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Company No: 06371742 (England and Wales)

PIVOT LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH THE REGISTRAR

PIVOT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024

Contents

PIVOT LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
PIVOT LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
DIRECTORS Mr C D Burnside
Ms C Chittock
Mr K M Lees
REGISTERED OFFICE 3 Maritime House
The Hart
Farnham
GU9 7HW
United Kingdom
COMPANY NUMBER 06371742 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
PIVOT LIMITED

BALANCE SHEET

AS AT 31 OCTOBER 2024
PIVOT LIMITED

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 518,338 523,320
Investments 5 2 2
518,340 523,322
Current assets
Stocks 6 22,325 17,424
Debtors 7 1,796,090 1,423,453
Cash at bank and in hand 8 2,450,459 2,677,929
4,268,874 4,118,806
Creditors: amounts falling due within one year 9 ( 1,138,801) ( 1,329,042)
Net current assets 3,130,073 2,789,764
Total assets less current liabilities 3,648,413 3,313,086
Provision for liabilities 10 ( 10,304) ( 2,067)
Net assets 3,638,109 3,311,019
Capital and reserves
Called-up share capital 797,600 797,600
Capital redemption reserve 261,500 261,500
Profit and loss account 2,579,009 2,251,919
Total shareholders' funds 3,638,109 3,311,019

For the financial year ending 31 October 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 Pivot Limited (registered number: 06371742) were approved and authorised for issue by the Board of Directors on 11 April 2025. They were signed on its behalf by:

Ms C Chittock
Director
PIVOT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
PIVOT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 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

Pivot 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 3 Maritime House, The Hart, Farnham, GU9 7HW, 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services 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.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is measured by the directors which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

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
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.

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:

Land and buildings 10 - 50 years straight line
Office equipment 3 - 4 years straight line
Computer equipment 3 - 4 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

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.

Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Stocks

Where the substance of a contract is that the contractual obligations are performed gradually over time, revenue is recognised as contract activity progresses to reflect the partial performance of contractual obligations. The amount of revenue included reflects the accrual of the right to consideration as contract activity progresses by reference to the value of work performed.

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.

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.

Provisions

Provisions are recognised when the has a present obligation (legal or constructive) as a result of a past event, it is probable that the 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).

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 42 39

3. Share-based payments

Equity-settled share-based payment schemes

In 2009 the Company adopted an approved share option scheme under which employees of the Company, at the discretion of the directors, could be granted options over ordinary shares of the Company during the period of 10 years from the adoption of the scheme. Share options granted on 23 November 2012 lapsed in the prior year.

In 2023 the Company adopted an approved share option scheme under which employees of the Company, at the discretion of the directors, could be granted options over ordinary shares of the Company during the period of 10 years from the adoption of the scheme. The main conditions attached are that the individual remains an employee and that the options lapse 10 years after grant. Share options were granted on 18 August 2024.

Details of the share options outstanding during the financial year are as follows:

2024 2023
Weighted Average Weighted Average
Number of share options Average exercise price (£) Number of share options Average exercise price (£)
Outstanding at beginning of period 0 0 400,000 0
Granted during the period 469,177 0.10 0 0
Lapsed during the period 0 0 (400,000) 0
Outstanding at the end of the period 469,177 0 0 0
Exercisable at the end of the period 0 0 0 0

The fair value of the share options at the grant date was calculated at a generally accepted valuation method of measuring fair value.

4. Tangible assets

Land and buildings Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 November 2023 623,972 2,055 46,008 672,035
Additions 0 0 20,866 20,866
Disposals 0 ( 1,605) ( 11,497) ( 13,102)
At 31 October 2024 623,972 450 55,377 679,799
Accumulated depreciation
At 01 November 2023 111,654 2,055 35,006 148,715
Charge for the financial year 15,217 0 10,631 25,848
Disposals 0 ( 1,605) ( 11,497) ( 13,102)
At 31 October 2024 126,871 450 34,140 161,461
Net book value
At 31 October 2024 497,101 0 21,237 518,338
At 31 October 2023 512,318 0 11,002 523,320

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 November 2023 2
At 31 October 2024 2
Carrying value at 31 October 2024 2
Carrying value at 31 October 2023 2

6. Stocks

2024 2023
£ £
Work in progress 22,325 17,424

7. Debtors

2024 2023
£ £
Trade debtors 1,750,716 1,368,172
Prepayments and accrued income 45,374 55,281
1,796,090 1,423,453

8. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 1,950,459 2,177,929
Short-term deposits 500,000 500,000
2,450,459 2,677,929

9. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 133,265 79,276
Accruals and deferred income 437,401 721,035
Corporation tax 112,534 148,081
Other taxation and social security 426,878 353,122
Other creditors 28,723 27,528
1,138,801 1,329,042

10. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 2,067) ( 3,200)
(Charged)/credited to the Statement of Income and Retained Earnings ( 8,237) 1,133
At the end of financial year ( 10,304) ( 2,067)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 10,304) ( 8,260)
Other timing differences 0 6,193
( 10,304) ( 2,067)

11. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 0 24,775