PEAK_RETREATS_(EXETER)_LI - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial Period ended 5 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

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

Peak Retreats (Exeter) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Spindleberry, The Retreat Drive, Topsham, Exeter, Devon, United Kingdom, EX3 0LS.

The accounting period runs for a period of more than 12 months as the company changed the year end from 28 February 2023 to 5 April 2023.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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. The property is recorded in the financial statements at historic cost plus capital improvement expenditure.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The average monthly number of persons (including directors) employed by the company during the Period was:

Investment property comprises of a rental property. The property is recorded in the financial statements at historic cost plus the cost of capital improvements.

During the year family members advanced loans to the company. As at 5 April 2023 the company owed £72,000 to family members.

The company owed £113,000 as at 5 April 2023 to Peak Physio Ltd which is a company owned by one of the same Directors.

There were no dividends paid in the Period in respect of shares held by the company's directors.

During the year the Directors advanced loans to the company. As at 5 April 2023 the company owed the Directors £141,507. (2022 - £325,072).