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Company No: 13683193 (England and Wales)

PETTICAN HOLDINGS LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

PETTICAN HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

PETTICAN HOLDINGS LIMITED

BALANCE SHEET

As at 31 August 2024
PETTICAN HOLDINGS LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 114,673 9,106
Investment property 5 471,637 0
Investments 6 10,075 0
596,385 9,106
Current assets
Debtors 7 0 53,850
Cash at bank and in hand 4,567 115,478
4,567 169,328
Creditors: amounts falling due within one year 8 ( 80,390) ( 13,373)
Net current (liabilities)/assets (75,823) 155,955
Total assets less current liabilities 520,562 165,061
Creditors: amounts falling due after more than one year 9 ( 304,232) 0
Provision for liabilities 10 ( 18,205) 0
Net assets 198,125 165,061
Capital and reserves
Called-up share capital 10,100 10,100
Profit and loss account 188,025 154,961
Total shareholders' funds 198,125 165,061

For the financial year ending 31 August 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 Pettican Holdings Limited (registered number: 13683193) were approved and authorised for issue by the Director on 31 January 2025. They were signed on its behalf by:

J R Middleton
Director
PETTICAN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
PETTICAN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 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

Pettican Holdings 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 St Peter's Preparatory School, Harefield, Lympstone, EX8 5AU, 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 £.

Turnover

Turnover from the supply of services and rent receivable represents the value of services and rent receivable provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

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 Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. 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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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:

Land and buildings not depreciated
Vehicles 25 % reducing balance

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at X. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.Transition to FRS102

The Company has adopted FRS 102.1A for the year ended 31 August 2024 for the first time. No restatement or remeasurements were required upon transition.

3. Employees

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

4. Tangible assets

Land and buildings Vehicles Total
£ £ £
Cost
At 01 September 2023 9,106 0 9,106
Additions 0 128,007 128,007
Transfer to investment property ( 9,106) 0 ( 9,106)
At 31 August 2024 0 128,007 128,007
Accumulated depreciation
At 01 September 2023 0 0 0
Charge for the financial year 0 13,334 13,334
At 31 August 2024 0 13,334 13,334
Net book value
At 31 August 2024 0 114,673 114,673
At 31 August 2023 9,106 0 9,106

5. Investment property

Investment property
£
Valuation
As at 01 September 2023 0
Additions 462,531
Transfers to and from property, plant and equipment 9,106
As at 31 August 2024 471,637

6. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 September 2023 0 0
Additions 10,075 10,075
At 31 August 2024 10,075 10,075
Carrying value at 31 August 2024 10,075 10,075
Carrying value at 31 August 2023 0 0

7. Debtors

2024 2023
£ £
Other debtors 0 53,850

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 10,546 0
Amounts owed to director 900 0
Accruals 1,800 1,800
Taxation and social security 0 11,573
Obligations under finance leases and hire purchase contracts (secured) 20,894 0
Other creditors 46,250 0
80,390 13,373

Bank loans are secured by fixed and floating charges over the company.

Obligations under finance leases and hire purchase contracts are secured against the asset to which they relate.

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

2024 2023
£ £
Bank loans (secured) 212,556 0
Obligations under finance leases and hire purchase contracts (secured) 91,676 0
304,232 0

Bank loans are secured by fixed and floating charges over the company.

Obligations under finance leases and hire purchase contracts are secured against the asset to which they relate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured) 170,372 0

10. Deferred tax

2024 2023
£ £
At the beginning of financial year 0 0
Charged to the Profit and Loss Account ( 18,205) 0
At the end of financial year ( 18,205) 0