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REGISTERED NUMBER: 02077562 (England and Wales)















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: M Wachter
O O Muttawa
A O Muttawa





SECRETARY: O O Muttawa





REGISTERED OFFICE: 67 Westow Street
Upper Norwood
London
SE19 3RW





REGISTERED NUMBER: 02077562 (England and Wales)





AUDITORS: CWF & Partners Ltd
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 1 1
Tangible assets 6 28,600,000 -
Investment property 7 - 26,500,000
28,600,001 26,500,001

CURRENT ASSETS
Debtors 8 137,707 1
Cash at bank 110 25,534
137,817 25,535
CREDITORS
Amounts falling due within one year 9 1,374,765 1,082,487
NET CURRENT LIABILITIES (1,236,948 ) (1,056,952 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

27,363,053

25,443,049

CREDITORS
Amounts falling due after more than one
year

10

(2,912,700

)

(1,823,539

)

PROVISIONS FOR LIABILITIES 12 (3,991,684 ) (2,670,420 )
NET ASSETS 20,458,669 20,949,090

CAPITAL AND RESERVES
Called up share capital 13 4,411,869 4,411,869
Revaluation reserve 14 19,480,832 -
Fair value reserve 14 - 18,890,200
Retained earnings 14 (3,434,032 ) (2,352,979 )
SHAREHOLDERS' FUNDS 20,458,669 20,949,090

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

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 28 March 2024 and were signed on its behalf by:





O O Muttawa - Director


Pebbleford Limited (Registered number: 02077562)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Pebbleford Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost of buildings

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 3 (2021 - 3 ) .

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 1,236,726
AMORTISATION
At 1 January 2022
and 31 December 2022 1,236,725
NET BOOK VALUE
At 31 December 2022 1
At 31 December 2021 1

6. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST OR VALUATION
Additions 188,104
Revaluations 1,911,896
Reclassification/transfer 26,500,000
At 31 December 2022 28,600,000
NET BOOK VALUE
At 31 December 2022 28,600,000

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 26,500,000
Reclassification/transfer (26,500,000 )
At 31 December 2022 -
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 26,500,000


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 - 1
Other debtors 137,707 -
137,707 1

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans and overdrafts - 237,060
Trade creditors 139,589 -
Amounts owed to group undertakings 978,561 -
Amounts owed to connected companies 239,365 833,362
Other creditors 17,250 12,065
1,374,765 1,082,487

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.22 31.12.21
£    £   
Bank loans - 1,823,539
Other creditors 2,912,700 -
2,912,700 1,823,539

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 - 2,060,599
Other loans 2,912,700 -
2,912,700 2,060,599

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 2,670,420
Provided during year 1,321,264
Balance at 31 December 2022 3,991,684

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.22 31.12.21
value: £    £   
4,411,869 Ordinary Shares £1 4,411,869 4,411,869

14. RESERVES
Fair
Retained Revaluation value
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2022 (2,352,979 ) - 18,890,200 16,537,221
Deficit for the year (1,081,053 ) - - (1,081,053 )
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 (3,434,032 ) 19,480,832 - 16,046,800

15. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Georgios Georgiou (Senior Statutory Auditor)
for and on behalf of CWF & Partners Ltd

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.