Pivotal Pond Ltd 11835697 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is property investments. Digita Accounts Production Advanced 6.30.9574.0 true true 11835697 2023-03-01 2024-02-29 11835697 2024-02-29 11835697 core:CurrentFinancialInstruments 2024-02-29 11835697 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 11835697 core:Non-currentFinancialInstruments 2024-02-29 11835697 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 11835697 bus:SmallEntities 2023-03-01 2024-02-29 11835697 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 11835697 bus:FullAccounts 2023-03-01 2024-02-29 11835697 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 11835697 bus:RegisteredOffice 2023-03-01 2024-02-29 11835697 bus:Director1 2023-03-01 2024-02-29 11835697 bus:Director2 2023-03-01 2024-02-29 11835697 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 11835697 countries:EnglandWales 2023-03-01 2024-02-29 11835697 2023-02-28 11835697 2022-03-01 2023-02-28 11835697 2023-02-28 11835697 core:CurrentFinancialInstruments 2023-02-28 11835697 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 11835697 core:Non-currentFinancialInstruments 2023-02-28 11835697 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 11835697

Prepared for the registrar

Pivotal Pond Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Pivotal Pond Ltd

(Registration number: 11835697)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

792,500

641,966

Current assets

 

Debtors

5

33,462

43,017

Cash at bank and in hand

 

25

812

 

33,487

43,829

Creditors: Amounts falling due within one year

6

(222,366)

(196,711)

Net current liabilities

 

(188,879)

(152,882)

Total assets less current liabilities

 

603,621

489,084

Creditors: Amounts falling due after more than one year

6

(573,280)

(602,611)

Deferred tax liabilities

 

(37,633)

-

Net liabilities

 

(7,292)

(113,527)

Capital and reserves

 

Called up share capital

2

2

Revaluation reserve

112,900

-

Profit and loss account

(120,194)

(113,529)

Shareholders' deficit

 

(7,292)

(113,527)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 November 2024 and signed on its behalf by:
 


C S Pond
Director


D M Eaton
Director

 

Pivotal Pond Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Shared Space 4
Belgrave Road
Gloucester
GL1 1QZ
United Kingdom

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of the rent of properties in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Pivotal Pond Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Pivotal Pond Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

4

Investment properties

£

At 1 March 2023

641,966

Fair value adjustments

150,534

At 29 February 2024

792,500

The investment property has been revalued by an independent valuer and the original cost was £640,418

 

5

Debtors

Note

2024
 £

2023
 £

Trade debtors

 

6,153

15,612

Amounts owed by related parties

8

21,550

21,600

Other debtors

 

5,759

5,805

   

33,462

43,017

 

Pivotal Pond Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

 

6

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

7

103,357

83,188

Trade creditors

 

2,520

2,964

Amounts due to related parties

8

107,873

106,923

Social security and other taxes

 

6,116

-

Accrued expenses

 

2,500

3,636

 

222,366

196,711

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

573,280

602,611

 

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

27,262

10,000

Other borrowings

76,095

73,188

103,357

83,188

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

573,280

602,611

The loans are secured on the investment property.

 

Pivotal Pond Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

 

8

Related party transactions

Summary of transactions with other related parties

At 29 February 2024, the amount owed by Pivotal Point Properties Ltd was £5,450 (2023 £5,500) in the form of an intercompany loan.

At 29 February 2024, the amount owed by Belgrave Road Ltd was £16,100 (2023 £16,100) in the form of an intercompany loan.

At 29 February 2024, the amount owed to Pivotal Point Consulting Ltd was £70,326 (2023 £69,376) in the form of an intercompany loan.

At 29 February 2024, the amount owed to Pivotal Build LLP was £16,447 (2023 £16,447) in the form of an intercompany loan.

At 29 February 2024, the amount owed to 64 Hales Road Ltd was £21,100 (2023 £21,100) in the form of an intercompany loan.

Summary of transactions with directors

At 29 February 2024, the amount owed by D Eaton was £5,759 (2023 £5,759) in the form of a directors loan.

At 29 February 2024, the amount owed to C Pond was £76,095 (2023 £73,188) in the form of a directors loan.


All the loans are unsecured, interest-free and repayable on demand.

 

9

Parent and ultimate parent undertaking

The company's controlling parties are Pivotal Point Properties Ltd and Clare Pond Property Limited.