REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2022 |
for |
Pebbleford Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2022 |
for |
Pebbleford Limited |
Pebbleford Limited (Registered number: 02077562) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Pebbleford Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditor |
67 Westow Street |
Upper Norwood |
London |
SE19 3RW |
Pebbleford Limited (Registered number: 02077562) |
Balance Sheet |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Revaluation reserve | 14 |
Fair value reserve | 14 |
Retained earnings | 14 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Pebbleford Limited (Registered number: 02077562) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Pebbleford Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention as modified by the recognition of certain financial assets and liabilities measured at fair value. |
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 |
Freehold property | - |
Investment property |
Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure. Investment properties are measured at fair value. The surplus or deficit arising on the revaluation of investment properties at their fair values are recognised in the income statement. |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Pebbleford Limited (Registered number: 02077562) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
AMORTISATION |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
6. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST OR VALUATION |
Additions |
Revaluations |
Reclassification/transfer |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
The company owns the freehold at 29-33 Norfolk Square, London (The hotel). The property was previously disclosed as an investment property as the hotel was operated by a fellow group company. The impact of Covid forced the closure of the hotel and the company reassessed the future use and operation of the property. During the year the directors decided that the company will run and operate the building as a hotel and therefore the property has been reclassified to freehold property. |
The property was valued during the year at £28,600,00 based on a formal valuation carried out Savills, Chartered Surveyors. |
The historical cost of the freehold property amounts to £5,127,484 (2021 - £4,939,380). |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2022 |
Reclassification/transfer | (26,500,000 | ) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Pebbleford Limited (Registered number: 02077562) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to connected companies | 239,365 | 833,362 |
Other creditors |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | - | 806,074 |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.22 | 31.12.21 |
£ | £ |
Bank loans |
Other loans |
A secure loan was obtained in the year as part of refinancing of the bank loan and to provide additional funding for the re-development of the hotel. |
The term of the loan is 36 months from 14 September 2022 and the rate of interest applicable on the loan is 5.25% per annum. The interest rate is fixed for the term of the duration of the loan. |
The loan is secured by a fixed and floating charge over the assets of the company. |
Pebbleford Limited (Registered number: 02077562) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
12. | PROVISIONS FOR LIABILITIES |
31.12.22 | 31.12.21 |
£ | £ |
Deferred tax | 3,991,684 | 2,670,420 |
Deferred |
tax |
£ |
Balance at 1 January 2022 |
Provided during year |
Balance at 31 December 2022 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | £ | £ |
Ordinary Shares | £1 | 4,411,869 | 4,411,869 |
14. | RESERVES |
Fair |
Retained | Revaluation | value |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 January 2022 | ( |
) | 16,537,221 |
Deficit for the year | ( |
) | - | - | ( |
) |
Revaluation of property | - | 1,911,896 | - | 1,911,896 |
Deferred taxation | - | (1,321,264 | ) | - | (1,321,264 | ) |
Reclassification | - | 18,890,200 | (18,890,200 | ) | - |
At 31 December 2022 | ( |
) | 16,046,800 |
15. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
16. | ULTIMATE PARENT COMPANY |
The ultimate controlling party is the Doana Establishment based in Liechenstein which holds 100% of the share capital in this company. |