REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
FOR |
PINAMAR LTD |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Atlantic House |
1a Cadogan Street |
Glasgow |
G2 6QE |
BANKERS: |
Floor 2 |
Kirkstane House |
139 St Vincent Street |
Glasgow |
G2 5JF |
SOLICITORS: |
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 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 9 | ( |
) | ( |
) |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
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 |
Plant and machinery etc | - |
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 |
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 |
Disposals | ( |
) |
At 29 February 2024 |
DEPRECIATION |
At 1 September 2022 |
Charge for period |
Eliminated on disposal | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 31 August 2022 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 September 2022 |
Additions |
Disposals | ( |
) |
Revaluations |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 31 August 2022 |
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 |
NET BOOK VALUE |
At 29 February 2024 |
At 31 August 2022 |
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 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 September 2022 | ( |
) |
Fair value transfer | 3,274 |
At 29 February 2024 | ( |
) |
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. |