PEAKTOP LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05048821 (England and Wales)

Unaudited Financial Statements

for the Period 1 April 2020 to 30 March 2021

for

PEAKTOP LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Mr I Reich

REGISTERED OFFICE:

88A OSBALDESTON ROAD

LONDON

N16 6NL

REGISTERED NUMBER:

05048821 (England and Wales)

FIXED ASSETS

Investment property

4

3,797,551

3,655,845

CURRENT ASSETS

Debtors

5

1,321,105

161,800

Cash at bank

2,922

511,335

1,324,027

673,135

CREDITORS

Amounts falling due within one year

6

1,634,027

1,124,465

NET CURRENT LIABILITIES

(310,000

)

(451,330

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,487,551

3,204,515

CREDITORS

Amounts falling due after more than one year

7

(2,254,067

)

(2,046,782

)

PROVISIONS FOR LIABILITIES

9

(235,229

)

(214,499

)

NET ASSETS

998,255

943,234

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

10

1,130,530

1,021,424

Retained earnings

(132,276

)

(78,191

)

SHAREHOLDERS' FUNDS

998,255

943,234

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 March 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 March 2022 and were signed by:

Mr I Reich - Director

1.	STATUTORY INFORMATION

PEAKTOP LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents rent receivable from company's own investment properties.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

initial recognition of financial assets and liabilities.

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Initial measurement

When a financial asset or liability is recognised initially, the company shall measure it at the transaction price including transaction costs except in the initial measurement of financial assets and liabilities that are measured at fair value through profit or loss unless the arrangement constitutes, in effect, a financial transaction. If the arrangement constitutes a financial transaction, the company shall measure the financial asset or financial liability at the present value of the future payments discounted at the market rate of interest for a similar debt instrument.

Subsequent measurement

At the end of each reporting period, the company shall measure financial instruments without any deduction for transaction costs the company may incur on sale or other disposal. Debt instruments shall be measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year shall be measured at the undiscounted amount of the cash or other consideration expected to be paid or received unless the arrangement constitutes, in effect, a financial transaction. If the arrangement constitutes a financing transaction, the company shall measure the debt instrument at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment of financial instruments

Impairment of financial instruments measured at cost or amortised cost. At the end of of each reporting period, the company shall assess whether there is objective evidence of impairment of any financial assets that are measured at cost or amortised cost.If there is objective evidence of impairment, the company shall recognise an impairment loss in profit or loss immediately.

Derecognition of a financial asset

The company shall derecognise a financial asset only when the contractual rights to the cash flows from the financial asset expire or are settled, or the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the company, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. In this case, the company shall derecognise the asset and recognise separately any rights and obligations retained or created in the transfer.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2020 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

3,655,845

Additions

32,600

Revaluations

109,106

At 30 March 2021

3,797,551

NET BOOK VALUE

At 30 March 2021

3,797,551

At 31 March 2020

3,655,845

Fair value at 30 March 2021 is represented by:

£

Valuation in 2021

1,130,530

Cost

2,667,021

3,797,551

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.3.21

31.3.20

£

£

Trade debtors

6,902

6,800

Amounts owed by participating interests

739,000

60,000

Other debtors

575,203

95,000

1,321,105

161,800

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.3.21

31.3.20

£

£

Trade creditors

-

678

Amounts owed to participating interests

1,597,130

1,093,000

Tax

23,131

23,691

Directors' current accounts

4,426

2,426

Accrued expenses

9,340

4,670

1,634,027

1,124,465

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.3.21

31.3.20

£

£

Bank loans - 2-5 years

50,000

-

Bank loans more 5 yrs non-inst

2,204,067

2,046,782

2,254,067

2,046,782

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

2,204,067

2,046,782

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.3.21

31.3.20

£

£

Bank loans

2,254,067

2,046,782

secured on the investment properties owned by the company.

9.	PROVISIONS FOR LIABILITIES

30.3.21

31.3.20

£

£

Deferred tax

235,229

214,499

Deferred

tax

£

Balance at 1 April 2020

214,499

Provided during period

20,730

Balance at 30 March 2021

235,229

10.

RESERVES

Fair

value

reserve

£

At 1 April 2020

1,021,424

Properties revaluation

109,106

At 30 March 2021

1,130,530