The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3rd Floor, 28 Austin Friars, London, EC2Q 2NN.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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.
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.
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.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The company owns 70% of the issued share capital of Park Gate (Brighton) Limited, a company incorporated in the UK whose principal activity is the letting and operating of own or leased real estate. The historical cost of this investment is £1,774. During the year ended 30 September 2024, Park Gate (Brighton) Limited made a net profit of £42,559 (2023: £178,824) and at 30 September 2024 has capital and reserves of £4,536,125 (2023: £4,493,566). At 31 August 2024 the company was owed £1,061,130 (2023: £1,061,130 ) by Park Gate (Brighton) Limited, this loan is unsecured, interest free and has no fixed date of repayment.
At 31 August 2024, the company was owed £906,360 (2023: £906,360) by Matsim Properties Limited, a company incorporated in the UK. This amount is unsecured and repayable on demand. During the year interest of £73.205 (2023: £60,799) was charged by the company at various rates between 7.75% and 8% per annum. At 31 August 2024 interest of £49,670 (2023: £13,267) was owed to the company and is included within other debtors.
At 31 August 2024 the company was owed £112,500 (2023: £112,500) by Londonwide Properties PLC, a company incorporated in the UK. This amount is unsecured, interest free and repayable when the property is sold or a lease of the property or part thereof is granted at a premium.
The company owns 15.90% of the issued share capital of Pigeon (Pembroke) Limited, a company incorporated in the UK whose principal activity is the letting and operating of own or leased real estate. The historical cost of this investment is £100. At 31 August 2024 the company was owed £999,900 (2023: £999,900) by Pigeon (Pembroke) Limited. This amount is unsecured and repayable on demand. During the year interest of £95,238 (2023: £37,496) was charged by the company at rates between 3.17% and 6.35% per annum.
The company owns 24.19% of the issued share capital of Pigeon (TW) Limited, a company incorporated in the UK whose principal activity is the letting and operating of own or leased real estate. The historical cost of this investment is £30. At 31 August 2024 the company was owed £299,970 (2023: £0) by Pigeon (Pembroke) Limited. This amount is unsecured, repayable on demand with interest chargeable at a target rate of 12% per annum however it depends upon the financial performance and the amount of cash available following the payment of any management and finance costs.
The company owns 3.36% of the issued share capital of Pigeon Capital Management 2000 Limited, a company incorporated in the UK whose principal activity is the management of real estate. The historical cost of this investment is £25. At 31 August 2024 the company was owed £249,975 (2023: £0) by Pigeon (Pembroke) Limited which is represented by 0% preferred loan notes in Pigeon (Pembroke) Limited. This amount is unsecured and has no fixed date of repayment
The company owns 5.51% of the issued share capital of Pigeon (Holland on Sea) Limited, a company incorporated in the UK whose principal activity is the letting and operating of own or leased real estate. The historical cost of this investment is £10. At 31 August 2024 the company was owed £99,990 (2023: £0) by Pigeon (Holland On Sea) Limited. This amount is unsecured, repayable on demand with interest payable at a rate determined by its Board each year depending upon its financial performance and the amount of cash available following the payment of any management and finance costs.
Included within other creditors: amounts falling due within one year is £50,298 (2023: £50,298) owed by the company to the director, Mr P D Caldecott. This amount is unsecured, interest free and repayable on demand.
Included within other creditors: amounts falling due after one year is £5,715,000 (2023: £5,715,000) subordinated loan owed by the company to the director, Mr P D Caldecott. This amount is unsecured, interest free and repayable after more than one year.
The company is controlled by the director, Mr P D Caldecott by virtue of his holding 100% of the company's issued share capital.