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Company registration number: 13522372
Pier Holdings (SW) Limited
Unaudited filleted financial statements
31 July 2022
PIER HOLDINGS (SW) LIMITED
DIRECTORS AND OTHER INFORMATION
Directors Mr S Wallis (Appointed 21 July 2021)
Mrs J Wallis (Appointed 21 July 2021)
Mr J Martin (Appointed 21 July 2021)
Mrs J Martin (Appointed 21 July 2021)
Company number 13522372
Registered office 47 Boutport Street
Barnstaple
Devon
EX31 1SQ
Accountants Westcotts
47 Boutport Street
Barnstaple
Devon
EX31 1SQ
PIER HOLDINGS (SW) LIMITED
STATEMENT OF FINANCIAL POSITION
31 JULY 2022
31/07/22
Note £ £
Fixed assets
Investments 5 2,085,671
_______
2,085,671
Current assets
Debtors 6 2,516,075
Cash at bank and in hand 179,408
_______
2,695,483
Creditors: amounts falling due
within one year 7 ( 3,491,252)
_______
Net current liabilities ( 795,769)
_______
Total assets less current liabilities 1,289,902
Creditors: amounts falling due
after more than one year 8 ( 1,344,393)
_______
Net liabilities ( 54,491)
_______
Capital and reserves
Called up share capital 200
Profit and loss account 9 ( 54,691)
_______
Shareholders deficit ( 54,491)
_______
For the period ending 31 July 2022 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 financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 October 2023 , and are signed on behalf of the board by:
Mr S Wallis
Director
Company registration number: 13522372
PIER HOLDINGS (SW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD ENDED 31 JULY 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 47 Boutport Street, Barnstaple, Devon, EX31 1SQ.
Principal activity
The principal activity of the company is that of a holding company.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has net liabilities at 31 July 2022, the accounts have been prepared on a going concern basis due to the ongoing support of the company's directors.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term, highly-liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 4
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 21 July 2021 - -
Additions 2,085,671 2,085,671
_______ _______
At 31 July 2022 2,085,671 2,085,671
_______ _______
Impairment
At 21 July 2021 and 31 July 2022 - -
_______ _______
Carrying amount
At 31 July 2022 2,085,671 2,085,671
_______ _______
6. Debtors
31/07/22
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest 2,516,075
_______
7. Creditors: amounts falling due within one year
31/07/22
£
Bank loans and overdrafts 122,397
Amounts owed to group undertakings and undertakings in which the company has a participating interest 3,166,355
Accruals and deferred income 23,333
Other creditors 179,167
_______
3,491,252
_______
The bank loan is secured by a fixed and floating charge over all assets of the company.
8. Creditors: amounts falling due after more than one year
31/07/22
£
Bank loans and overdrafts 1,344,393
_______
The bank loan is secured by a fixed and floating charge over all assets of the company.
Included within creditors: amounts falling due after more than one year is an amount of £ 788,902 (2021 £ - ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan is secured by a fixed and floating charge over all assets of the company.
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.