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Registration number: 05386803

PIHL Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

PIHL Services Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

PIHL Services Limited

Company Information

Directors

S L Gumm

N M Leslau

Company secretary

S L Gumm

Registered office

Cavendish House
18 Cavendish Square
London
W1G 0PJ

 

PIHL Services Limited

(Registration number: 05386803)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

267,988

18,666

Current assets

 

Debtors

5

420,471

377,377

Creditors: Amounts falling due within one year

6

(910,198)

(68,587)

Net current (liabilities)/assets

 

(489,727)

308,790

Net (liabilities)/assets

 

(221,739)

327,456

Capital and reserves

 

Called up share capital

7

2

2

Profit and loss account

(221,741)

327,454

Shareholders' (deficit)/funds

 

(221,739)

327,456

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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. The statement of comprehensive income and the directors' report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised by the Board on 22 November 2023 and signed on its behalf by:
 

.........................................
N M Leslau
Director

 

PIHL Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England. The registered office address is shown on page 1.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will be able to meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date on which these financial statements are approved. The company is dependent on the continuing support of its parent undertaking to meet its liabilities and the parent undertaking has confirmed that it will provide financial support to enable the company to meet its obligations as they fall due for the foreseeable future.

Summary of significant accounting policies

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.

Turnover

Turnover represents rent receivable during the year, excluding VAT. Turnover arises solely in the United Kingdom. Where rent free periods have been given to subtenants the rent receivable is spread over the period until the earlier of first tenant break option or lease expiry.

Tax

The tax expense for the year comprises current and deferred tax, where applicable. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the end of the reporting date and that are expected to apply to the reversal of the timing difference.

 

PIHL Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2

Accounting policies (continued)

Current and deferred tax assets and liabilities are not discounted.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

Straight line basis over 18 months

Fixtures and fittings

Straight line basis over 10 years

Leasehold improvements

Straight line basis over 5 years

Trade debtors

Trade debtors are amounts due from subtenants 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 and services that have been provided in the ordinary course of business by suppliers. Trade creditors 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.

Operating leases

Annual rentals payable and receivable under operating leases are charged or credited to profit or loss on a straight line basis over the term of the lease.

Rent free periods and lease incentives are spread over the period until the earlier of the lease expiry and the date rentals are expected to revert to the prevailing market rate.

Financial instruments

Classification
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.
 Recognition and measurement
The company's trade and other debtors and trade and other creditors are measured initially at transaction price, and subsequently at amortised cost using the effective interest method, where appropriate.
 

 

PIHL Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

3

Director information

The company had 2 directors during the year (2022 - 2). The directors did not receive any remuneration in the year (2022 - £nil).

4

Tangible assets

Leasehold improvements
£

Fixtures and fittings
 £

Office equipment
£

Total
£

Cost

At 1 March 2022

-

15,000

6,000

21,000

Additions in the year

213,102

66,508

-

279,610

At 28 February 2023

213,102

81,508

6,000

300,610

Depreciation

At 1 March 2022

-

1,667

667

2,334

Charge for the year

13,713

12,575

4,000

30,288

At 28 February 2023

13,713

14,242

4,667

32,622

Carrying amount

At 28 February 2023

199,389

67,266

1,333

267,988

At 28 February 2022

-

13,333

5,333

18,666

 

PIHL Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Debtors

2023
£

2022
£

Trade debtors

84,614

64,572

Amounts owed by parent undertaking

-

12,107

Prepayments

191,656

188,557

Other debtors

144,201

112,141

 

420,471

377,377

Included in other debtors is £5,985 (2022 - £13,710) relating to rent free periods granted to subtenants.

6

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

67,229

40,740

Amounts owed to parent undertaking

682,609

-

VAT payable

10,749

-

Accruals and deferred income

149,611

27,847

910,198

68,587

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         
 

PIHL Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Operating leases

As at 28 February 2023, the company had total future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
£

2022
£

Less than one year

700,000

700,000

Between one and five years

2,745,556

2,800,000

More than five years

-

698,000

3,445,556

4,198,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £700,000 (11 months period ended 28 February 2022 - £639,872).

9

Related party transactions

Summary of transactions with other group entities

During the year, the company leased offices from 18 Cavendish Square Limited, whose ultimate parent undertaking is Yoginvest Limited. The rent payable to 18 Cavendish Square Limited included in the profit and loss account as an expense during the year was £700,000 (2022 - £639,872), of which £nil was owed at the balance sheet date (2022 - £nil).

The company has taken advantage of exemption available in FRS 102 Section 1A not to disclose any transactions with its parent undertaking and other wholly owned subsidiary undertakings of its parent undertaking.

 

10

Parent undertaking and ultimate controlling party

At 28 February 2023, the company's immediate parent undertaking was Prestbury Investment Holdings Limited, incorporated in England, with registered office at Cavendish House, 18 Cavendish Square, London, W1G 0PJ and its ultimate parent undertaking was Yoginvest Limited, incorporated in England, with registered office at Belfry House, Champions Way, Hendon, London, NW4 1PX. Neither company prepares consolidated financial statements on the basis that each is the parent undertaking of a small group.

N M Leslau is the ultimate controlling party of Yoginvest Limited and the company.