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Registration number: 01216587

Pinemill Limited

Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Pinemill Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Pinemill Limited

Company Information

Directors

Mrs J A Steinhouse

Mrs R L Maxwell

Company secretary

Mrs J A Steinhouse

Registered office

Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

Accountants

Landmark Accountants Limited
Chartered Accountants
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

Pinemill Limited

(Registration number: 01216587)
Balance Sheet as at 30 June 2023

Note

2023

2022

   

£

£

£

£

Current assets

   

 

Stocks

4

 

155,417

 

155,417

Debtors

5

 

82,721

 

68,823

Cash at bank and in hand

   

1,543,525

 

1,627,011

   

1,781,663

 

1,851,251

Creditors: Amounts falling due within one year

6

 

(84,819)

 

(115,086)

Net assets

   

1,696,844

 

1,736,165

Capital and reserves

   

 

Called up share capital

100

 

100

 

Profit and loss account

1,696,744

 

1,736,065

 

Total equity

   

1,696,844

 

1,736,165

For the financial year ending 30 June 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 18 October 2023 and signed on its behalf by:
 

.........................................
Mrs J A Steinhouse
Company secretary and director

 

Pinemill Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS
United Kingdom

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.

The presentational currency of these financial statements is £ sterling. The level of rounding is to the nearest £1.

Revenue recognition

Revenue from the sale of properties is recognised when the significant risks and rewards of ownership have passed to the buyer (usually on completion of contracts), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity, and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental income from operating leases is recognised on a straight-line basis over the period of the lease.

Tax

The tax expense for the period comprises current 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.

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.

 

Pinemill Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Trade debtors

Trade debtors are amounts due from tenants under operating leases.

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.

Stocks

Property stock is held at the lower of cost and estimated selling price less costs to complete. Cost of property stock comprises of purchase price and, where applicable, direct costs incurred in acquiring the property and bringing it to its present condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of property stock over its estimated selling price less costs to complete is recognised as an impairment loss in the profit & loss account. Reversals of impairment losses are also recognised in the profit & loss account.

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.

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.

 

Pinemill Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Stocks

2023
£

2022
£

Other inventories

155,417

155,417

5

Debtors

2023
£

2022
£

Trade debtors

20,407

18,235

Prepayments

3,681

935

Other debtors

58,633

49,653

 

82,721

68,823

6

Creditors

Note

2023
£

2022
£

Bank loans and overdrafts

7

4,223

8,269

Trade creditors

 

589

-

Amounts owed to related parties

10,199

47,631

Taxation and social security

 

1,760

3,990

Other creditors

 

68,048

55,196

 

84,819

115,086

 

Pinemill Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

4,223

8,269