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Company No: 10718243 (England and Wales)

PIGGIES LIMITED

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

PIGGIES LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

PIGGIES LIMITED

COMPANY INFORMATION

For the financial year ended 30 April 2024
PIGGIES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 April 2024
DIRECTORS C Kaye
J Kaye
REGISTERED OFFICE 2 Leman Street
London
E1W 9US
United Kingdom
COMPANY NUMBER 10718243 (England and Wales)
ACCOUNTANT Gravita II LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
PIGGIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
PIGGIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 2,420,823 2,420,823
2,420,823 2,420,823
Current assets
Debtors 4 21,780 21,780
Cash at bank and in hand 37,440 56,600
59,220 78,380
Creditors: amounts falling due within one year 5 ( 754,943) ( 355,969)
Net current liabilities (695,723) (277,589)
Total assets less current liabilities 1,725,100 2,143,234
Creditors: amounts falling due after more than one year 6 ( 2,000,000) ( 2,280,000)
Net liabilities ( 274,900) ( 136,766)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 275,000 ) ( 136,866 )
Total shareholders' deficit ( 274,900) ( 136,766)

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.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Piggies Limited (registered number: 10718243) were approved and authorised for issue by the Board of Directors on 31 January 2025. They were signed on its behalf by:

J Kaye
Director
PIGGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
PIGGIES 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

Piggies 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 2 Leman Street, London, E1W 9US, United Kingdom.

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

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable in the normal course of business.

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.

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.

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

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 May 2023 2,420,823
As at 30 April 2024 2,420,823

4. Debtors

2024 2023
£ £
Other debtors 21,780 21,780

5. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 12,746 11,774
Other creditors 742,197 344,195
754,943 355,969

Included within other creditors is an amount of £240,851 (2023: £30,485) owed to the directors.

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

2024 2023
£ £
Other creditors 2,000,000 2,280,000

Other creditors comprises entirely of loans due to the company's directors.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10 Ordinary A shares of £ 1.00 each 10 10
90 Ordinary shares of £ 1.00 each 90 90
100 100