Pilgrim Capital Limited SC558832 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of an investment company. Digita Accounts Production Advanced 6.30.9574.0 true SC558832 2022-04-01 2023-03-31 SC558832 2023-03-31 SC558832 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC558832 core:RevaluationReserve 2023-03-31 SC558832 core:ShareCapital 2023-03-31 SC558832 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2023-03-31 SC558832 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2023-03-31 SC558832 core:CurrentFinancialInstruments 2023-03-31 SC558832 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC558832 core:Non-currentFinancialInstruments 2023-03-31 SC558832 bus:SmallEntities 2022-04-01 2023-03-31 SC558832 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC558832 bus:FullAccounts 2022-04-01 2023-03-31 SC558832 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 SC558832 bus:RegisteredOffice 2022-04-01 2023-03-31 SC558832 bus:Director1 2022-04-01 2023-03-31 SC558832 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC558832 countries:Scotland 2022-04-01 2023-03-31 SC558832 2022-03-31 SC558832 2021-04-01 2022-03-31 SC558832 2022-03-31 SC558832 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC558832 core:RevaluationReserve 2022-03-31 SC558832 core:ShareCapital 2022-03-31 SC558832 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2022-03-31 SC558832 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2022-03-31 SC558832 core:CurrentFinancialInstruments 2022-03-31 SC558832 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 SC558832 core:Non-currentFinancialInstruments 2022-03-31 iso4217:GBP xbrli:pure

Registration number: SC558832

Pilgrim Capital Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Pilgrim Capital Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Pilgrim Capital Limited

(Registration number: SC558832)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

625,043

625,043

Other financial assets

5

310,962

301,774

 

936,005

926,817

Current assets

 

Debtors

6

961

-

Cash at bank and in hand

 

65,683

28,591

 

66,644

28,591

Creditors: Amounts falling due within one year

7

(822,796)

(820,843)

Net current liabilities

 

(756,152)

(792,252)

Total assets less current liabilities

 

179,853

134,565

Provisions for liabilities

(1,097)

(110)

Net assets

 

178,756

134,455

Capital and reserves

 

Called up share capital

360

360

Revaluation reserve

4,677

470

Retained earnings

173,719

133,625

Shareholders' funds

 

178,756

134,455

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 October 2023 and signed on its behalf by:
 

.........................................
S T Coates
Director

 

Pilgrim Capital Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
14-15 Main Street
Longniddry
East Lothian
EH32 0NF

These financial statements were authorised for issue by the Board on 9 October 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Pilgrim Capital Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Pilgrim Capital Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Investment properties

2023
£

At 1 April

625,043

At 31 March

625,043

There has been no valuation of investment property by an independent valuer.

5

Other financial assets (current and non-current)

2023
£

2022
£

Non-current financial assets

Listed shares held

209,768

200,580

Unlisted shares held

101,194

101,194

310,962

301,774

6

Debtors

Current

2023
£

2022
£

Other debtors

961

-

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

650,000

650,000

Taxation and social security

 

10,642

10,065

Other creditors

 

15,785

15,084

Directors loan

 

146,369

145,694

 

822,796

820,843

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

650,000

650,000