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Company No: 00678356 (England and Wales)

THE PAVOT PROPERTY INVESTMENT COMPANY LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

THE PAVOT PROPERTY INVESTMENT COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

THE PAVOT PROPERTY INVESTMENT COMPANY LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
THE PAVOT PROPERTY INVESTMENT COMPANY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Mr T Hauser
Mr M Kobsa
SECRETARY Ms E Renaud
REGISTERED OFFICE 2 Leman Street
London
E1W 9US
England
United Kingdom
BUSINESS ADDRESS Hauser & Hauser
Talacker 35
Zurich
Switzerland
CH-8001
COMPANY NUMBER 00678356 (England and Wales)
CHARTERED ACCOUNTANTS GRAVITA III LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
THE PAVOT PROPERTY INVESTMENT COMPANY LIMITED

BALANCE SHEET

As at 31 March 2024
THE PAVOT PROPERTY INVESTMENT COMPANY LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 21,843 22,557
Investment property 4 48,620,363 48,215,394
48,642,206 48,237,951
Current assets
Debtors 5 98,219 173,487
Cash at bank and in hand 825,322 685,661
923,541 859,148
Creditors: amounts falling due within one year 6 ( 1,284,801) ( 1,076,191)
Net current liabilities (361,260) (217,043)
Total assets less current liabilities 48,280,946 48,020,908
Creditors: amounts falling due after more than one year 7 ( 8,087,500) ( 8,237,500)
Provision for liabilities 8 ( 7,398,168) ( 7,640,121)
Net assets 32,795,278 32,143,287
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 32,795,178 32,143,187
Total shareholders' funds 32,795,278 32,143,287

For the financial year ending 31 March 2024 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 The Pavot Property Investment Company Limited (registered number: 00678356) were approved and authorised for issue by the Board of Directors on 08 November 2024. They were signed on its behalf by:

Mr T Hauser
Director
THE PAVOT PROPERTY INVESTMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
THE PAVOT PROPERTY INVESTMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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

The Pavot Property Investment Company 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 2 Leman Street, E1W 9US, United Kingdom. The principal place of business is Talacker 35, Zurich, Switzerland, CH-8001.

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 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 £.

Going concern

The company has net liabilities of £361,260 (2023 : £217,043) at the balance sheet date which suggests that the going concern basis may not be appropriate. However, the directors have received assurance from the shareholders that they will continue to provide support to the company to allow it to continue in operation for the foreseeable future. The directors therefore considers it appropriate to prepare financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of this support.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for rents and service charges, excluding value added tax. Rental income is recognised on a straight-line basis over the lease term.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, 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.

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. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Derivative financial instruments
The Company uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The Company does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Profit and Loss Account immediately.

The Company does not apply hedge accounting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 April 2023 87,284 87,284
Additions 4,000 4,000
At 31 March 2024 91,284 91,284
Accumulated depreciation
At 01 April 2023 64,727 64,727
Charge for the financial year 4,714 4,714
At 31 March 2024 69,441 69,441
Net book value
At 31 March 2024 21,843 21,843
At 31 March 2023 22,557 22,557

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 48,215,394
Additions 266,390
Fair value movement 138,579
As at 31 March 2024 48,620,363

The fair value of the investment properties have been arrived at on the basis of a valuation carried out in March 2024 by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of similar properties

5. Debtors

2024 2023
£ £
Trade debtors 19,632 96,076
Other debtors 78,587 77,411
98,219 173,487

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 150,000 150,000
Trade creditors 114,534 44,539
Taxation and social security 164,736 150,022
Other creditors 855,531 731,630
1,284,801 1,076,191

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 8,087,500 8,237,500

There are fixed charges over the Investment Properties of the Company in favour of NatWest Bank Plc.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 7,640,121) ( 7,363,523)
Credited/(charged) to the Profit and Loss Account 241,953 ( 276,598)
At the end of financial year ( 7,398,168) ( 7,640,121)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,800 A ordinary shares of £ 0.05 each 90 90
200 B ordinary shares of £ 0.05 each 10 10
100 100

Ordinary A shareholders are entitled to dividends based on the remaining profits of the company after settling the entitlement of the ordinary B shareholders. In the event of a winding-up of the company, Ordinary A shareholders would be entitled to the remaining distributable assets after settling the entitlement of B shareholders.

Ordinary B shareholders are entitled to dividends based on the gross rental income from two specific properties. In the event of a winding-up of the company, Ordinary B shareholders are entitled to the proceeds of the sale of these two properties. Ordinary B shareholders are not entitled to receive notice of or attend or vote at any general meeting of the company

10. Related party transactions

During the year, Mr T Hauser and Mr M Kobsa are the directors of the company, and also partners in Hauser and Hauser. They had made payments to Hauser and Hauser during the year in the amount of £2,723 (2023: £2,473) for legal services.