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REGISTERED NUMBER: 08519918 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 31 March 2023

for

Pier Financial Investments Limited

Pier Financial Investments Limited (Registered number: 08519918)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Statement of Income and Retained Earnings 6

Statement of Financial Position 7

Statement of Cash Flows 8

Notes to the Statement of Cash Flows 9

Notes to the Financial Statements 10


Pier Financial Investments Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: S J Antram
Ms T Colverd



REGISTERED OFFICE: 46 Old Steine
Brighton
East Sussex
BN1 1NH



REGISTERED NUMBER: 08519918 (England and Wales)



SENIOR STATUTORY AUDITOR: Nicholas Baldwin



AUDITORS: Baldwin Scofield Ltd
3 Newhouse Business Centre
Old Crawley Road
Horsham
West Sussex
RH12 4RU

Pier Financial Investments Limited (Registered number: 08519918)

Report of the Directors
for the Year Ended 31 March 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

DIVIDENDS
An interim dividend of 2.42 pence per share was paid on 31 March 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2023 will be £ 250,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

S J Antram
Ms T Colverd

STRATEGIC REPORT
Disclosure requirements for the Strategic Report have been met as the relevant information has been included in the Group's Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Baldwin Scofield Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Ms T Colverd - Director


25 July 2023

Report of the Independent Auditors to the Members of
Pier Financial Investments Limited

Opinion
We have audited the financial statements of Pier Financial Investments Limited (the 'company') for the year ended 31 March 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Pier Financial Investments Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework in conformity with the requirements of the Companies Act 2006 and the relevant direct and indirect tax compliance regulations in the United Kingdom.

We understood how Pier Financial Investments Limited is complying with those frameworks by making enquiries of management to understand how the Company maintains and communicates its policies and procedures in these areas and corroborated this by reviewing supporting documentation and minutes of meetings of those charged with governance.

We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur by considering the risk of management override to be a fraud risk. In addition, we considered the risk of management override by sampling from the entire population of journals, identifying specific transactions which did not meet our expectations based on specific criteria and investigated these to gain an understanding and then agree back to source documentation.

Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved verifying that material transactions were recorded in compliance with Financial Reporting Standards in conformity with the requirements of the Companies Act 2006.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Pier Financial Investments Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Nicholas Baldwin (Senior Statutory Auditor)
for and on behalf of Baldwin Scofield Ltd
3 Newhouse Business Centre
Old Crawley Road
Horsham
West Sussex
RH12 4RU

25 July 2023

Pier Financial Investments Limited (Registered number: 08519918)

Statement of Income and Retained Earnings
for the Year Ended 31 March 2023

Year Ended Period
31.3.23 1.6.21 to 31.3.22
Notes £    £    £    £   

TURNOVER 1,563,822 1,463,186

Cost of sales 232,274 247,441
GROSS PROFIT 1,331,548 1,215,745

Distribution costs 35,012 200,302
Administrative expenses 478,960 384,547
513,972 584,849
OPERATING PROFIT 4 817,576 630,896

Interest receivable and similar income - 2
PROFIT BEFORE TAXATION 817,576 630,898

Tax on profit 5 167,435 162,012
PROFIT FOR THE FINANCIAL YEAR 650,141 468,886

Retained earnings at beginning of year 660,198 191,312

Dividends 6 (250,000 ) -

RETAINED EARNINGS AT END OF
YEAR

1,060,339

660,198

Pier Financial Investments Limited (Registered number: 08519918)

Statement of Financial Position
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 - 995,015
Tangible assets 8 707 1,231
707 996,246

CURRENT ASSETS
Debtors 9 1,102,381 299,014
Cash at bank 410,522 713,935
1,512,903 1,012,949
CREDITORS
Amounts falling due within one year 10 199,226 250,678
NET CURRENT ASSETS 1,313,677 762,271
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,314,384

1,758,517

CREDITORS
Amounts falling due after more than one
year

11

150,741

995,015
NET ASSETS 1,163,643 763,502

CAPITAL AND RESERVES
Called up share capital 13 103,304 103,304
Retained earnings 14 1,060,339 660,198
SHAREHOLDERS' FUNDS 1,163,643 763,502

The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2023 and were signed on its behalf by:





Ms T Colverd - Director


Pier Financial Investments Limited (Registered number: 08519918)

Statement of Cash Flows
for the Year Ended 31 March 2023

Period
1.6.21
Year Ended to
31.3.23 31.3.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 897,774 725,152
Tax paid (166,175 ) (65,612 )
Net cash from operating activities 731,599 659,540

Cash flows from investing activities
Sale of intangible fixed assets 960,003 -
Interest received - 2
Net cash from investing activities 960,003 2

Cash flows from financing activities
New advances in the year (750,000 ) -
Loan repayments in year (995,015 ) (197,625 )
Share issue - 1,224
Equity dividends paid (250,000 ) -
Net cash from financing activities (1,995,015 ) (196,401 )

