recognised as an intangible asset when all of the following criteria are demonstrated:
- The technical feasibility of completing the software so that it will be available for use or sale.
- The intention to complete the software and use or sell it.
- The ability to use the software or to sell it.
- How the software will generate probable future economic benefits.
- The availability of adequate technical, financial and other resources to complete the development and to use or sell the software.
- The ability to measure reliably the expenditure attributable to the software during its development.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leases policy
	Payments under operating leases are charged against income on a straight line basis over the lease term.

	Investments policy
	Investments in subsidiaries are measured at cost less any accumulated impairment losses.

	Employee benefits policy
	Contributions to defined contribution plans are expensed in the period to which they relate.

4.	EMPLOYEE INFORMATION

		2020		2019
	Average number of employees during the year	3		3

5.	FIXED ASSET INVESTMENTS
	Fixed asset investments comprise the following subsidiaries: - Elm Court (Peymans) Ltd - £1 - Kew Apartments (Peymans) Ltd - £1 - Heathrow Apartments by Manhattan Ltd - £1 - Peninsula House (Peymans) Ltd - £1

		Total £
	Cost or valuation
	At 01 July 19	4
	At 30 June 20	4
	Net book value
	At 30 June 20	4
	At 30 June 19	4

6.	INTANGIBLE ASSETS

		Total £
	Cost or valuation
	At 01 July 19	149,261
	Additions	165,666
	At 30 June 20	314,928
	Amortisation and impairment
	At 01 July 19	14,979
	Charge for year	31,408
	At 30 June 20	46,387
	Net book value
	At 30 June 20	268,540
	At 30 June 19	134,281

7.	PROPERTY, PLANT AND EQUIPMENT

		Total £
	Cost or valuation
	At 01 July 19	351,508
	Additions	20,517
	At 30 June 20	372,025
	Depreciation and impairment
	At 01 July 19	119,836
	Charge for year	42,516
	At 30 June 20	162,352
	Net book value
	At 30 June 20	209,673
	At 30 June 19	231,672

8.	DESCRIPTION OF NATURE OF TRANSACTIONS AND BALANCES WITH RELATED PARTIES
	At the balance sheet date, included in other creditors is an amount of £166,816 (2019: £29,416) due to N A Peyman, the director of the company. This amount is unsecured, interest-free and repayable on demand. At the balance sheet date, the following amount was owed by the parent company: - Peyman Group Ltd - £48,000 At the balance sheet date, the following amounts were owed by the wholly-owned subsidiaries of the company: - Elm Court (Peymans) Ltd - £37,092 - Kew Apartments (Peymans) Ltd - £16,034 - Heathrow Apartments by Manhattan Ltd - £14,143 - Peninsula House (Peymans) Ltd - £568,856 At the balance sheet date, the following amounts were owed by the related companies, which have a common controlling parent company: - Peyman Construction Ltd - £2,000 - Customeyes.me Ltd - £2,000

DESCRIPTION OF NATURE OF TRANSACTIONS AND BALANCES WITH RELATED PARTIES

At the balance sheet date, included in other creditors is an amount of £166,816 (2019: £29,416) due to N A Peyman, the director of the company. This amount is unsecured, interest-free and repayable on demand.

At the balance sheet date, the following amount was owed by the parent company:
- Peyman Group Ltd - £48,000

At the balance sheet date, the following amounts were owed by the wholly-owned subsidiaries of the company:
- Elm Court (Peymans) Ltd - £37,092
- Kew Apartments (Peymans) Ltd - £16,034
- Heathrow Apartments by Manhattan Ltd - £14,143
- Peninsula House (Peymans) Ltd - £568,856

At the balance sheet date, the following amounts were owed by the related companies, which have a common controlling parent company:
- Peyman Construction Ltd - £2,000
- Customeyes.me Ltd - £2,000

9.	DEBTORS WITHIN ONE YEAR
	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.

DEBTORS WITHIN ONE YEAR

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.

	2020 £	2019 £
Trade debtors / trade receivables	130,124	225,764
Amounts owed by group undertakings	684,125	613,482
Other debtors	76,104	15,664
Total	890,353	854,910

10.	CREDITORS WITHIN ONE YEAR
	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.

	2020 £	2019 £
Trade creditors / trade payables	65,654	3,947
Amounts owed to related parties		40,349
Taxation and social security	2,342	16,699
Other creditors	688,160	713,342
Total	756,156	774,337

11.	CREDITORS AFTER ONE YEAR

		2020 £		2019 £
	Other creditors	139,077		188,174
	Total	139,077		188,174