| Peninsula Ventures Limited |
| Registered number: |
SC550773 |
| Balance Sheet |
| as at 31 March 2021 |
|
| Notes |
|
|
2021 |
|
|
2020 |
| £ |
£ |
| Fixed assets |
| Investments |
3 |
|
|
2,060,000 |
|
|
2,060,000 |
|
| Current assets |
| Debtors |
4 |
|
317,028 |
|
|
603,758 |
| Cash at bank and in hand |
|
|
9,160 |
|
|
1,058 |
|
|
|
326,188 |
|
|
604,816 |
|
| Creditors: amounts falling due within one year |
5 |
|
(893,079) |
|
|
(889,882) |
|
| Net current liabilities |
|
|
|
(566,891) |
|
|
(285,066) |
|
| Total assets less current liabilities |
|
|
|
1,493,109 |
|
|
1,774,934 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(1,062,621) |
|
|
(1,119,947) |
|
| Provisions for liabilities |
|
|
|
(217,193) |
|
|
(217,193) |
|
|
| Net assets |
|
|
|
213,295 |
|
|
437,794 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
300 |
|
|
300 |
| Revaluation reserve |
7 |
|
|
925,931 |
|
|
925,931 |
| Profit and loss account |
|
|
|
(712,936) |
|
|
(488,437) |
|
| Shareholder's funds |
|
|
|
213,295 |
|
|
437,794 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Naresh Parmanand |
| Director |
| Approved by the board on 11 March 2022 |
|
| Peninsula Ventures Limited |
| Notes to the Accounts |
| for the period from 1 December 2020 to 31 March 2021 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
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). |
|
|
Investment properties |
|
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure . Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. |
|
|
Debtors |
|
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. |
|
|
Creditors |
|
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. |
|
|
Taxation |
|
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. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
| 2 |
Employees |
2021 |
|
2020 |
| Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
| 3 |
Investments |
|
| Property |
| investments |
| £ |
|
Cost |
|
At 1 December 2020 |
2,060,000 |
|
|
At 31 March 2021 |
2,060,000 |
|
|
Investment property comprises 14 flats in Fiddoch Court, Newmains and 18 flats in Kildonnan Court, Newmains. The fair value of the investment property was arrived at on the basis of a valuation carried out in August 2019 by Jones Lang Lasalle Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The director perceives
this valuation is still relevant at the year end due to his knowledge of the local property market. |
|
| 4 |
Debtors |
2021 |
|
2020 |
| £ |
£ |
|
|
Other debtors |
317,028 |
|
603,758 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Bank loans and overdrafts |
48,000 |
|
48,000 |
|
Trade creditors |
11,173 |
|
13,354 |
|
Other creditors |
833,906 |
|
828,528 |
|
|
|
|
|
|
893,079 |
|
889,882 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Bank loans |
1,062,621 |
|
1,119,947 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Revaluation reserve |
2021 |
|
2020 |
| £ |
£ |
|
|
At 1 December 2020 |
925,931 |
|
925,931 |
|
|
At 31 March 2021 |
925,931 |
|
925,931 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Related party transactions |
|
|
During the year the company received a further loan from Sauchiehall Commercial Investments Ltd of £87,000 leaving an outstanding balance at the year end of £422,000 (2019 - £335,000).
Peninsula Ventures Ltd levied an £80,000 management fee to Scotsbridge Commercial Ltd (SC530084), both having common directorships. There was a debtor balance of £39,927 outstanding at the year end.
A debtor balance remained with Newton Mearns Projects Ltd (SC452749), £273,601 (2019 - 273,601). This balance will be written off in the subsequent financial year following departure of the common director to Newton Mearns Projects Ltd.
Etimon Ltd (SC363050) a company in which the wife of the former director is a director and shareholder, continued to have an outstanding balance at the year end of £29,000 (2019 - £29,000). This balance will be written off in the subsequent financial year following the departure of the director.
A loan of £340,000 was written off during the year with Bakhsh Group Ltd (SC255201), of which Shazad Bakhsh was a former director. |
|
|
| 9 |
Controlling party |
|
|
The company is under the control of Lachmi Enterprise, an enity governed by the Singapore Partnership Act under the registered number 07853700B) |
|
|
| 10 |
Other information |
|
|
Peninsula Ventures Limited is a private company limited by shares and incorporated in Scotland. Its registered office is: |
|
Spiersbridge Business Park |
|
1 Spiersbridge Way |
|
Glasgow |
|
G46 8NG |