(Decrease)/increase in cash and cash equivalents (303,413 ) 463,141
Cash and cash equivalents at beginning of
year

2

713,935

250,794

Cash and cash equivalents at end of year 2 410,522 713,935

Pier Financial Investments Limited (Registered number: 08519918)

Notes to the Statement of Cash Flows
for the Year Ended 31 March 2023

1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM
OPERATIONS
Period
1.6.21
Year Ended to
31.3.23 31.3.22
£    £   
Profit for the financial year 650,141 468,886
Depreciation charges 35,320 200,626
Loss on disposal of fixed assets 217 -
Finance income - (2 )
Taxation 167,435 162,012
853,113 831,522
Increase in trade and other debtors (153,444 ) (79,381 )
Increase/(decrease) in trade and other creditors 198,105 (26,989 )
Cash generated from operations 897,774 725,152

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 410,522 713,935
Period ended 31 March 2022
31.3.22 1.6.21
£    £   
Cash and cash equivalents 713,935 250,794


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank 713,935 (303,413 ) 410,522
713,935 (303,413 ) 410,522
Debt
Debts falling due within 1 year (6,961 ) 6,961 -
(6,961 ) 6,961 -
Total 706,974 (296,452 ) 410,522

Pier Financial Investments Limited (Registered number: 08519918)

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

1. STATUTORY INFORMATION

Pier Financial Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Investment, being the amount paid in connection with business acquisitions, is being amortised based on the carrying value of the investments estimated at a useful life of 5 to 8 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Pier Financial Investments Limited (Registered number: 08519918)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. EMPLOYEES AND DIRECTORS
Period
1.6.21
Year Ended to
31.3.23 31.3.22
£    £   
Wages and salaries 305,907 124,405
Social security costs 34,683 12,917
Other pension costs 7,260 2,079
347,850 139,401

The average number of employees during the year was as follows:
Period
1.6.21
Year Ended to
31.3.23 31.3.22

Average number of employees 7 5

Period
1.6.21
Year Ended to
31.3.23 31.3.22
£    £   
Directors' remuneration - 28,583

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
1.6.21
Year Ended to
31.3.23 31.3.22
£    £   
Other operating leases (800 ) 8,000
Depreciation - owned assets 307 324
Loss on disposal of fixed assets 217 -
Investment amortisation 35,012 200,302

Pier Financial Investments Limited (Registered number: 08519918)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.6.21
Year Ended to
31.3.23 31.3.22
£    £   
Current tax:
UK corporation tax 167,359 161,942

Deferred tax 76 70
Tax on profit 167,435 162,012

6. DIVIDENDS
Period
1.6.21
Year Ended to
31.3.23 31.3.22
£    £   
Ordinary shares shares of £0.01 each
Interim 250,000 -

7. INTANGIBLE FIXED ASSETS
Investment
£   
COST
At 1 April 2022 1,500,000
Disposals (1,500,000 )
At 31 March 2023 -
AMORTISATION
At 1 April 2022 504,985
Amortisation for year 35,012
Eliminated on disposal (539,997 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 995,015

Pier Financial Investments Limited (Registered number: 08519918)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2022 25,190
Disposals (3,138 )
At 31 March 2023 22,052
DEPRECIATION
At 1 April 2022 23,959
Charge for year 307
Eliminated on disposal (2,921 )
At 31 March 2023 21,345
NET BOOK VALUE
At 31 March 2023 707
At 31 March 2022 1,231

9. DEBTORS
31.3.23 31.3.22
£    £   
Amounts falling due within one year:
Trade debtors 8,525 12,611
Other debtors 143,962 160,889
Deferred tax asset 437 514
152,924 174,014

Amounts falling due after more than one year:
Amounts owed by group undertakings 949,457 125,000

Aggregate amounts 1,102,381 299,014

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Other loans (see note 12) - 6,961
Trade creditors 2,194 46,856
Tax 163,127 161,943
Other creditors 43 784
Pensions payable 169 1,600
Accrued expenses 33,693 32,534
199,226 250,678

Pier Financial Investments Limited (Registered number: 08519918)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Amounts owed to group undertakings 150,741 -
Other loans - 995,015
150,741 995,015

12. LOANS

An analysis of the maturity of loans is given below:

31.3.23 31.3.22
£    £   
Amounts falling due within one year or on demand:
Other loans - 6,961

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
10,330,400 Ordinary shares £0.01 103,304 103,304

14. RESERVES
Retained
earnings
£   

At 1 April 2022 660,198
Profit for the year 650,141
Dividends (250,000 )
At 31 March 2023 1,060,339

15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Matthew Joseph Rourke. At the balance sheet date this control was exercised through the intermediate holding company, Cow Corner Investments (No 2) Ltd. On 19 May 2023 the intermediate holding company became Pier Financial Investments Holdco Ltd to whom Cow Corner Investments (No 2) Ltd transferred its shares on that date