Registration number:
PIHL Services Limited
for the Year Ended 29 February 2024
PIHL Services Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
PIHL Services Limited
Company Information
Directors |
S L Gumm N M Leslau |
Company secretary |
S L Gumm |
Registered office |
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PIHL Services Limited
(Registration number: 05386803)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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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 assets/(liabilities) |
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( |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
3 |
2 |
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Share premium reserve |
1,319,999 |
- |
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Profit and loss account |
(449,856) |
(221,741) |
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Shareholders' funds/(deficit) |
870,146 |
(221,739) |
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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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. |
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. The statement of comprehensive income and the directors' report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.
Approved and authorised by the
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PIHL Services Limited
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. The registered office address is shown on page 1.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis, which assumes that the company will be able to meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date on which these financial statements are approved. The directors have prepared cash flow forecasts which indicate that the company's obligations over this period can be met through a combination of current working capital and expected future rent receipts.
Summary of significant accounting policies
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.
Turnover
Turnover represents rent receivable during the year, excluding VAT. Turnover arises solely in the United Kingdom. Where rent free periods have been given to subtenants the rent receivable is spread over the period until the earlier of first tenant break option or lease expiry.
Tax
The tax expense for the year comprises current and deferred tax, where applicable. Tax is recognised in profit or loss, except that a charge attributable to an item of income or 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 company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.
PIHL Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
2 |
Accounting policies (continued) |
Deferred tax is 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 suitable future taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the end of the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
Straight line basis over 18 months |
Fixtures and fittings |
Straight line basis over 10 years |
Leasehold improvements |
Straight line basis over 5 years |
Cash at bank and in hand
Cash is represented by cash in hand and deposits held with financial institutions repayable without penalty on notice of not more than 24 hours.
Trade debtors
Trade debtors are amounts due from subtenants in the ordinary course of business.
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 receivables.
Trade creditors
Trade creditors are obligations to pay for goods and services that have been provided in the ordinary course of business by suppliers. Trade creditors 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.
PIHL Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
2 |
Accounting policies (continued) |
Financial instruments
Operating leases
Annual rentals payable and receivable under operating leases are charged or credited to profit or loss on a straight line basis over the term of the lease.
Rent free periods and lease incentives are spread over the period until the earlier of the lease expiry and the date rentals are expected to revert to the prevailing market rate.
Employees and directors information |
The company had no employees (2023 - none) and
Tangible assets |
Leasehold improvements |
Fixtures and fittings |
Office equipment |
Total |
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Cost |
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At 1 March 2023 |
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Additions in the year |
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- |
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At 29 February 2024 |
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Depreciation |
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At 1 March 2023 |
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Charge for the year |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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- |
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At 28 February 2023 |
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PIHL Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Included in other debtors is £nil (2023 - £5,985) relating to rent free periods granted to subtenants.
Creditors: amounts falling due within one year |
2024 |
2023 |
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Trade creditors |
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Amounts owed to parent undertaking |
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Expense reimbursement due to director |
2,751 |
- |
VAT payable |
- |
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Accruals and deferred income |
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Other creditors |
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- |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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3 |
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2 |
During the year, the company issued one ordinary share for consideration of £1.32m in settlement of the amounts owed to its parent undertaking.
PIHL Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Operating leases |
As at 29 February 2024, the company had total future minimum lease payments due under non-cancellable operating leases as set out below:
2024 |
2023 |
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Less than one year |
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Between one and five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Related party transactions |
Summary of transactions with other group entities
The company has taken advantage of exemption available in FRS 102 Section 1A not to disclose any transactions with its parent undertaking and other wholly owned subsidiary undertakings of its parent undertaking.
Parent undertaking and ultimate controlling party |
At 29 February 2024, the company's immediate parent undertaking was