Peermark Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03566732 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2022

for

Peermark Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

Fixed assets

Tangible fixed assets

4

1,997

2,294

Investment property

5

6,200,000

8,600,000

6,201,997

8,602,294

Current assets

Inventories

372,738

372,738

Debtors

6

258,196

318,734

Investments

7

1

-

Cash at bank

24,195

37,780

655,130

729,252

Creditors

Amounts falling due within one year

8

3,395,518

2,169,674

Net current liabilities

(2,740,388

)

(1,440,422

)

Total assets less current liabilities

3,461,609

7,161,872

Creditors

Amounts falling due after more than one year

9

(1,286,067

)

(2,546,120

)

Provisions for liabilities

(117,529

)

(565,321

)

Net assets

2,058,013

4,050,431

Capital and reserves

Called up share capital

10

100

100

Fair value reserve

11

1,759,428

3,711,635

Retained earnings

298,485

338,696

Shareholders' funds

2,058,013

4,050,431

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 March 2023 and were signed by:

E F Barakat - Director

1.	Statutory information

Peermark Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

03566732

Registered office:

2a Church Road

Church Road

Hove

BN3 2FL

The presentation currency of the financial statements is in Pound Sterling (£) and rounding is to the nearest (£).

The company's reporting period was twelve months. The comparative period was extended to

Thirteen months to align with related companies year ends. The two sets of results are therefore not immediately comparable.

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

Rents received are shown gross of commissions and fees.

Turnover is measured at the fair value of the consideration received or receivable net of trade discounts. Turnover from the sale of property is recognised when significant risks and rewards of ownership have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.This is usually on completion of the sale of the property.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment - 25% straight line

Leasehold improvements - 10% straight line

Government grants

Government grants are recognised in the period to which they relate.

Investment property

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

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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.

Leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	Employees and directors

The average number of employees during the year was 1 (2021 - 2 ) .

4.	Tangible fixed assets

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Cost

At 1 July 2021

and 30 June 2022

2,000

3,599

5,599

Depreciation

At 1 July 2021

92

3,213

3,305

Charge for year

200

97

297

At 30 June 2022

292

3,310

3,602

Net book value

At 30 June 2022

1,708

289

1,997

At 30 June 2021

1,908

386

2,294

5.	Investment property

Total

£

Fair value

At 1 July 2021

8,600,000

Revaluations

(2,400,000

)

At 30 June 2022

6,200,000

Net book value

At 30 June 2022

6,200,000

At 30 June 2021

8,600,000

The investment properties fair value has been determined by the directors at the balance sheet date based on local open market rates of similar properties.

6.

Debtors: amounts falling due within one year

2022

2021

as

restated

£

£

Other debtors

258,196

318,734

7.	Current asset investments

2022

2021

as

restated

£

£

Shares in group undertakings

1

-

8.

Creditors: amounts falling due within one year

2022

2021

as

restated

£

£

Bank loans and overdrafts

1,111,642

10,000

Trade creditors

5,120

-

Amounts owed to group undertakings

4,501

-

Taxation and social security

14,220

19,074

Other creditors

2,260,035

2,140,600

3,395,518

2,169,674

9.

Creditors: amounts falling due after more than one year

2022

2021

as

restated

£

£

Bank loans

1,286,067

2,546,120

Creditors include liabilities of £4,508,774 (2021 £4,156,669) which are secured by the assets to which they relate.

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

as restated

£

£

100

Ordinary

£1

100

100

11.

Reserves

Fair

value

reserve

£

At 1 July 2021

3,711,635

Transfer

(1,952,207

)

At 30 June 2022

1,759,428

12.	Off-balance sheet arrangements

At the year end, the company had operating lease commitments of £57,727 (2021: £75,727)

13.	Director's advances, credits and guarantees

During the year, the company advanced a director £17,974 (2021: £47,101l) and he repaid £57,724 (2021: £3,305). At the year end, the director owed the company £4,046 (2021: £43,796). The advances were interest-free, unsecured and repayable on demand.