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Registration number: 10364348

PIN DM LTD

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

PIN DM LTD

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

PIN DM LTD

Company Information

Directors

Ian Nethaway

Tony Plato

Registered office

9 Hare & Billet Road
Blackheath
SE3 0RB

Accountants

Field Sullivan Limited
9 Hare & Billet Road
Blackheath
SE3 0RB

 

PIN DM LTD

(Registration number: 10364348)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

5

750,000

750,000

Current assets

 

Debtors

6

1,780,000

1,780,000

Cash at bank and in hand

 

23,341

23,683

 

1,803,341

1,803,683

Creditors: Amounts falling due within one year

7

(2,540,813)

(2,541,340)

Net current liabilities

 

(737,472)

(737,657)

Net assets

 

12,528

12,343

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

12,428

12,243

Shareholders' funds

 

12,528

12,343

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 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

PIN DM LTD

(Registration number: 10364348)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 

.........................................
Ian Nethaway
Director

 

PIN DM LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
9 Hare & Billet Road
Blackheath
SE3 0RB

These financial statements were authorised for issue by the Board on 27 November 2024.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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

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 when the service is performed, if the service straddles more than one accounting period, income is
recognised on a pro rata basis.

Tax

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

 

PIN DM LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 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 subsequently measured at amortised cost using the effective interest method.

 

PIN DM LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

43

570

5

Investments

2024
£

2023
£

Investments in subsidiaries

750,000

750,000

Subsidiaries

£

Cost or valuation

At 1 April 2023

750,000

Provision

Carrying amount

At 31 March 2024

750,000

At 31 March 2023

750,000

6

Debtors

Current

2024
£

2023
£

Other debtors

1,780,000

1,780,000

 

1,780,000

1,780,000

 

PIN DM LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Director's loan account

9

750,020

750,020

Taxation and social security

 

43

570

Accruals and deferred income

 

750

750

Other creditors

 

1,790,000

1,790,000

 

2,540,813

2,541,340

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

PIN DM LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Related party transactions

Summary of transactions with entities with joint control or significant interest

PIN CM LTD
(owned by Ian Nethaway and Tony Plato, directors and shareholders of PIN DM LTD)

During the year, PIN CM LTD advanced a loan of £nil (2023: £40,000) to PIN DM LTD.

The loan is expected to be repaid by January 2028. At the balance sheet date the amount due to PIN CM LTD was £1,750,000 (2023: £1,750,000).

 
RC Hoxton Limited
(a subsidiary of an associated company, RC Hoxton Holdings Limited)

During the year, PIN DM Ltd advanced a loan of £nil (2023: £80,000) to RC Hoxton Limited. Interest will be charged at a rate of 9.5% per annum. The loan is expected to be repaid by January 2028. At the balance sheet date the amount due to PIN DM Ltd was £1,780,000 (2023: £1,780,000) and accrued interest of £425,961 (2023: £256,861).

 Tony Plato (director and shareholder)

At the year end Tony Plato was owed £375,020 (2023: £375,020).

Ian Nethaway (director and shareholder)

At the year end Ian Nethaway was owed £375,020 (2023: £375,020).