Peppercorn Investments Limited Filleted accounts for Companies House (small and micro)

PEPPERCORN INVESTMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05317627

Peppercorn Investments Limited

Filleted Unaudited Financial Statements

30 September 2023

Peppercorn Investments Limited

Statement of Financial Position

30 September 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	6	1,312	1,749
Investments	7	15,755,029	15,000,200
		-------------	-------------
		15,756,341	15,001,949

Current assets

Debtors	8	3,351,948	2,141,549
Cash at bank and in hand		983,919	449,488
		------------	------------
		4,335,867	2,591,037

Creditors: amounts falling due within one year	9	844,279	448,870
		------------	------------
Net current assets		3,491,588	2,142,167
		-------------	-------------
Total assets less current liabilities		19,247,929	17,144,116

Creditors: amounts falling due after more than one year	10	8,434,709	6,825,182

Provisions

Taxation including deferred tax	2,041,436	2,036,913
	-------------	-------------
Net assets	8,771,784	8,282,021
	-------------	-------------

Capital and reserves

Called up share capital	8,000,008	8,000,008
Revaluation reserve	280,956	280,956
Profit and loss account	490,820	1,057
	------------	------------
Shareholders funds	8,771,784	8,282,021
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 September 2023 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 year in question in accordance with section 476 ;

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

Peppercorn Investments Limited

Statement of Financial Position (continued)

30 September 2023

These financial statements were approved by the board of directors and authorised for issue on 7 May 2024 , and are signed on behalf of the board by:

Mr S Melville

Director

Company registration number: 05317627

Peppercorn Investments Limited

Notes to the Financial Statements

Year ended 30 September 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Elizabeth House, 54-58 High Street, Edgware, Middlesex, HA8 7TT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover for the year represents Rental Income receivable exclusive of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

Areview for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).

5. Tax on profit

Major components of tax expense

	2023	2022
	£	£

Current tax:

UK current tax expense	272,354	82,435
Tax adjustment due to group relief	20,790	–
	---------	--------
Total current tax	293,144	82,435
	---------	--------

Deferred tax:

Origination and reversal of timing differences	( 74,159)	–
	---------	--------
Tax on profit	218,985	82,435
	---------	--------

6. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 October 2022 and 30 September 2023	8,173	8,173
	-------	-------
Depreciation
At 1 October 2022	6,424	6,424
Charge for the year	437	437
	-------	-------
At 30 September 2023	6,861	6,861
	-------	-------
Carrying amount
At 30 September 2023	1,312	1,312
	-------	-------
At 30 September 2022	1,749	1,749
	-------	-------

7. Investments

	Investment Properties	Investment in Subsidiaries	Total
	£	£	£
Cost
At 1 October 2022	15,000,000	200	15,000,200
Additions	314,729	440,100	754,829
	-------------	---------	-------------
At 30 September 2023	15,314,729	440,300	15,755,029
	-------------	---------	-------------
Impairment
At 1 October 2022 and 30 September 2023	–	–	–
	-------------	---------	-------------

Carrying amount
At 30 September 2023	15,314,729	440,300	15,755,029
	-------------	---------	-------------
At 30 September 2022	15,000,000	200	15,000,200
	-------------	---------	-------------

Investment Properties

Investment Properties are valued by the directors at open market value.

Investment in Subsidiaries

The following companies, which were incorporated in England,

are 100% subsidiary companies:-

2023

Cross & Pillory Developments Limited,

which trades as property investment and development.

At Cost 440,100

Kent Leaseholds Limited,

which trades as property investment and development.

At Cost 100

Peppercorn Residential Investments Limited,

which trades as property investment and development.

At Cost 100

----------------

440,300

==========

In the opinion of the Directors, the market value of these Investments in Subsidiaries, at the year end, was in excess of their cost.

8. Debtors

	2023	2022
	£	£
Trade debtors	81,066	110,970
Amounts owed by group undertakings and undertakings in which the company has a participating interest	3,199,493	1,968,884
Other debtors	71,389	61,695
	------------	------------
	3,351,948	2,141,549
	------------	------------

9. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	110,000	110,000
Trade creditors	210,859	225,031
Corporation tax	117,879	22,446
Social security and other taxes	40,086	49,237
Wages Control Account	2,400	–
Other creditors	363,055	42,156
	---------	---------
	844,279	448,870
	---------	---------

10. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	2,550,000	2,550,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest	5,884,709	4,275,182
	------------	------------
	8,434,709	6,825,182
	------------	------------

The amount owed to group undertaking is an interest free loan provided by its holding company.

11. Directors' advances, credits and guarantees

At the year end, the amount due by the company to Mr S Melville was £20,000 (2022: £61,544 due to the company). At the year end, the amount due by the company to Mr M Nathan was £240,000 (2022: £Nil).

12. Controlling party

The ultimate holding company is Bedford Square Properties Limited, a company incorporated in the Isle of Man.