Registered number: 13209538
Piano Nobile Holdings Limited
Financial statements
For the year ended 30 April 2024
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Piano Nobile Holdings Limited
Registered number:13209538
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Balance sheet
As at 30 April 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Investment property revaluation reserve
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The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
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Piano Nobile Holdings Limited
Registered number:13209538
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Balance sheet (continued)
As at 30 April 2024
The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 15 October 2024.
The notes on pages 4 to 8 form part of these financial statements.
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Piano Nobile Holdings Limited
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Statement of changes in equity
For the year ended 30 April 2024
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Investment property revaluation reserve
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Statement of changes in equity
For the year ended 30 April 2023
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Investment property revaluation reserve
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Transfer between reserves
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The notes on pages 4 to 8 form part of these financial statements.
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Piano Nobile Holdings Limited
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Notes to the financial statements
For the year ended 30 April 2024
Piano Nobile Holdings Limited is a private company limited by shares. Its registered office is Construction House, Runwell Road, Wickford, Essex, SS11 7HQ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and 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 current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are 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 the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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Piano Nobile Holdings Limited
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Notes to the financial statements
For the year ended 30 April 2024
2.Accounting policies (continued)
Investment property is carried at fair value determined annually by the directors, having regard to professional advice taken personally, and is derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term 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.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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The average monthly number of employees, including directors, during the year was 3 (2023 - 3).
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Piano Nobile Holdings Limited
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Notes to the financial statements
For the year ended 30 April 2024
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Freehold investment property
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The 2024 valuation was made by the directors, having regard to professional advice taken personally, on an open market value for existing use basis.
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If the investment property had been accounted for under the historic cost accounting rules, the property would have been measured as follows:
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Accumulated depreciation and impairments
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Prepayments and accrued income
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Cash and cash equivalents
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Piano Nobile Holdings Limited
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Notes to the financial statements
For the year ended 30 April 2024
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Creditors: Amounts falling due within one year
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Amounts owed to associated company
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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The bank loan is secured by way of a first legal charge over the investment property owned by the company; and a cross guarantee and debenture between Robert Travers (Works of Art) Limited and Piano Nobile Holdings Limited. The interest rate applicable to the bank loan is 2.3% above base.
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Piano Nobile Holdings Limited
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Notes to the financial statements
For the year ended 30 April 2024
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The provision for deferred taxation is made up as follows:
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Unrealised gain on revalued investment property
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Related party transactions
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At the balance sheet date the company owed £767,828 (2023 - £702,901) to Robert Travers (Works of Art) Limited, a company under common control. No interest was charged on this loan.
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