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Company No: 10448911 (England and Wales)

PTARMIGAN PROPERTY LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

PTARMIGAN PROPERTY LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

PTARMIGAN PROPERTY LIMITED

BALANCE SHEET

As at 30 September 2024
PTARMIGAN PROPERTY LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 1,660,000 1,660,000
Investments 4 200 200
1,660,200 1,660,200
Current assets
Debtors 5 77,559 133,504
Cash at bank and in hand 20,205 37,678
97,764 171,182
Creditors: amounts falling due within one year 6 ( 109,768) ( 114,813)
Net current (liabilities)/assets (12,004) 56,369
Total assets less current liabilities 1,648,196 1,716,569
Creditors: amounts falling due after more than one year 7 ( 672,507) ( 772,452)
Provision for liabilities 8 ( 109,941) ( 109,941)
Net assets 865,748 834,176
Capital and reserves
Called-up share capital 100 100
Fair value reserve 357,903 357,903
Profit and loss account 507,745 476,173
Total shareholder's funds 865,748 834,176

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 financial statements of Ptarmigan Property Limited (registered number: 10448911) were approved and authorised for issue by the Director on 16 May 2025. They were signed on its behalf by:

M C L Barnett
Director
PTARMIGAN PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
PTARMIGAN PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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

Ptarmigan Property 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 10-11 Glenthorne Mews, London, W6 0LJ, 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 £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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. 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.

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.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 October 2023 1,660,000
As at 30 September 2024 1,660,000

Valuation

The investment property was last revalued at 26 May 2022 by independent valuers Glenny LLP. The valuation was conducted at open market value. There has been no change in valuation during the year.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 1,192,156 1,192,156

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 October 2023 200
At 30 September 2024 200
Carrying value at 30 September 2024 200
Carrying value at 30 September 2023 200

5. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 75,562 132,323
Other debtors 1,997 1,181
77,559 133,504

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 95,217 95,217
Trade creditors 2,142 1,800
Accruals 2,950 2,850
Taxation and social security 9,459 14,946
109,768 114,813

Bank loans are secured by way of fixed and floating charge over all property or undertaking of the company.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 672,507 772,452

Bank loans are secured by way of fixed and floating charge over all property or undertaking of the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured / repayable by instalments) 273,936 341,511

8. Provision for liabilities

2024 2023
£ £
Deferred tax 109,941 109,941

9. Financial commitments

Commitments

The total amount of guarantees not included in the balance sheet is £206,070 (2023 - £285,274). The company is party to a cross guarantee against its subsidiary bank borrowing. The guarantee includes a fixed and floating charge over all assets of the company.