REGISTERED NUMBER: |
Pinkman Limited |
Financial Statements for the Year Ended 31st March 2024 |
REGISTERED NUMBER: |
Pinkman Limited |
Financial Statements for the Year Ended 31st March 2024 |
Pinkman Limited (Registered number: 08954627) |
Contents of the Financial Statements |
for the Year Ended 31st March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Pinkman Limited |
Company Information |
for the Year Ended 31st March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
2 Oriel Court |
Omega Park |
Alton |
Hampshire |
GU34 2YT |
Pinkman Limited (Registered number: 08954627) |
Balance Sheet |
31st March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
Pinkman Limited (Registered number: 08954627) |
Balance Sheet - continued |
31st March 2024 |
2024 | 2023 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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 |
Pinkman Limited (Registered number: 08954627) |
Notes to the Financial Statements |
for the Year Ended 31st March 2024 |
1. | STATEMENT OF COMPLIANCE |
Pinkman Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is Thatched Barn, The Street, Binsted, Alton, Hampshire, GU34 4PB. The registration number is 08954627. |
The financial statements are presented in sterling, which is the functional currency of the company, and rounded to the nearest pound. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006 |
The financial statements have been prepared under the historical cost convention, except for investment properties which are held at fair value. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. |
Tangible fixed assets |
Motor vehicles | - |
Computer equipment | - |
Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate.The useful lives of these assets are estimated based on historic experience and future considerations and these are re-assessed annually. |
Any gain or loss arising on the disposal of an asset is determined by the difference between sale proceeds and carrying value of the asset, and is credited or charged to the profit or loss |
Investment property |
Investment property is included at fair value, any aggregate surplus of deficit arising from changes in fair value is recognised in profit or loss. Deferred tax is provided on this gains at the rate expected to apply when the property is sold. |
Pinkman Limited (Registered number: 08954627) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. |
Cash and cash equivalents |
These comprise cash at bank and other short term liquid investments. |
Debtors |
Short term debtors are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and loss account when there is objective evidence that the asset is impaired. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
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. |
Pinkman Limited (Registered number: 08954627) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st April 2023 |
and 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
The net book value of tangible fixed assets includes £ 52,449 (2023 - £ 56,483 ) in respect of assets held under hire purchase contracts. |
Pinkman Limited (Registered number: 08954627) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
COST OR VALUATION |
At 1st April 2023 |
and 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
Fair Value at 31st March 2024 is represented by: |
£ |
Valuation brought forward | 265,313 |
Cost | 1,279,687 |
1,545,000 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 1,279,687 | 1,279,687 |
The properties are held at the fair value as estimated by the directors, based on their knowledge of the market and industry information. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
Pinkman Limited (Registered number: 08954627) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
Tax |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans more 5 yrs | 608,050 | 608,050 |
Hire purchase contracts |
Directors' loan accounts | 442,808 | 471,808 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs |
Included within the directors loan account is an amount of £240,000 (2023: £240,000) in relation to a loan agreement between the directors and Pinkman Limited. |
The loan is due for repayment on 31st August 2041. |
Pinkman Limited (Registered number: 08954627) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Hire Purchase | 44,878 | 49,791 |
The bank loans are secured by way of a fixed charge over the investment properties and a floating charge over the other assets of the company. In addition the bank loan is secured by way of personal guarantees given by the Directors. |
The hire purchase liability is secured on the asset to which they relate. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
11. | RESERVES |
Retained |
earnings |
£ |
At 1st April 2023 |
Profit for the year |
Dividends | ( |
) |
At 31st March 2024 |
Included in the above figure £260,000 (2023: £233,000) relates to distributable reserves. |
12. | RELATED PARTY DISCLOSURES |
At the year end the directors and shareholders of the company were owed £442,808 (2023: £471,808), this balance is interest free. |