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REGISTERED NUMBER: SC046713 (Scotland)













UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 SEPTEMBER 2022 TO 29 FEBRUARY 2024

FOR

PINAMAR LTD

PINAMAR LTD (REGISTERED NUMBER: SC046713)






CONTENTS OF THE FINANCIAL STATEMENTS
for the period 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PINAMAR LTD

COMPANY INFORMATION
for the period 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024







DIRECTORS: Mrs G Romano
C Romano



SECRETARY: Mrs G Romano



REGISTERED OFFICE: Greenlaw Works, Suite 1.06
6 Greenlaw Way
Newton Mearns
Glasgow
G77 6EF



REGISTERED NUMBER: SC046713 (Scotland)



ACCOUNTANTS: Thomas Barrie & Co LLP
Atlantic House
1a Cadogan Street
Glasgow
G2 6QE



BANKERS: Royal Bank of Scotland plc
Floor 2
Kirkstane House
139 St Vincent Street
Glasgow
G2 5JF



SOLICITORS: Levy and McRae
Pacific House
70 Wellington Street
Glasgow
G2 6UA

PINAMAR LTD (REGISTERED NUMBER: SC046713)

STATEMENT OF FINANCIAL POSITION
29 FEBRUARY 2024

2024 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 52,077 64,833
Investments 5 358,148 351,325
Investment property 6 4,001,295 4,001,295
4,411,520 4,417,453

CURRENT ASSETS
Debtors 7 36,551 12,970
Cash at bank 206,977 149,521
243,528 162,491
CREDITORS
Amounts falling due within one year 8 (388,296 ) (465,329 )
NET CURRENT LIABILITIES (144,768 ) (302,838 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,266,752

4,114,615

PROVISIONS FOR LIABILITIES (3,065 ) (2,300 )
NET ASSETS 4,263,687 4,112,315

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Fair value reserve 9 (3,443 ) (6,717 )
Retained earnings 4,257,130 4,109,032
SHAREHOLDERS' FUNDS 4,263,687 4,112,315

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PINAMAR LTD (REGISTERED NUMBER: SC046713)

STATEMENT OF FINANCIAL POSITION - continued
29 FEBRUARY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2024 and were signed on its behalf by:





C Romano - Director


PINAMAR LTD (REGISTERED NUMBER: SC046713)

NOTES TO THE FINANCIAL STATEMENTS
for the period 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Pinamar Ltd is a private company, limited by shares, registered in Scotland, registration number SC046713. The registered office is Greenlaw Works Suite 1.06, Greenlaw Way, Newton Mearns, Glasgow, Scotland, G77 6EF.

The principal activity of the company is property letting.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The presentational and functional currency of the financial statements is Pounds Sterling (£).

Significant judgements and estimates
In preparing these financial statements, the directors are required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements:

Plant and equipment
The estimates and assumptions made to determine asset lives require judgements to be made as regards useful lives and residual values. The useful lives and residual values of the company's financial assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on management experience with similar assets. The depreciation rates applied are outlined later in these notes.

Valuation of investment property
As noted below, investment property is included in the Statement of Financial Position at fair value. The valuation is based on the directors' consideration of several factors including previous professional valuations and local market conditions.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 20% on cost and 15% on reducing balance

The carrying values of tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate the carrying values may not be reasonable

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

PINAMAR LTD (REGISTERED NUMBER: SC046713)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Listed Investments
Listed investments are measured at fair value with changes in fair value recognised in profit or loss.

The fair value is the price that would be received if an asset is sold in an orderly transaction between market participants at the measurement date. The fair value of assets traded in an active market is based on quoted market prices at the close of trading on the reporting date. For quoted financial assets the valuation is based on the closing bid price.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company makes contribution to employee's personal pension schemes. Contributions payable are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 6 (2022 - 6 ) .

PINAMAR LTD (REGISTERED NUMBER: SC046713)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2022 1,022,151
Disposals (2,091 )
At 29 February 2024 1,020,060
DEPRECIATION
At 1 September 2022 957,318
Charge for period 12,756
Eliminated on disposal (2,091 )
At 29 February 2024 967,983
NET BOOK VALUE
At 29 February 2024 52,077
At 31 August 2022 64,833

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 September 2022 351,325
Additions 99,695
Disposals (96,146 )
Revaluations 3,274
At 29 February 2024 358,148
NET BOOK VALUE
At 29 February 2024 358,148
At 31 August 2022 351,325

Cost or valuation at 29 February 2024 is represented by:

Other
investments
£   
Valuation in 2020 28,706
Valuation in 2021 20,204
Valuation in 2022 (48,656 )
Valuation in 2024 (3,274 )
Cost 361,168
358,148

PINAMAR LTD (REGISTERED NUMBER: SC046713)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022
and 29 February 2024 4,001,295
NET BOOK VALUE
At 29 February 2024 4,001,295
At 31 August 2022 4,001,295

The Directors consider the current carrying value to be a fair representation of open market value at the balance sheet date.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Other debtors 36,551 12,970

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Trade creditors 21,152 158
Taxation and social security 59,202 39,294
Other creditors 307,942 425,877
388,296 465,329

9. RESERVES
Fair
value
reserve
£   
At 1 September 2022 (6,717 )
Fair value transfer 3,274

At 29 February 2024 (3,443 )

10. ULTIMATE CONTROLLING PARTY

The controlling party is Mario E Gino Ltd.

Pinamar Ltd is a wholly owned subsidiary of Mario E Gino Ltd, registered office and principal place of business being Greenlaw Works Suite 1.06, Greenlaw Way, Newton Mearns, Glasgow, Scotland, G77 6EF.