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Company No: SC438253 (Scotland)

PAN5R PROPERTIES LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH THE REGISTRAR

PAN5R PROPERTIES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023

Contents

PAN5R PROPERTIES LTD

BALANCE SHEET

AS AT 31 JULY 2023
PAN5R PROPERTIES LTD

BALANCE SHEET (continued)

AS AT 31 JULY 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 0 14,000
Tangible assets 4 225,171 963,267
Investment property 5 1,317,580 0
1,542,751 977,267
Current assets
Debtors 6 6,270 577
Cash at bank and in hand 2,087 27,175
8,357 27,752
Creditors: amounts falling due within one year 7 ( 980,678) ( 465,634)
Net current liabilities (972,321) (437,882)
Total assets less current liabilities 570,430 539,385
Creditors: amounts falling due after more than one year 8 ( 482,306) ( 553,011)
Provision for liabilities ( 10,233) 0
Net assets/(liabilities) 77,891 ( 13,626)
Capital and reserves
Called-up share capital 9 1 1
Revaluation reserve 42,448 0
Profit and loss account 35,442 ( 13,627 )
Total shareholder's funds/(deficit) 77,891 ( 13,626)

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Pan5r Properties Ltd (registered number: SC438253) were approved and authorised for issue by the Director on 30 July 2024. They were signed on its behalf by:

S Panesar
Director
PAN5R PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
PAN5R PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Pan5r Properties Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Johnston Carmichael Llp First Floor, 227 West George Street, Glasgow, G2 2ND, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for property rental services.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

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. 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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 August 2022 245,000 245,000
At 31 July 2023 245,000 245,000
Accumulated amortisation
At 01 August 2022 231,000 231,000
Charge for the financial year 14,000 14,000
At 31 July 2023 245,000 245,000
Net book value
At 31 July 2023 0 0
At 31 July 2022 14,000 14,000

4. Tangible assets

Land and buildings Fixtures and fittings Total
£ £ £
Cost
At 01 August 2022 782,239 238,129 1,020,368
Disposals ( 782,239) 0 ( 782,239)
At 31 July 2023 0 238,129 238,129
Accumulated depreciation
At 01 August 2022 44,914 12,187 57,101
Charge for the financial year 0 771 771
Disposals ( 44,914) 0 ( 44,914)
At 31 July 2023 0 12,958 12,958
Net book value
At 31 July 2023 0 225,171 225,171
At 31 July 2022 737,325 225,942 963,267

5. Investment property

Investment property
£
Valuation
As at 01 August 2022 0
Additions 1,265,175
Fair value movement 52,405
As at 31 July 2023 1,317,580

Valuation

The valuation of the investment property was made as at 30 June 2022 by the directors on an open market basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 1,223,175 0

6. Debtors

2023 2022
£ £
Amounts owed by related parties 6,270 0
Other debtors 0 577
6,270 577

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 60,400 25,458
Trade creditors 3,480 0
Amounts owed to related parties 656,932 377,353
Taxation and social security 11,247 8,172
Other creditors 248,619 54,651
980,678 465,634

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 432,306 509,011
Other creditors 50,000 44,000
482,306 553,011

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

10. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts due to key management personnel 235,053 48,801

Other related party transactions

2023 2022
£ £
Amounts due to related parties 676,932 377,353
Amounts due from related parties 6,270 0