Company registration number 10718076 (England and Wales)
PLEDGE HOSPITALITY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
PLEDGE HOSPITALITY LTD
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 7
PLEDGE HOSPITALITY LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

PLEDGE HOSPITALITY LTD
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
49,287
57,465
Current assets
Debtors
5
176,166
21,810
Creditors: amounts falling due within one year
6
(339,601)
(113,971)
Net current liabilities
(163,435)
(92,161)
Total assets less current liabilities
(114,148)
(34,696)
Creditors: amounts falling due after more than one year
7
(50,000)
(50,000)
Net liabilities
(164,148)
(84,696)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(164,248)
(84,796)
Total equity
(164,148)
(84,696)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 23 November 2023
Mr G Singh
Director
Company Registration No. 10718076
PLEDGE HOSPITALITY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information

Pledge Hospitality Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1A Hyde Park Gate, London, SW7 5EW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), 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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10%
PLEDGE HOSPITALITY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

PLEDGE HOSPITALITY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

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

 

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

PLEDGE HOSPITALITY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
-
0
-
0
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2021 and 31 December 2021
85,627
Depreciation and impairment
At 1 January 2021
28,162
Depreciation charged in the year
8,178
At 31 December 2021
36,340
Carrying amount
At 31 December 2021
49,287
At 31 December 2020
57,465
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
114,042
-
0
Other debtors
62,124
21,810
176,166
21,810
PLEDGE HOSPITALITY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
6,462
29
Trade creditors
-
0
1,739
Amounts owed to group undertakings
37,950
18,047
Corporation tax
3,893
3,893
Other taxation and social security
27,046
30,260
Other creditors
264,250
60,003
339,601
113,971
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
50,000
50,000
8
Related party transactions

As at 31 December 2021 G Singh, a director and share holder in Pledge Hospitality Ltd had received an interest free loan of £40,314. This loan was repaid to the company within 9 months of the year end. During the year licence fees of £196,000 were charged to the company by the director.

 

 

As at 31 December 2021 Pledge Hospitality Ltd owed £37,950 to Pledge Capital Ltd, its parent company.

 

As at 31 December 2021 Pledge Hospitality Ltd was owed £114,042 by Propertech AI Ltd, a related company in which the parent company of Pledge Hospitality is the majority shareholder.

2021-12-312021-01-01false24 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr G Singhfalse107180762021-01-012021-12-31107180762021-12-31107180762020-12-3110718076core:LandBuildings2021-12-3110718076core:LandBuildings2020-12-3110718076core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3110718076core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-3110718076core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3110718076core:Non-currentFinancialInstrumentscore:AfterOneYear2020-12-3110718076core:CurrentFinancialInstruments2021-12-3110718076core:CurrentFinancialInstruments2020-12-3110718076core:ShareCapital2021-12-3110718076core:ShareCapital2020-12-3110718076core:RetainedEarningsAccumulatedLosses2021-12-3110718076core:RetainedEarningsAccumulatedLosses2020-12-3110718076bus:Director12021-01-012021-12-3110718076core:LandBuildingscore:LongLeaseholdAssets2021-01-012021-12-31107180762020-01-012020-12-3110718076core:LandBuildings2020-12-3110718076core:LandBuildings2021-01-012021-12-3110718076core:WithinOneYear2021-12-3110718076core:WithinOneYear2020-12-3110718076core:Non-currentFinancialInstruments2021-12-3110718076core:Non-currentFinancialInstruments2020-12-3110718076bus:PrivateLimitedCompanyLtd2021-01-012021-12-3110718076bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-3110718076bus:FRS1022021-01-012021-12-3110718076bus:AuditExemptWithAccountantsReport2021-01-012021-12-3110718076bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP