Peacemills Limited - Period Ending 2018-12-31

Registration number: 09999907

Peacemills Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2018

The TAX Partnership
2 Cheapside
Derby
Derbyshire
DE1 1BR

Peacemills Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Peacemills Limited

Company Information

 

Director

Mr Paul Hearn

Registered office

The Tax Partnership 2 Cheapside Derby Derbyshire DE1 1BR

Accountants

The TAX Partnership 2 Cheapside Derby Derbyshire DE1 1BR

Page 1

Peacemills Limited

(Registration number: 09999907)
Balance Sheet as at 31 December 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	3	786,356	802,996
Current assets
Debtors	4	92,714	160,882
Cash at bank and in hand		94,824	110,389
		187,538	271,271
Creditors: Amounts falling due within one year	5	(253,038)	(328,866)
Net current liabilities		(65,500)	(57,595)
Total assets less current liabilities		720,856	745,401
Creditors: Amounts falling due after more than one year	5	(680,000)	(720,000)
Net assets		40,856	25,401
Capital and reserves
Called up share capital	6	100	100
Profit and loss account		40,756	25,301
Total equity		40,856	25,401

For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

Peacemills Limited

(Registration number: 09999907)
Balance Sheet as at 31 December 2018

Approved and authorised by the director on 27 September 2019
 

.........................................

Mr Paul Hearn
Director

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Peacemills Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Tax Partnership
2 Cheapside
Derby
Derbyshire
DE1 1BR
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold Property	50 years

Page 4

Peacemills Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 January 2018	832,118	832,118
At 31 December 2018	832,118	832,118
Depreciation
At 1 January 2018	29,122	29,122
Charge for the year	16,640	16,640
At 31 December 2018	45,762	45,762
Carrying amount
At 31 December 2018	786,356	786,356
At 31 December 2017	802,996	802,996

Included within the net book value of land and buildings above is £786,356 (2017 - £802,996) in respect of freehold land and buildings.
 

Page 5

Peacemills Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

4

Debtors

	Note	2018 £	2017 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	8	90,000	158,168
Other debtors		2,714	2,714
		92,714	160,882

5

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Bank loans and overdrafts	7	40,000	40,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest	8	205,000	275,000
Accruals and deferred income		510	480
Other creditors		7,528	13,386
		253,038	328,866

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings	7	680,000	720,000

6	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

Page 6

Peacemills Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

7	Loans and borrowings

	2018 £	2017 £
Non-current loans and borrowings
Bank borrowings	680,000	720,000

	2018 £	2017 £
Current loans and borrowings
Bank borrowings	40,000	40,000

8	Related party transactions

Summary of transactions with other related parties

The following amounts are owed to related companies under common control.
 The loans are interest free and repayable on demand.
 

Loans to related parties

2018	Other related parties £
At start of period	158,168
Repaid	(68,168)
At end of period	90,000

2017	Other related parties £
Advanced	158,168

Loans from related parties

2018	Other related parties £
At start of period	275,000
Repaid	(70,000)
At end of period	205,000

Page 7

Peacemills Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

2017	Other related parties £
At start of period	706,832
Repaid	(431,832)
At end of period	275,000

Page 8