Registered number: 04504373
PIGEON (ST NICHOLAS' COURT) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2024
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PIGEON (ST NICHOLAS' COURT) LIMITED
REGISTERED NUMBER: 04504373
BALANCE SHEET
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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Creditors: amounts falling due after more than one year
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PROVISIONS FOR LIABILITIES
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PIGEON (ST NICHOLAS' COURT) LIMITED
REGISTERED NUMBER: 04504373
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 7 form part of these financial statements.
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PIGEON (ST NICHOLAS' COURT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Pigeon (St Nicholas' Court) Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is Salisbury House, Station Road, Cambridge, CB1 2LA.
The principal place of business is Linden Square, 146 Kings Road, Bury St Edmunds, Suffolk, IP33 3DJ.
The Company's functional and presentational currency is GBP.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Turnover comprises rent receivable recognised by the Company during the year, exclusive of Value Added Tax.
Investment property is carried at fair value determined annually by the directors based on professional advice received and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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PIGEON (ST NICHOLAS' COURT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.ACCOUNTING POLICIES (CONTINUED)
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PROVISIONS FOR LIABILITIES
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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CURRENT AND DEFERRED TAXATION
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).
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PIGEON (ST NICHOLAS' COURT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Freehold investment property
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Annual revaluation surplus/(deficit):
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The 2024 valuations were made by the directors, on an open market value for existing use basis, based on professional advice received.
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DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Amounts owed by group undertakings
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Prepayments and accrued income
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PIGEON (ST NICHOLAS' COURT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors due within one year includes a bank loan of £NIL (2023 - £1,103,048) secured on the Company’s investment property. This loan bears interest at 6.28% and 6.48% per annum.
Also included in bank loans is a Government backed 'bounce back' loan of £10,000 (2023 - £10,000), which was drawn down in July 2020. This loan is 100% guaranteed by the Government and there were no fees or interest payable by the Company in the first 12 months. After the 12 month period, interest was charged at 2.5% per annum.
Other loans comprise an unsecured loan, which is repayable in equal instalments with the final payment in July 2024. The loan bears interest at a fixed rate of 7.9% per annum.
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
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Included in bank loans is a Government backed 'bounce back' loan of £12,500 (2023 - £22,500), which was drawn down in July 2020. This loan is 100% guaranteed by the Government and there were no fees or interest payable by the Company in the first 12 months. After the 12 month period, interest was charged at 2.5% per annum.
Included in bank loans is a loan of £1,250,000 (2023 - NIL) secured by personal guarantees provided by the directors.
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PIGEON (ST NICHOLAS' COURT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Credited to profit or loss
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The provision for deferred taxation is made up as follows:
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ALLOTTED, CALLED UP AND FULLY PAID
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300 Ordinary shares of £1 each
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The Company is subject to a Cross Corporate Guarantee with Pigeon Holdings Limited.
11.DIRECTORS' PERSONAL GUARANTEES
The directors have personally guaranteed borrowings obtained from lenders up to a maximum of £1,408,850.
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