Peak Gas Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03716272 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2023

for

Peak Gas Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P V Gwinnett

M A Gwinnett

K T Gwinnett

REGISTERED OFFICE:

Mamtor House Shepley Lane

Marple

Stockport

Cheshire

SK6 6LQ

REGISTERED NUMBER:

03716272 (England and Wales)

ACCOUNTANTS:

DHP Acountants Ltd

15 Buxton Old Road

Disley

Stockport

SK12 2BB

FIXED ASSETS

Tangible assets

4

1,108,030

1,138,647

Investment property

5

8,651,998

8,651,998

9,760,028

9,790,645

CURRENT ASSETS

Debtors

6

566,941

537,625

Cash at bank

2,050,739

1,859,731

2,617,680

2,397,356

CREDITORS

Amounts falling due within one year

7

5,365,930

5,209,537

NET CURRENT LIABILITIES

(2,748,250

)

(2,812,181

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,011,778

6,978,464

PROVISIONS FOR LIABILITIES

1,413,216

1,448,777

NET ASSETS

5,598,562

5,529,687

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

5,598,462

5,529,587

SHAREHOLDERS' FUNDS

5,598,562

5,529,687

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2024 and were signed on its behalf by:

P V Gwinnett - Director

1.	STATUTORY INFORMATION

Peak Gas 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Land and buildings

-

not provided

Plant and machinery etc

-

33% on reducing balance, 25% on reducing balance and 20% on reducing balance

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 June 2022

1,000,000

225,047

1,225,047

Additions

-

4,500

4,500

At 31 May 2023

1,000,000

229,547

1,229,547

DEPRECIATION

At 1 June 2022

-

86,400

86,400

Charge for year

-

35,117

35,117

At 31 May 2023

-

121,517

121,517

NET BOOK VALUE

At 31 May 2023

1,000,000

108,030

1,108,030

At 31 May 2022

1,000,000

138,647

1,138,647

Cost or valuation at 31 May 2023 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2003

1,000,000

-

1,000,000

Cost

-

229,547

229,547

1,000,000

229,547

1,229,547

If leasehold land and building had not been revalued it would have been included at the following historical cost:

31.5.23

31.5.22

£

£

Cost

350,000

350,000

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2022

and 31 May 2023

8,651,998

NET BOOK VALUE

At 31 May 2023

8,651,998

At 31 May 2022

8,651,998

Fair value at 31 May 2023 is represented by:

£

Valuation in 2023

8,651,998

If investment property had not been revalued they would have been included at the following historical cost:

31.5.23

31.5.22

£

£

Cost

3,757,164

3,757,164

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.23

31.5.22

£

£

Trade debtors

94,131

83,325

Other debtors

472,810

454,300

566,941

537,625

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.23

31.5.22

£

£

Bank loans and overdrafts

-

33,498

Trade creditors

28,876

30,084

Amounts owed to group undertakings

5,135,957

4,916,890

Taxation and social security

96,214

111,398

Other creditors

104,883

117,667

5,365,930

5,209,537

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end there was a loan of £20,934 owed by the directors.

9.	RELATED PARTY DISCLOSURES

At the year end the company was owed £434,736 (2022: £434,736) from Peak Holiday Homes Limited, a company that shares common directors with Peak Gas Limited.

Also at the year end, the company owed £5,135,957 (2022: £4,916,890) to Peak Gas Holdings Limited, a company that owns 100% of the share capital of Peak Gas Limited.