Peakair Limited Company Accounts

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COMPANY REGISTRATION NUMBER: 03078472

PEAKAIR LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 August 2017

PEAKAIR LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2017

Contents	Pages

Balance sheet 1

Notes to the financial statements 2 to 4

PEAKAIR LIMITED

BALANCE SHEET

31 August 2017

	2017	2016
Note	£	£

Fixed assets

Tangible assets	5	489,991	489,991

Current assets

Debtors	6	470,958	130,285
Cash at bank and in hand		24,303	52,377
		------------	------------
		495,261	182,662

Creditors: amounts falling due within one year	7	( 326,079)	( 25,249)
		------------	------------
Net current assets		169,182	157,413
		------------	------------
Total assets less current liabilities		659,173	647,404
		------------	------------
Net assets		659,173	647,404
		------------	------------

Capital and reserves

Called up share capital	8	1,000	1,000
Profit and loss account		658,173	646,404
		------------	------------
Members funds		659,173	647,404
		------------	------------

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 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 profit and loss account has not been delivered.

For the year ending 31 August 2017 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 .

These financial statements were approved by the board of directors and authorised for issue on 20 December 2017 , and are signed on behalf of the board by:

J Eastwood

Director

Company registration number: 03078472

PEAKAIR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2017

1. General information

The company is a private company limited by shares, registered in England and Wales, registration number03078472. The address of the registered office is Northumberland House, Northumberland Street, Huddersfield, HD1 1DT.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover represents the value of rental income receivable from tenants.

Taxation

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.

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:

	Fixtures & Fittings	-	Over 5 years

FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" requires properties held for investment to be included in the Balance Sheet at their fair value when it can be measured reliably without undue cost or effort. The directors consider that to comply with this requirement annually would involve unjustifiable expense and therefore the investment properties are included at cost less depreciation.

Financial instruments

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 entity after deducting all of its financial liabilities.

4. Tax on profit

Major components of tax expense

	2017	2016
	£	£

Current tax:

UK current tax expense	15,646	18,253
	------------	------------
Tax on profit	15,646	18,253
	------------	------------

5. Tangible assets

	Investment Property	Fixtures and fittings	Total
	£	£	£
Cost
At 1 September 2016 and 31 August 2017	489,989	9,304	499,293
	------------	------------	------------
Depreciation
At 1 September 2016 and 31 August 2017	–	9,302	9,302
	------------	------------	------------
Carrying amount
At 31 August 2017	489,989	2	489,991
	------------	------------	------------

6. Debtors

	2017	2016
	£	£
Trade debtors	20,958	8,385
Other loans	450,000	115,000
Director's loan (note 9)	–	6,900
	------------	------------
	470,958	130,285
	------------	------------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	–	263
Accruals and deferred income	10,433	6,733
Corporation tax	15,646	18,253
Other loans	300,000	–
	------------	------------
	326,079	25,249
	------------	------------

8. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	------------	------------	------------	------------

9. Directors' advances, credits and guarantees

The director's loan at note 6 for the prior year was unsecured, repayable on demand and interest-free. It was settled in full during the year and therefore a nil balance is shown this year. The other loans at note 7 include director loan which was unsecured, repayable in one year and at interest rate of 5% per annum.

10. Controlling party

There is no one controlling party of the company .

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.

No transitional adjustments were required in equity or profit or loss for the year.