Company registration number 02504447 (England and Wales)
PINHILL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PINHILL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PINHILL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
257,216
183,546
Investment properties
5
31,467,280
31,466,263
31,724,496
31,649,809
Current assets
Debtors
6
799,762
522,829
Cash at bank and in hand
253,578
136,966
1,053,340
659,795
Creditors: amounts falling due within one year
7
(1,476,804)
(1,125,638)
Net current liabilities
(423,464)
(465,843)
Total assets less current liabilities
31,301,032
31,183,966
Creditors: amounts falling due after more than one year
8
(25,933,090)
(22,312,943)
Provisions for liabilities
(1,206,000)
(1,706,722)
Net assets
4,161,942
7,164,301
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
4,161,940
7,164,299
Total equity
4,161,942
7,164,301
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 31 December 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 member has 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.
PINHILL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 September 2024 and are signed on its behalf by:
V M Green
Director
Company Registration No. 02504447
PINHILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Pinhill Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sussex House, Quarry Lane, Chichester, PO19 8PE.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rent receivable attributable to the principal activity and is achieved within the United Kingdom.
1.3
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:
Plant and machinery
4.1% straight line
1.4
Investment properties
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 the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.5
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.
PINHILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Investment property valuations
The investment property valuations are made by the directors annually based on rental yields and their knowledge of the market. Given the subjectivity of the valuations, there is a degree of estimation uncertainty involved.
PINHILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
286,623
Additions
85,422
At 31 December 2023
372,045
Depreciation and impairment
At 1 January 2023
103,077
Depreciation charged in the year
11,752
At 31 December 2023
114,829
Carrying amount
At 31 December 2023
257,216
At 31 December 2022
183,546
5
Investment property
2023
£
Fair value
At 1 January 2023
31,466,262
Additions
3,017,384
Disposals
(267,361)
Revaluations
(2,749,005)
At 31 December 2023
31,467,280
The valuations of investment properties as at 31 December 2023 have been determined by the directors of the company.
PINHILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
249,767
238,859
Other debtors
549,995
283,970
799,762
522,829
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
643,591
275,846
Amounts owed to group undertakings
529,333
453,089
Corporation tax
7,932
Other taxation and social security
78,325
Other creditors
303,880
310,446
1,476,804
1,125,638
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
25,880,689
22,266,695
Other creditors
52,401
46,248
25,933,090
22,312,943
9
Financial commitments, guarantees and contingent liabilities
Pinhill Limited is due to receive £150,000 from a former tenant following the early surrender of their lease during 2020. This receipt is due on 30 March 2025 but is dependant on conditions being met which are outside of Pinhill Limited's control. As a result, this balance has not been recognised in the financial statements as at 31 December 2023.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £1,030,682 (2022: £1,260,748).
PINHILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
11
Related party transactions
Transactions with group undertakings
Astrea Limited is also a wholly owned subsidiary of Vertex Holdings Limited.
Interest paid to Astrea Limited during the year totalled £1,636,080 (2022: £829,061). Purchases of administrative services from Astrea Limited during the year totalled £121,431 (2022: £119,457). The balance due to Astrea Limited at the balance sheet date was £26,408,867 (2022: £22,718,629)
Transactions with other related parties
Mr R.J.H. Green, Mr J.M. Bowry and Mr P.W. Green are directors of J.H. & F.W. Green Limited. Purchases of administrative services during the year totalled £128,768 (2022: £107,295). Sales of services during the year totalled £NIL (2022: £2,329).
Mr P.W. Green, Mr J.M. Bowry and Mr R.J.H. Green are directors of David Cover & Son Limited. Purchases of materials and services during the year totalled £91,884 (2022: £29,223). Sales of services during the year totalled £NIL (2022: £2,741).
12
Parent company
The ultimate holding company is Vertex Holdings Limited, a company registered in England and Wales.