Silverfin false false 31/12/2023 01/01/2023 31/12/2023 N J Gourgey 01/07/2015 C D Gourgey 28/06/2018 G C Payne 19/03/2007 06 September 2024 The principal activity of Pedersen (Newport) Limited is that of operating and managing hotels. 05968500 2023-12-31 05968500 bus:Director1 2023-12-31 05968500 bus:Director2 2023-12-31 05968500 bus:Director3 2023-12-31 05968500 core:CurrentFinancialInstruments 2023-12-31 05968500 core:CurrentFinancialInstruments 2022-12-31 05968500 2022-12-31 05968500 core:ShareCapital 2023-12-31 05968500 core:ShareCapital 2022-12-31 05968500 core:RetainedEarningsAccumulatedLosses 2023-12-31 05968500 core:RetainedEarningsAccumulatedLosses 2022-12-31 05968500 bus:OrdinaryShareClass1 2023-12-31 05968500 bus:OrdinaryShareClass2 2023-12-31 05968500 2023-01-01 2023-12-31 05968500 bus:FilletedAccounts 2023-01-01 2023-12-31 05968500 bus:SmallEntities 2023-01-01 2023-12-31 05968500 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05968500 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05968500 bus:Director1 2023-01-01 2023-12-31 05968500 bus:Director2 2023-01-01 2023-12-31 05968500 bus:Director3 2023-01-01 2023-12-31 05968500 2022-01-01 2022-12-31 05968500 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 05968500 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 05968500 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 05968500 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 05968500 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05968500 (England and Wales)

PEDERSEN (NEWPORT) LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

PEDERSEN (NEWPORT) LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

PEDERSEN (NEWPORT) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
PEDERSEN (NEWPORT) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Current assets
Debtors 3 1,942,993 1,938,600
Cash at bank and in hand 4 0 5,068
1,942,993 1,943,668
Creditors: amounts falling due within one year 5 ( 1,891,340) ( 1,941,340)
Net current assets 51,653 2,328
Total assets less current liabilities 51,653 2,328
Net assets 51,653 2,328
Capital and reserves
Called-up share capital 6 20 20
Profit and loss account 51,633 2,308
Total shareholders' funds 51,653 2,328

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

Directors' responsibilities:

The financial statements of Pedersen (Newport) Limited (registered number: 05968500) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

N J Gourgey
Director

06 September 2024

PEDERSEN (NEWPORT) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
PEDERSEN (NEWPORT) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Pedersen (Newport) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 3 3

3. Debtors

2023 2022
£ £
Amounts owed by group undertakings 133,393 129,000
Other debtors 1,809,600 1,809,600
1,942,993 1,938,600

4. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 0 5,068

5. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to group undertakings 1,851,339 1,851,339
Other creditors 40,001 90,001
1,891,340 1,941,340

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
19 A ordinary shares of £ 1.00 each 19 19
1 B ordinary share of £ 1.00 1 1
20 20

There are two classes of Ordinary shares. Neither classes have restrictions on the distribution of dividends or the repayment of capital.

7. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. No contributions were outstanding at the year end.

8. Contingencies

Contingent liabilities

2023 2022
£ £
Total contingent liabilities 26,503,705 27,023,705

On 24 July 2018, the company entered into a composite cross-company arrangement with the group's lenders to guarantee and indemnify the liabilities of the related group entities Bankside Hotels Limited, Pedersen (Swansea) Limited and Pedersen (Newport) Limited which amounted to £26,503,705 at the balance sheet date.

The bank has registered a fixed and floating charge against the assets of this company.

9. Ultimate controlling party

The parent company is Riverbank Hotels Ltd, registered in England and Wales under company number 03614892. The registered office address is 35 Ballards Lane, London N3 1XW.

The ultimate parent undertaking is Bankside Hotels Ltd, registered in England and Wales under company number 03214531 with the registered office address as 35 Ballards Lane, London N3 1XW.

There is no ultimate controlling party.