Silverfin false 31/12/2021 31/12/2021 01/01/2021 G S P Connor S V Cowlin A M Paterson P A Smiles 12 September 2022 The principal activity of the Company during the financial year was that of a holding company. 09921429 2021-12-31 09921429 2020-12-31 09921429 core:CurrentFinancialInstruments 2021-12-31 09921429 core:CurrentFinancialInstruments 2020-12-31 09921429 core:ShareCapital 2021-12-31 09921429 core:ShareCapital 2020-12-31 09921429 core:RetainedEarningsAccumulatedLosses 2021-12-31 09921429 core:RetainedEarningsAccumulatedLosses 2020-12-31 09921429 core:CostValuation 2020-12-31 09921429 core:CostValuation 2021-12-31 09921429 bus:OrdinaryShareClass1 2021-12-31 09921429 bus:OrdinaryShareClass2 2021-12-31 09921429 bus:OrdinaryShareClass3 2021-12-31 09921429 bus:OrdinaryShareClass4 2021-12-31 09921429 bus:OrdinaryShareClass5 2021-12-31 09921429 bus:OtherShareClass1 2021-12-31 09921429 bus:OtherShareClass2 2021-12-31 09921429 bus:OtherShareClass3 2021-12-31 09921429 2021-01-01 2021-12-31 09921429 bus:FullAccounts 2021-01-01 2021-12-31 09921429 bus:SmallEntities 2021-01-01 2021-12-31 09921429 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 09921429 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 09921429 bus:Director1 2021-01-01 2021-12-31 09921429 bus:Director2 2021-01-01 2021-12-31 09921429 bus:Director3 2021-01-01 2021-12-31 09921429 bus:Director4 2021-01-01 2021-12-31 09921429 2020-01-01 2020-12-31 09921429 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 09921429 bus:OrdinaryShareClass1 2020-01-01 2020-12-31 09921429 bus:OrdinaryShareClass2 2021-01-01 2021-12-31 09921429 bus:OrdinaryShareClass2 2020-01-01 2020-12-31 09921429 bus:OrdinaryShareClass3 2021-01-01 2021-12-31 09921429 bus:OrdinaryShareClass3 2020-01-01 2020-12-31 09921429 bus:OrdinaryShareClass4 2021-01-01 2021-12-31 09921429 bus:OrdinaryShareClass4 2020-01-01 2020-12-31 09921429 bus:OrdinaryShareClass5 2021-01-01 2021-12-31 09921429 bus:OrdinaryShareClass5 2020-01-01 2020-12-31 09921429 bus:OtherShareClass1 2021-01-01 2021-12-31 09921429 bus:OtherShareClass1 2020-01-01 2020-12-31 09921429 bus:OtherShareClass2 2021-01-01 2021-12-31 09921429 bus:OtherShareClass2 2020-01-01 2020-12-31 09921429 bus:OtherShareClass3 2021-01-01 2021-12-31 09921429 bus:OtherShareClass3 2020-01-01 2020-12-31 09921429 bus:OtherShareClass4 2021-01-01 2021-12-31 09921429 bus:OtherShareClass4 2020-01-01 2020-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09921429 (England and Wales)

PAGS HOLDINGS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2021
Pages for filing with the registrar

PAGS HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2021

Contents

PAGS HOLDINGS LIMITED

BALANCE SHEET

As at 31 December 2021
PAGS HOLDINGS LIMITED

BALANCE SHEET (continued)

As at 31 December 2021
Note 2021 2020
£ £
Fixed assets
Investments 4 753,575 753,575
753,575 753,575
Creditors
Amounts falling due within one year 5 ( 3) ( 99,825)
Net current liabilities (3) (99,825)
Total assets less current liabilities 753,572 653,750
Net assets 753,572 653,750
Capital and reserves
Called-up share capital 6 4 4
Profit and loss account 753,568 653,746
Total shareholders' funds 753,572 653,750

For the financial year ending 31 December 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of PAGS Holdings Limited (registered number: 09921429) were approved and authorised for issue by the Board of Directors on 12 September 2022. They were signed on its behalf by:

G S P Connor
Director
S V Cowlin
Director
A M Paterson
Director
P A Smiles
Director
PAGS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2021
PAGS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2021
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

PAGS Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Mill Court, Mill Hill, Edenbridge, TN8 5DB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

The company therefore continues to adopt the going concern basis in preparing its financial statements. At the time of approval of the accounts, the UK is facing unprecedented challenges arising from the Covid-19 pandemic. Every decision that the directors are currently making is based upon ensuring that the business comes through this and the directors are confident that the business is currently well placed to continue successfully negotiating these unprecedented challenges.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Impairment of assets

Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Fixed asset investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Ordinary share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Specifically, judgements and estimates are required in determining the carrying value of investments.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

3. Employees

2021 2020
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

4. Fixed asset investments

Investments in subsidiaries

2021
£
Cost
At 01 January 2021 753,575
At 31 December 2021 753,575
Carrying value at 31 December 2021 753,575
Carrying value at 31 December 2020 753,575

5. Creditors: amounts falling due within one year

2021 2020
£ £
Amounts owed to Group undertakings 0 99,822
Other creditors 3 3
3 99,825

6. Called-up share capital

2021 2020
£ £
Allotted, called-up and fully-paid
100 Ordinary D shares of £ 0.01 each (2020: nil shares) 1.00 0
1 Ordinary H share of £ 0.01 (2020: nil shares) 0.01 0
1 Ordinary G share of £ 0.01 (2020: nil shares) 0.01 0
100 Ordinary C shares of £ 0.01 each (2020: nil shares) 1.00 0
100 Ordinary A shares of £ 0.01 each (2020: nil shares) 1.00 0
1 Ordinary E share of £ 0.01 (2020: nil shares) 0.01 0
1 Ordinary F share of £ 0.01 (2020: nil shares) 0.01 0
100 Ordinary B shares of £ 0.01 each (2020: nil shares) 1.00 0
nil Ordinary shares (2020: 4 shares of £ 1.00 each) 0 4.00
4.04 4.00

During the year, 4 £1 Ordinary shares were subdivided into 400 £0.01 Ordinary shares. These shares were then reclassified into 100 Ordinary A shares of £0.01 each, 100 Ordinary B shares of £0.01 each, 100 Ordinary C shares of £0.01 each and 100 Ordinary D shares of £0.01 each.

During the year, 1 £0.01 Ordinary E share was issued at par for cash consideration.

During the year, 1 £0.01 Ordinary F share was issued at par for cash consideration.

During the year, 1 £0.01 Ordinary G share was issued at par for cash consideration.

During the year, 1 £0.01 Ordinary H share was issued at par for cash consideration.

7. Related party transactions

Transactions with the entity's directors

Repayments of £Nil (2020: £80,000) were made to the directors during the year. At the year end, the balance which remains outstanding is £Nil (2020: £Nil).

Other related party transactions

The company has taken advantage of the exemption in FRS 102 33.1A "Related Party Disclosures" from disclosing transactions with other members of the group.