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Registration number: 05558585

Pilgrim Property Investments Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Pilgrim Property Investments Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

Pilgrim Property Investments Ltd

Company Information

Director

Mr J A Hoare

Company secretary

Mr C C F Tabor

Registered office

Mountbatten House
Grosvenor Square
Southampton
Hampshire
SO15 2JU

Accountants

Numeric Accounting
Chartered Certified AccountantsSuite 1 The Portway Centre
Old Sarum Park
Old Sarum
Salisbury
Wiltshire
SP4 6EB

 

Pilgrim Property Investments Ltd

(Registration number: 05558585)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

937,873

936,386

Current assets

 

Debtors

5

601

1,523

Cash at bank and in hand

 

43,361

48,271

 

43,962

49,794

Creditors: Amounts falling due within one year

6

(376,563)

(382,993)

Net current liabilities

 

(332,601)

(333,199)

Total assets less current liabilities

 

605,272

603,187

Provisions for liabilities

(3,414)

(120,639)

Net assets

 

601,858

482,548

Capital and reserves

 

Called up share capital

7

100

100

Revaluation reserve

345,258

345,258

Retained earnings

256,500

137,190

Shareholders' funds

 

601,858

482,548

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 April 2025
 

 

Pilgrim Property Investments Ltd

(Registration number: 05558585)
Balance Sheet as at 30 September 2024 (continued)

.........................................
Mr J A Hoare
Director

 

Pilgrim Property Investments Ltd

Statement of Changes in Equity for the Year Ended 30 September 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 October 2023

100

345,258

137,190

482,548

Profit for the year

-

-

154,310

154,310

Dividends

-

-

(35,000)

(35,000)

At 30 September 2024

100

345,258

256,500

601,858

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 October 2022

100

-

131,555

131,655

Profit for the year

-

-

376,893

376,893

Other comprehensive income

-

345,258

-

345,258

Total comprehensive income

-

345,258

376,893

722,151

Dividends

-

-

(26,000)

(26,000)

Transfers

-

-

(345,258)

(345,258)

At 30 September 2023

100

345,258

137,190

482,548

 

Pilgrim Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Mountbatten House
Grosvenor Square
Southampton
Hampshire
SO15 2JU

These financial statements were authorised for issue by the director on 23 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Pilgrim Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Property

Not depreciated - held at revalued amounts

Plant and Machinery

10% Straight Line

Computer Equipment

33% Straight Line

Investments

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

 

Pilgrim Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
 Recognition and measurement
When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Pilgrim Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

4

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Plant and machinery
£

Computer equipment
£

Total
£

Cost or valuation

At 1 October 2023

275,000

645,000

59,895

807

980,702

At 30 September 2024

275,000

645,000

59,895

807

980,702

Depreciation

At 1 October 2023

-

5,110

38,648

558

44,316

Charge for the year

-

(5,110)

3,541

82

(1,487)

At 30 September 2024

-

-

42,189

640

42,829

Carrying amount

At 30 September 2024

275,000

645,000

17,706

167

937,873

At 30 September 2023

275,000

639,890

21,247

249

936,386

Included within the net book value of land and buildings above is £275,000 (2023 - £275,000) in respect of freehold land and buildings and £645,000 (2023 - £639,890) in respect of long leasehold land and buildings.
Properties are held at revalued amounts with a historic cost of £458,938.
 

5

Debtors

Current

2024
£

2023
£

Trade debtors

-

600

Prepayments

601

923

 

601

1,523

 

Pilgrim Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

10,530

9,053

Accruals and deferred income

10,402

10,309

Other creditors

355,631

363,631

376,563

382,993

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

345,258

345,258

9

Dividends

2024

2023

£

£

Interim dividend of £350.00 (2023 - £260.00) per ordinary share

35,000

26,000

 

 
 

Pilgrim Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

10

Related party transactions

Transactions with the director

2024

At 1 October 2023
£

Advances to director
£

At 30 September 2024
£

Mr J A Hoare

The director's loan is charged at 0% interest and is repayable on demand.

(353,950)

8,000

(345,950)

2023

At 1 October 2022
£

Advances to director
£

At 30 September 2023
£

Mr J A Hoare

The director's loan is charged at 0% interest and is repayable on demand.

(387,950)

34,000

(353,950)