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PIONEER HOUSE DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28TH MARCH 2024






PIONEER HOUSE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10681105)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 7

PIONEER HOUSE DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH MARCH 2024







DIRECTORS: Mrs P Modi
Mr H Modi





SECRETARY: Mrs P Modi





REGISTERED OFFICE: Winterhill House
Snowdon Drive
Winterhill
Milton Keynes
Buckinghamshire
MK6 1AP





REGISTERED NUMBER: 10681105 (England and Wales)





ACCOUNTANTS: HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

PIONEER HOUSE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10681105)

BALANCE SHEET
28TH MARCH 2024

28/3/24 28/3/23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 5,579,742 5,519,847

CURRENT ASSETS
Debtors 5 120,554 1,049,411
Cash at bank 326,286 113,980
446,840 1,163,391
CREDITORS
Amounts falling due within one year 6 238,194 212,363
NET CURRENT ASSETS 208,646 951,028
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,788,388

6,470,875

CREDITORS
Amounts falling due after more than one year 7 3,743,453 4,352,434
NET ASSETS 2,044,935 2,118,441

CAPITAL AND RESERVES
Called up share capital 200 200
Share premium 1,969,349 1,969,349
Retained earnings 75,386 148,892
2,044,935 2,118,441

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PIONEER HOUSE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10681105)

BALANCE SHEET - continued
28TH MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26th March 2025 and were signed on its behalf by:





Mr H Modi - Director


PIONEER HOUSE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10681105)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH MARCH 2024

1. STATUTORY INFORMATION

Pioneer House Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents rents and service recharges received from tenants of properties, stated net of value added tax.

Income received that relates to a period after the year end is treated as deferred income.

Investment property
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. No formal valuation has taken place during the year by a professional independent valuer. The current fair value is based on a recognised valuation model.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

PIONEER HOUSE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10681105)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument 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, loans to related parties and investments in non-puttable ordinary shares.

Provision for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 29th March 2023 5,519,847
Additions 59,895
At 28th March 2024 5,579,742
NET BOOK VALUE
At 28th March 2024 5,579,742
At 28th March 2023 5,519,847

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/3/24 28/3/23
£    £   
Trade debtors 106,851 64,299
Amounts owed by participating interests 9,000 932,500
Other debtors 500 500
VAT - 49,296
Prepayments 4,203 2,816
120,554 1,049,411

PIONEER HOUSE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10681105)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH MARCH 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/3/24 28/3/23
£    £   
Trade creditors 8,452 28,533
Tenants deposits 125,324 89,848
VAT 726 -
Accrued expenses 103,692 93,982
238,194 212,363

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28/3/24 28/3/23
£    £   
Amounts owed to participating interests 3,743,453 4,331,046
Other creditors - 21,388
3,743,453 4,352,434

8. RELATED PARTY DISCLOSURES

At 28 March 2024 the company had the following balances outstanding with related parties where they have the same directors and shareholders:

Jardines Finance Limited -

(a) £0 (2023: £923,500) included in debtors. These had no fixed repayment terms and were interest free.

(b) £3,743,453 (2023: £4,331,046) included in creditors. These have no fixed repayment terms but interest is being charged at 2% above the base rate.

9. GENERAL INFORMATION

Pioneer House Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10681105. The registered office is Winterhill House, Snowdon Drive, Milton Keynes, MK6 1AP.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PIONEER HOUSE DEVELOPMENTS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pioneer House Developments Limited for the year ended 28th March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Pioneer House Developments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Pioneer House Developments Limited and state those matters that we have agreed to state to the Board of Directors of Pioneer House Developments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pioneer House Developments Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Pioneer House Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Pioneer House Developments Limited. You consider that Pioneer House Developments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Pioneer House Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN


26th March 2025