Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3122023-04-01falseproperty investment2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04504373 2023-04-01 2024-03-31 04504373 2022-04-01 2023-03-31 04504373 2024-03-31 04504373 2023-03-31 04504373 2022-04-01 04504373 c:Director1 2023-04-01 2024-03-31 04504373 d:FreeholdInvestmentProperty 2024-03-31 04504373 d:FreeholdInvestmentProperty 2023-03-31 04504373 d:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 04504373 d:CurrentFinancialInstruments 2024-03-31 04504373 d:CurrentFinancialInstruments 2023-03-31 04504373 d:Non-currentFinancialInstruments 2024-03-31 04504373 d:Non-currentFinancialInstruments 2023-03-31 04504373 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 04504373 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04504373 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 04504373 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 04504373 d:ShareCapital 2024-03-31 04504373 d:ShareCapital 2023-03-31 04504373 d:RevaluationReserve 2024-03-31 04504373 d:RevaluationReserve 2023-03-31 04504373 d:RetainedEarningsAccumulatedLosses 2024-03-31 04504373 d:RetainedEarningsAccumulatedLosses 2023-03-31 04504373 c:OrdinaryShareClass1 2023-04-01 2024-03-31 04504373 c:OrdinaryShareClass1 2024-03-31 04504373 c:FRS102 2023-04-01 2024-03-31 04504373 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 04504373 c:FullAccounts 2023-04-01 2024-03-31 04504373 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04504373 d:OtherDeferredTax 2024-03-31 04504373 d:OtherDeferredTax 2023-03-31 04504373 f:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04504373









PIGEON (ST NICHOLAS' COURT) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
PIGEON (ST NICHOLAS' COURT) LIMITED
REGISTERED NUMBER: 04504373

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Investment property
 4 
2,670,000
2,700,000

  
2,670,000
2,700,000

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
174,241
28,053

Cash at bank and in hand
  
51,995
55,468

  
226,236
83,521

Creditors: amounts falling due within one year
 6 
(812,619)
(1,937,193)

NET CURRENT LIABILITIES
  
 
 
(586,383)
 
 
(1,853,672)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,083,617
846,328

Creditors: amounts falling due after more than one year
 7 
(1,262,500)
(35,144)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 8 
(82,320)
(89,820)

NET ASSETS
  
738,797
721,364


CAPITAL AND RESERVES
  

Called up share capital 
 9 
300
300

Revaluation reserve
  
487,680
510,180

Profit and loss account
  
250,817
210,884

  
738,797
721,364


Page 1

 
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: 






R B Stanton
Director

Date: 13 November 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
PIGEON (ST NICHOLAS' COURT) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


GENERAL INFORMATION

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

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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:

 
2.2

TURNOVER

Turnover comprises rent receivable recognised by the Company during the year, exclusive of Value Added Tax. 

 
2.3

INVESTMENT PROPERTY

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.

 
2.4

DEBTORS

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.

 
2.5

CASH AND CASH EQUIVALENTS

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.

 
2.6

CREDITORS

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.

Page 3

 
PIGEON (ST NICHOLAS' COURT) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

PROVISIONS FOR LIABILITIES

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.

 
2.8

CURRENT AND DEFERRED TAXATION

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.


3.


EMPLOYEES

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).

Page 4

 
PIGEON (ST NICHOLAS' COURT) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


At 1 April 2023
2,700,000


Deficit on revaluation
(30,000)



AT 31 MARCH 2024
2,670,000


COMPRISING


Cost
2,100,000

Annual revaluation surplus/(deficit):


2015
900,000

2023
(300,000)

2024
(30,000)

At 31 March 2024
2,670,000

The 2024 valuations were made by the directors, on an open market value for existing use basis, based on professional advice received.






5.


DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£


Trade debtors
5,699
-

Amounts owed by group undertakings
47,288
-

Other debtors
112,500
26,874

Prepayments and accrued income
8,754
1,179

174,241
28,053


Page 5

 
PIGEON (ST NICHOLAS' COURT) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank loans
10,000
1,113,048

Other loans
12,644
36,002

Trade creditors
18,813
193

Amounts owed to group undertakings
688,926
708,271

Other taxation and social security
10,328
13,205

Other creditors
4,800
4,800

Accruals and deferred income
67,108
61,674

812,619
1,937,193


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.


7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
1,262,500
22,500

Other loans
-
12,644

1,262,500
35,144


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.

Page 6

 
PIGEON (ST NICHOLAS' COURT) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
89,820
164,819


Credited to profit or loss
(7,500)
(74,999)



AT END OF YEAR
82,320
89,820

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Capital gains
82,320
89,820

82,320
89,820


9.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



300 Ordinary shares of £1 each
300
300



10.


CONTINGENT LIABILITIES

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.

 
Page 7