Company registration number 08554436 (England and Wales)
THE PAVILLION (WATFORD) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
THE PAVILLION (WATFORD) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
THE PAVILLION (WATFORD) LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
810,684
810,684
Current assets
Debtors
5
2,179
2,912
Cash at bank and in hand
8,039
10,516
10,218
13,428
Creditors: amounts falling due within one year
6
(1,410,914)
(1,372,116)
Net current liabilities
(1,400,696)
(1,358,688)
Net liabilities
(590,012)
(548,004)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(590,112)
(548,104)
Total equity
(590,012)
(548,004)
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 11 March 2025 and are signed on its behalf by:
Mr S Kotecha
Mr S Kotecha
Director
Director
Company registration number 08554436 (England and Wales)
THE PAVILLION (WATFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
The Pavillion (Watford) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6, Iron Bridge Close, Great Central Way, London, NW10 0UF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% Straightline on cost
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.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.4
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
THE PAVILLION (WATFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 and 31 May 2024
8,969
Depreciation and impairment
At 1 June 2023 and 31 May 2024
8,969
Carrying amount
At 31 May 2024
At 31 May 2023
4
Investment property
2024
£
Fair value
At 1 June 2023 and 31 May 2024
810,684
Investment property comprises of a Public House and a restaurant. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors who consider that the value of the property is not considered to have materially changed from what is stated above. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,179
2,912
THE PAVILLION (WATFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
141
72
Other creditors
1,410,773
1,372,044
1,410,914
1,372,116
7
Parent company
At the year end , the company owed £588,237 (2023 - £588,237) to the ultimate controlling party.