Peosys Limited
Notes to the Financial Statements
For the Year Ended 31 August 2021
Peosys Limited is a private company, limited by shares and incorporated in England and Wales, registration number 03198468. The registered office address is 3 Tickhill Street, Bradford, West Yorkshire, BD3 9RY.
The principle activity of the company in the year under review was software and website development.
The financial statements are reported in pounds sterling and have been rounded to the nearest £1.
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Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
Despite the company reporting net liabilities of £163,526 (2020 - £161,101) as at the balance sheet date, the financial statements have been prepared on the going concern basis. Included within "Creditors" (note 7), is an amount of £163,766 (2020 - £161,416) due to the Director who has confirmed that he will not call for repayment of this sum until the company has sufficient cash reserves to do so.
For this reason, the Director continues to adopt the going concern basis in preparing the financial statements.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Fixtures, fittings and equipment
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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