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Registration number: 13498485

Pinewood Global Ltd

Unaudited Filleted Financial Statements

for the Period from 1 August 2023 to 31 December 2023

 

Pinewood Global Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Pinewood Global Ltd

Company Information

Director

Mrs Elizabeth Rivera

Company secretary

Mrs Elizabeth Rivera

Registered office

85 Great Portland Street
First Floor
London
W1W 7LT

Accountants

Balance Accounts Limited
Chartered Certified Accountants
4 Beau Street
Bath
BA1 1QY

 

Pinewood Global Ltd

(Registration number: 13498485)
Balance Sheet as at 31 December 2023

Note

31 December
2023
£

31 July
2023
£

Fixed assets

 

Intangible assets

4

54,663

62,094

Tangible assets

5

199,963

222,055

 

254,626

284,149

Current assets

 

Debtors

6

6,177

11,784

Cash at bank and in hand

 

41,282

49,380

 

47,459

61,164

Creditors: Amounts falling due within one year

7

(294,980)

(336,289)

Net current liabilities

 

(247,521)

(275,125)

Total assets less current liabilities

 

7,105

9,024

Provisions for liabilities

(7,907)

(6,860)

Net (liabilities)/assets

 

(802)

2,164

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

(804)

2,162

Shareholders' (deficit)/funds

 

(802)

2,164

For the financial period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Pinewood Global Ltd

(Registration number: 13498485)
Balance Sheet as at 31 December 2023

Director's responsibilities:

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

The director acknowledges her 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 31 December 2024
 

.........................................
Mrs Elizabeth Rivera
Company secretary and director

 

Pinewood Global Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 31 December 2023

1

General information

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

The address of its registered office is:
85 Great Portland Street
First Floor
London
W1W 7LT
England

These financial statements were authorised for issue by the director on 31 December 2024.

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.

Going concern

At the period end the company had net liabilities of £802 (31/07/23 - net assets £2,164).

It was therefore necessary to consider the appropriateness of preparing the accounts on the going concern basis.

The director has provided a loan to the company. The balance owing to her at the period end was £265,346 (31/07/23 - £314,556). The director has also confirmed her ongoing support of the company in order to enable it to meet its financial obligations as they fall due. It was therefore considered appropriate to prepare these accounts on the going concern basis.

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.

 

Pinewood Global Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises 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.

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.

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

Plant & equipment

Straight line over 5 years

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life:

Asset class

Amortisation method and rate

Goodwill

Straight line over 5 years

Customer lists and other intangible assets

Straight line over 5 years

 

Pinewood Global Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

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

 

Pinewood Global Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 31 December 2023

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 August 2023

15,767

73,407

89,174

At 31 December 2023

15,767

73,407

89,174

Amortisation

At 1 August 2023

4,875

22,205

27,080

Amortisation charge

1,314

6,117

7,431

At 31 December 2023

6,189

28,322

34,511

Carrying amount

At 31 December 2023

9,578

45,085

54,663

At 31 July 2023

10,892

51,202

62,094

5

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

265,113

265,113

At 31 December 2023

265,113

265,113

Depreciation

At 1 August 2023

43,058

43,058

Charge for the period

22,092

22,092

At 31 December 2023

65,150

65,150

Carrying amount

At 31 December 2023

199,963

199,963

At 31 July 2023

222,055

222,055

 

Pinewood Global Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 31 December 2023

6

Debtors

Current

31 December
2023
£

31 July
2023
£

Trade debtors

1,876

1,587

Other debtors

4,301

10,197

 

6,177

11,784

7

Creditors

Creditors: amounts falling due within one year

Note

31 December
2023
£

31 July
2023
£

Due within one year

 

Trade creditors

 

437

36

Amounts due to related parties

265,346

314,556

Other payables

 

1,389

215

Accruals

 

27,808

21,482

 

294,980

336,289

8

Share capital

Allotted, called up and fully paid shares

31 December
2023

31 July
2023

No.

£

No.

£

A Ordinary of £1 each

1

1

1

1

B Ordinary of £1 each

1

1

1

1

2

2

2

2