Registration number:
Pilgrim Property Investments Ltd
for the Year Ended 30 September 2024
Pilgrim Property Investments Ltd
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Pilgrim Property Investments Ltd
Company Information
Director |
Mr J A Hoare |
Company secretary |
Mr C C F Tabor |
Registered office |
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Accountants |
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Pilgrim Property Investments Ltd
(Registration number: 05558585)
Balance Sheet as at 30 September 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Retained earnings |
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Shareholders' funds |
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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:
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
Pilgrim Property Investments Ltd
(Registration number: 05558585)
Balance Sheet as at 30 September 2024 (continued)
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Pilgrim Property Investments Ltd
Statement of Changes in Equity for the Year Ended 30 September 2024
Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 October 2023 |
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
At 30 September 2024 |
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Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 October 2022 |
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- |
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Profit for the year |
- |
- |
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Other comprehensive income |
- |
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- |
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Total comprehensive income |
- |
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Dividends |
- |
- |
( |
( |
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
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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
Recognition and measurement
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Pilgrim Property Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
Tangible assets |
Land and buildings |
Long leasehold land and buildings |
Plant and machinery |
Computer equipment |
Total |
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Cost or valuation |
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At 1 October 2023 |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
- |
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Charge for the year |
- |
( |
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( |
At 30 September 2024 |
- |
- |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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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.
Debtors |
Current |
2024 |
2023 |
Trade debtors |
- |
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Prepayments |
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Pilgrim Property Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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 |
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Surplus/deficit on property, plant and equipment revaluation |
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Dividends |
2024 |
2023 |
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£ |
£ |
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Interim dividend of £ |
35,000 |
26,000 |
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Pilgrim Property Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
Related party transactions |
Transactions with the director |
2024 |
At 1 October 2023 |
Advances to director |
At 30 September 2024 |
Mr J A Hoare |
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The director's loan is charged at 0% interest and is repayable on demand. |
( |
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( |
2023 |
At 1 October 2022 |
Advances to director |
At 30 September 2023 |
Mr J A Hoare |
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The director's loan is charged at 0% interest and is repayable on demand. |
( |
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( |