Registration number:
Prepared for the registrar
for the
Year Ended 29 February 2024
Pivotal Pond Ltd
(Registration number: 11835697)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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|
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Cash at bank and in hand |
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|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Deferred tax liabilities |
(37,633) |
- |
|
Net liabilities |
( |
( |
|
Capital and reserves |
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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 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
Director
Director
Pivotal Pond Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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
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
Recognition and measurement
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
£ |
|
At 1 March 2023 |
|
Fair value adjustments |
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At 29 February 2024 |
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The investment property has been revalued by an independent valuer and the original cost was £640,418
Debtors |
Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Pivotal Pond Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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- |
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Accrued expenses |
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2024 |
2023 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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2024 |
2023 |
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Non-current loans and borrowings |
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Bank borrowings |
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The loans are secured on the investment property.
Pivotal Pond Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
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.
Parent and ultimate parent undertaking |
The company's controlling parties are Pivotal Point Properties Ltd and Clare Pond Property Limited.