Company No: 02950224 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Mrs E P Procter
	Mr S A Procter

SECRETARY

Mrs E P Procter

REGISTERED OFFICE	318 Torquay Road
	Preston
	Paignton
	TQ3 2DZ
	United Kingdom

COMPANY NUMBER

02950224 (England and Wales)

CHARTERED ACCOUNTANTS	Francis Clark LLP
	Sigma House
	Oak View Close
	Edginswell Park
	Torquay
	Devon TQ2 7FF

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	3	812		10,665
		812		10,665
Current assets
Stocks		480,756		985,243
Debtors	4	9,863		12,568
Cash at bank and in hand		157,357		8,266
		647,976		1,006,077
Creditors: amounts falling due within one year	5	( 375,938)		( 821,622)
Net current assets		272,038		184,455
Total assets less current liabilities		272,850		195,120
Provision for liabilities		( 1,704)		( 4,103)
Net assets		271,146		191,017
Capital and reserves
Called-up share capital	6	70		70
Profit and loss account		271,076		190,947
Total shareholders' funds		271,146		191,017

For the financial year ending 31 October 2022 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 financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of St. Peter's Development Torbay Limited (registered number: 02950224) were approved and authorised for issue by the Board of Directors on 31 July 2023. They were signed on its behalf by:

Mr S A Procter Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

St. Peter's Development Torbay Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 318 Torquay Road, Preston, Paignton, TQ3 2DZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery	25 % reducing balance
Office equipment	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and 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, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Plant and machinery		Office equipment		Total
	£		£		£
Cost
At 01 November 2021	100,743		0		100,743
Additions	0		1,083		1,083
Disposals	( 100,743)		0		( 100,743)
At 31 October 2022	0		1,083		1,083
Accumulated depreciation
At 01 November 2021	90,078		0		90,078
Charge for the financial year	0		271		271
Disposals	( 90,078)		0		( 90,078)
At 31 October 2022	0		271		271
Net book value
At 31 October 2022	0		812		812
At 31 October 2021	10,665		0		10,665

4. Debtors

	2022		2021
	£		£
Trade debtors	0		3,054
Prepayments	667		318
Other debtors	9,196		9,196
	9,863		12,568

5. Creditors: amounts falling due within one year

	2022		2021
	£		£
Trade creditors	2,504		6,750
Amounts owed to directors	10,186		26,331
Accruals	5,700		2,502
Corporation tax	20,496		11,101
Other taxation and social security	10,200		1,289
Other creditors	326,852		773,649
	375,938		821,622

6. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
70 Ordinary shares of £ 1.00 each	70		70