Silverfin false false 30/06/2024 01/07/2023 30/06/2024 J B Barrett 05/10/2023 Blazehill Directors Limited 15/06/2022 T A Weedall 15/06/2022 02 April 2025 The principal activity of the Company during the financial year was development of real estate. 14174721 2024-06-30 14174721 bus:Director1 2024-06-30 14174721 bus:Director2 2024-06-30 14174721 bus:Director3 2024-06-30 14174721 2023-06-30 14174721 core:CurrentFinancialInstruments 2024-06-30 14174721 core:CurrentFinancialInstruments 2023-06-30 14174721 core:Non-currentFinancialInstruments 2024-06-30 14174721 core:Non-currentFinancialInstruments 2023-06-30 14174721 core:ShareCapital 2024-06-30 14174721 core:ShareCapital 2023-06-30 14174721 core:RetainedEarningsAccumulatedLosses 2024-06-30 14174721 core:RetainedEarningsAccumulatedLosses 2023-06-30 14174721 core:PlantMachinery 2023-06-30 14174721 core:PlantMachinery 2024-06-30 14174721 bus:OrdinaryShareClass1 2024-06-30 14174721 2023-07-01 2024-06-30 14174721 bus:FilletedAccounts 2023-07-01 2024-06-30 14174721 bus:SmallEntities 2023-07-01 2024-06-30 14174721 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 14174721 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 14174721 bus:Director1 2023-07-01 2024-06-30 14174721 bus:Director2 2023-07-01 2024-06-30 14174721 bus:Director3 2023-07-01 2024-06-30 14174721 core:PlantMachinery core:TopRangeValue 2023-07-01 2024-06-30 14174721 2022-06-15 2023-06-30 14174721 core:PlantMachinery 2023-07-01 2024-06-30 14174721 core:CurrentFinancialInstruments 2023-07-01 2024-06-30 14174721 core:Non-currentFinancialInstruments 2023-07-01 2024-06-30 14174721 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 14174721 bus:OrdinaryShareClass1 2022-06-15 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 14174721 (England and Wales)

PD 2022 LIMITED

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

PD 2022 LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

PD 2022 LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
PD 2022 LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 30.06.2024 30.06.2023
£ £
Fixed assets
Tangible assets 3 400,000 800,000
400,000 800,000
Current assets
Stocks 4 11,360,634 9,845,330
Debtors 5 95,359 656,183
Cash at bank and in hand 506,109 1,727,004
11,962,102 12,228,517
Creditors: amounts falling due within one year 6 ( 3,478,854) ( 778,514)
Net current assets 8,483,248 11,450,003
Total assets less current liabilities 8,883,248 12,250,003
Creditors: amounts falling due after more than one year 7 ( 16,200,000) ( 16,200,000)
Net liabilities ( 7,316,752) ( 3,949,997)
Capital and reserves
Called-up share capital 8 1 1
Profit and loss account ( 7,316,753 ) ( 3,949,998 )
Total shareholders' deficit ( 7,316,752) ( 3,949,997)

For the financial year ending 30 June 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 PD 2022 Limited (registered number: 14174721) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

T A Weedall
Director

02 April 2025

PD 2022 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
PD 2022 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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 period, unless otherwise stated.

General information and basis of accounting

PD 2022 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 4th Floor 24 Old Bond Street, Mayfair, London, W1S 4AW, United Kingdom.

The principal activity of the company during the financial year was development of real estate.

The financial statements have been prepared under the historical cost convention, modified to include 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 directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have 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.

Reporting period length

The director present a 12 months period from 01 July 2023 to 30 June 2024. The prior period figures are presented for the period incorporated on 15 June 2022 to 30 June 2023 and therefore are not entirely comparable.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings 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 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks and development land are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 and other third parties, and loans to and from related 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 Income and Retained Earnings.

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, 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 liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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

Year ended
30.06.2024
Period from
15.06.2022 to
30.06.2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 1

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 July 2023 1,200,000 1,200,000
At 30 June 2024 1,200,000 1,200,000
Accumulated depreciation
At 01 July 2023 400,000 400,000
Charge for the financial year 400,000 400,000
At 30 June 2024 800,000 800,000
Net book value
At 30 June 2024 400,000 400,000
At 30 June 2023 800,000 800,000

4. Stocks

30.06.2024 30.06.2023
£ £
Development land 11,360,634 9,845,330

5. Debtors

30.06.2024 30.06.2023
£ £
Other debtors 95,359 656,183

6. Creditors: amounts falling due within one year

30.06.2024 30.06.2023
£ £
Bank loans 2,949,475 0
Trade creditors 32,880 285,280
Other creditors 496,499 493,234
3,478,854 778,514

The bank loan is secured via fixed and floating charge over the property and undertaking of the entity, carry interest between 9.25%-10.50% per annum and mature in 20 months and 24 months from first drawdown, at which point the capital and accrued interest will become payable in full. The outstanding charge includes a negative pledge.

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

30.06.2024 30.06.2023
£ £
Other creditors 16,200,000 16,200,000

There is a fixed and floating charge over the property and undertaking of the entity, carry interest at 1%-14% per annum and mature in August 2026 and October 2027, at which point the capital and accrued interest will become payable in full. The outstanding charge includes a negative pledge.

8. Called-up share capital

30.06.2024 30.06.2023
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 0.0001 each 1 1