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Company No: 03972158 (England and Wales)

PIRTON LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

PIRTON LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

PIRTON LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
PIRTON LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,948 1,653
Investment property 4 12,209,857 11,302,986
12,211,805 11,304,639
Current assets
Debtors 5 98,485 109,228
Cash at bank and in hand 52,132 46,307
150,617 155,535
Creditors: amounts falling due within one year 6 ( 1,906,007) ( 1,425,963)
Net current liabilities (1,755,390) (1,270,428)
Total assets less current liabilities 10,456,415 10,034,211
Creditors: amounts falling due after more than one year 7 ( 5,101,783) ( 4,056,624)
Provision for liabilities 8 ( 873,657) ( 873,657)
Net assets 4,480,975 5,103,930
Capital and reserves
Called-up share capital 9 100 2
Other reserves 4,265,504 4,265,504
Profit and loss account 215,371 838,424
Total shareholder's funds 4,480,975 5,103,930

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Pirton Limited (registered number: 03972158) were approved and authorised for issue by the Director. They were signed on its behalf by:

J Moffatt
Director

26 January 2025

PIRTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
PIRTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Pirton Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Pirton Grange, Pirton, Hitchin, SG5 3HB, United Kingdom.

The principal activity of the Company during the financial year was that of a property investment.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Rental income

Investment properties are leased to tenants under operating leases. The rental income receivable under these lease is recognised through profit or loss on a straight-line basis over the term of the lease. Any rental income received relating to a future period is deferred.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.

Financial assets
Basic financial assets, including trade and other debtors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, and bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 May 2023 13,251 13,251
Additions 958 958
At 30 April 2024 14,209 14,209
Accumulated depreciation
At 01 May 2023 11,598 11,598
Charge for the financial year 663 663
At 30 April 2024 12,261 12,261
Net book value
At 30 April 2024 1,948 1,948
At 30 April 2023 1,653 1,653

4. Investment property

Investment property
£
Valuation
As at 01 May 2023 11,302,986
Additions 906,871
As at 30 April 2024 12,209,857

5. Debtors

2024 2023
£ £
Other debtors 98,485 109,228

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 3,153 0
Other taxation and social security 50 50
Other creditors 1,902,804 1,425,913
1,906,007 1,425,963

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 5,101,783 4,056,624

The bank loan is secured via fixed and floating charge over the property and undertaking of the entity which bears interest at a market rate. The outstanding charge includes a negative pledge.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 873,657 873,657

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each (2023: 2 shares of £ 1.00 each) 100 2

During the year, the company issued 98 bonus shares with a nominal value of £1.