Pump Street Holdings Limited
Unaudited Financial Statements
For the year ended 30 April 2023
Pages for Filing with Registrar
Company Registration No. 10450840 (England and Wales)
Pump Street Holdings Limited
Company Information
Directors
J Brennan
F Brennan
C Brennan
Company number
10450840
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Pump Street Holdings Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Pump Street Holdings Limited
Balance Sheet
As at 30 April 2023
30 April 2023
Page 1
30 April 2023
30 April 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
52,611
105,222
Tangible assets
4
604,184
585,589
Investment properties
5
354,265
Investments
6
2,623,681
2,623,681
3,634,741
3,314,492
Current assets
Debtors
7
1,435,701
932,709
Cash at bank and in hand
1,124,752
91,957
2,560,453
1,024,666
Creditors: amounts falling due within one year
8
(312,639)
(340,115)
Net current assets
2,247,814
684,551
Total assets less current liabilities
5,882,555
3,999,043
Creditors: amounts falling due after more than one year
9
(4,213,224)
(3,967,557)
Net assets
1,669,331
31,486
Capital and reserves
Called up share capital
10
1,821
1,821
Profit and loss reserves
1,667,510
29,665
Total equity
1,669,331
31,486
Pump Street Holdings Limited
Balance Sheet (Continued)
As at 30 April 2023
30 April 2023
Page 2
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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 by the board of directors and authorised for issue on 12 January 2024 and are signed on its behalf by:
C Brennan
Director
Company Registration No. 10450840
Pump Street Holdings Limited
Notes to the Financial Statements
For the year ended 30 April 2023
Page 3
1
Accounting policies
Company information
Pump Street Holdings Limited is a private company limited by shares domiciled & incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with section 1A of 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 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. The principal accounting policies adopted are set out below.
1.2
Going concern
At the period end the company had net assets of £1,669,331 (2022: £31,486). The company issued a deep discounted security during the period which is not due within 12 months. The company has sufficient net current assets to continue trading for at least 12 months from the approval of the financial statements.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 4 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
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:
Land and buildings
Not being depreciated
Plant and machinery
25% straight line
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.
Pump Street Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
1
Accounting policies
(Continued)
Page 4
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
1.8
Cash at bank and in hand
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.
Pump Street Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
1
Accounting policies
(Continued)
Page 5
1.9
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.
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.
1.10
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
Pump Street Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
1
Accounting policies
(Continued)
Page 6
1.11
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.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
210,444
Amortisation and impairment
At 1 May 2022
105,222
Amortisation charged for the year
52,611
At 30 April 2023
157,833
Carrying amount
At 30 April 2023
52,611
At 30 April 2022
105,222
Pump Street Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
3
Intangible fixed assets
(Continued)
Page 7
On 1 May 2019, the company issued 21 shares in exchange for the business of an LLP which was subsequently transferred to a subsidiary. The associated goodwill is being written off over 4 years.
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2022
567,000
24,785
591,785
Additions
33,055
33,055
At 30 April 2023
567,000
57,840
624,840
Depreciation and impairment
At 1 May 2022
6,196
6,196
Depreciation charged in the year
14,460
14,460
At 30 April 2023
20,656
20,656
Carrying amount
At 30 April 2023
567,000
37,184
604,184
At 30 April 2022
567,000
18,589
585,589
5
Investment property
2023
£
Fair value
At 1 May 2022
Additions
354,265
At 30 April 2023
354,265
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2,623,681
2,623,681
Pump Street Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
Page 8
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts due from group undertakings
1,299,103
669,059
Other debtors
136,598
263,650
1,435,701
932,709
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
23,065
26,165
Other creditors
286,574
310,950
Accruals and deferred income
3,000
3,000
312,639
340,115
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
4,213,224
3,967,557
Other creditors above comprises a deep discounted security which was issued on 1 December 2017 for £3,055,330 which is being unwound over 7 years. The unwinding charge for the period was £287,725 (2022: £283,262).
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1,821
1,821
1,821
1,821
11
Related party transactions
The company has taken advantage of the exemptions in FRS 102 to not disclose transactions with group companies.
Included within other creditors is a balance of £286,574 (2022: £310,950) owed to a director.
Included within other creditors is a deeply discounted security of £4,213,224 (2022: £3,967,557) owed to a related company.
Included within other debtors is £109,266 (2022: £43.235) owed from related parties.