PERYCREST LIMITED Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 03408075

PERYCREST LIMITED

Filleted Unaudited Financial Statements

31 July 2021

PERYCREST LIMITED

Statement of Financial Position

31 July 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		3,515,000	3,515,000

Current assets

Debtors	6	1,404,061	1,351,093
Cash at bank and in hand		153,149	8,945
		------------	------------
		1,557,210	1,360,038

Creditors: amounts falling due within one year	7	2,377,952		3,570,979
		------------		------------
Net current liabilities			820,742	2,210,941
			------------	------------
Total assets less current liabilities			2,694,258	1,304,059

Creditors: amounts falling due after more than one year	8	2,048,640	684,500
		------------	------------
Net assets		645,618	619,559
		------------	------------

Capital and reserves

Called up share capital	2	2
Revaluation reserve	160,418	160,418
Profit and loss account	485,198	459,139
	---------	---------
Shareholders funds	645,618	619,559
	---------	---------

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 statement of comprehensive income has not been delivered.

For the year ending 31 July 2021 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 .

PERYCREST LIMITED

Statement of Financial Position (continued)

31 July 2021

These financial statements were approved by the board of directors and authorised for issue on 3 November 2022 , and are signed on behalf of the board by:

B Feldman

Director

Company registration number: 03408075

PERYCREST LIMITED

Notes to the Financial Statements

Year ended 31 July 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1, Hallswelle Road, London, NW11 0DH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover of the company consists solely of rental income

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).

5. Tangible assets

	Land and buildings
	£
Cost/Valuation
At 1 August 2020 and 31 July 2021	3,515,000
	------------
Depreciation
At 1 August 2020 and 31 July 2021	–
	------------
Carrying amount
At 31 July 2021	3,515,000
	------------
At 31 July 2020	3,515,000
	------------

6. Debtors

	2021	2020
	£	£
Amounts owed by related undertakings	1,384,736	1,326,586
Other debtors	19,325	24,507
	------------	------------
	1,404,061	1,351,093
	------------	------------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	49,584	1,296,046
Amounts owed to related undertakings	2,288,404	2,227,101
Corporation tax	21,819	15,707
Other creditors	18,145	32,125
	------------	------------
	2,377,952	3,570,979
	------------	------------

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	2,048,640	684,500
	------------	---------

9. Related party transactions

The company was under the control of Mr B Feldman and Mrs E Feldman throughout the current and previous year.