Company Registration No. 02870158 (England and Wales)
Pilgrim Technology Limited
Annual Report and Financial Statements
For the Year Ended
30 April 2024
PAGES FOR FILING WITH REGISTRAR
PILGRIM TECHNOLOGY LIMITED
Pilgrim Technology Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PILGRIM TECHNOLOGY LIMITED
Pilgrim Technology Limited
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
95,000
95,000
Debtors
3
559,629
12,795
Cash at bank and in hand
182,888
2,897,049
837,517
3,004,844
Creditors: amounts falling due within one year
4
(7,390)
(2,151,545)
Net current assets
830,127
853,299
Capital and reserves
Called up share capital
1,875
1,875
Profit and loss reserves
828,252
851,424
Total equity
830,127
853,299

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 26 September 2024 and are signed on its behalf by:
Mr J Gilchrist
Director
Company Registration No. 02870158
PILGRIM TECHNOLOGY LIMITED
Pilgrim Technology Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

Pilgrim Technology Limited is a private company limited by shares incorporated in England and Wales. The registered office is Floor 1 Capital House, 8 Pittman Court, Pittman Way, Fulwood, Preston, Lancashire, United Kingdom, PR2 9ZG.

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.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of land in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Stocks

Stock held relates to land for re-sale.

 

Stock is valued at the lower of cost and net realisable value.

1.4
Cash and cash equivalents

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.

1.5
Financial instruments

The company only has financial assets (debtors and bank balances) and liabilities (creditors and accruals) of a kind that quality as basic financial instruments. They are initially recognised at transaction value and subsequently at their settlement value.

1.6
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.

1.7
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PILGRIM TECHNOLOGY LIMITED
Pilgrim Technology Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

 

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

1.8

Going concern

The directors have concluded that it is appropriate to prepare the accounts on a going concern basis as the company had adequate cash resources and financial projections indicate that the company will continue to trade.

 

The directors have concluded that once the final piece of land is disposed of, the company will enter into a Members Voluntary Liquidation to wind up the company's affairs in an orderly fashion. The sale of the final piece of land is likely to take place within the next twelve months but as yet no sale date has been agreed. In the directors' opinion, they therefore believe a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.

 

They also believe no adjustment to any values disclosed in the accounts is necessary and the land is likely to be sold for a sum in excess of its book value.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
554,055
-
0
Other debtors
509
10,979
554,564
10,979
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
5,065
1,816
Total debtors
559,629
12,795
PILGRIM TECHNOLOGY LIMITED
Pilgrim Technology Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
4
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
-
0
1,291,791
Taxation and social security
-
0
853,405
Other creditors
7,390
6,349
7,390
2,151,545
5
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Julie Flintoff BA(Hons) FCA
Statutory Auditor:
Azets Audit Services
6
Parent company

The ultimate parent company is Bluelife Limited, a company incorporated in England and Wales. The registered office is Floor 1, Capital House, 8 Pittman Court, Pittman Way, Fulwood, Preston PR2 9ZG. The parent company has taken advantage of an exemption under section 398 of the Companies Act 2006 not to prepare consolidated accounts on the basis that the group is small.

 

The company was under the control of the directors of Bluelife Limited for the current and previous year.

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