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Company No: 05559866 (England and Wales)

PTARMIGAN LIMITED

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

PTARMIGAN LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

PTARMIGAN LIMITED

BALANCE SHEET

As at 30 September 2024
PTARMIGAN LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 4,000 4,000
Tangible assets 4 410,164 429,851
414,164 433,851
Current assets
Debtors 5 543,596 701,086
Cash at bank and in hand 137,793 74,401
681,389 775,487
Creditors: amounts falling due within one year 6 ( 774,565) ( 845,531)
Net current liabilities (93,176) (70,044)
Total assets less current liabilities 320,988 363,807
Creditors: amounts falling due after more than one year 7 ( 145,545) ( 206,151)
Provision for liabilities 8 ( 92,583) ( 95,214)
Net assets 82,860 62,442
Capital and reserves
Called-up share capital 200 200
Profit and loss account 82,660 62,242
Total shareholder's funds 82,860 62,442

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 Limited (registered number: 05559866) 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 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
PTARMIGAN 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 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 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 2 years straight line
Website costs 2 years straight line
Other intangible assets not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 15 years straight line
Vehicles 4 years straight line
Fixtures and fittings 4 years straight line
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 13 12

3. Intangible assets

Development costs Website costs Other intangible assets Total
£ £ £ £
Cost
At 01 October 2023 2,729 71,007 77,736 151,472
At 30 September 2024 2,729 71,007 77,736 151,472
Accumulated amortisation
At 01 October 2023 2,729 71,007 73,736 147,472
At 30 September 2024 2,729 71,007 73,736 147,472
Net book value
At 30 September 2024 0 0 4,000 4,000
At 30 September 2023 0 0 4,000 4,000

4. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 October 2023 703,147 5,689 42,298 108,561 859,695
Additions 0 0 2,883 32,790 35,673
At 30 September 2024 703,147 5,689 45,181 141,351 895,368
Accumulated depreciation
At 01 October 2023 286,066 5,689 41,990 96,099 429,844
Charge for the financial year 46,876 0 330 8,154 55,360
At 30 September 2024 332,942 5,689 42,320 104,253 485,204
Net book value
At 30 September 2024 370,205 0 2,861 37,098 410,164
At 30 September 2023 417,081 0 308 12,462 429,851

5. Debtors

2024 2023
£ £
Trade debtors 500,547 587,754
Other debtors 43,049 113,332
543,596 701,086

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 80,662 79,123
Trade creditors 142,837 231,018
Amounts owed to Parent undertakings 75,562 132,323
Accruals and deferred income 277,560 205,436
Taxation and social security 168,768 176,300
Obligations under finance leases and hire purchase contracts 4,277 0
Other creditors 24,899 21,331
774,565 845,531

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

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

2024 2023
£ £
Bank loans (secured) 125,408 206,151
Other loans (secured) 20,137 0
145,545 206,151

There are two Government backed bank loans held - a Coronavirus Business Interruption Loan Scheme and a Recovery Loan Scheme. The Coronavirus Business Interruption Loan Scheme is backed by an 80% guarantee and the Recovery Loan Scheme by a 70% guarantee on default. The borrowings are also covered by a fixed and floating charge over all the property and undertaking of the company.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 92,583 95,214

9. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £301,620. This relates to a non-cancellable operating lease over the property. The total commitment is due over the following periods: £109,680 in less than one year (2023 - £109,680), £191,940 in two to five years (2023 - £301,620).

The total amount of guarantees not included in the balance sheet is £767,724 (2023 - £867,669). The company, is party to a cross guarantee against its parent's bank borrowing. The guarantee includes a fixed and floating charge over all assets of the company.

10. Related party transactions

Transactions with owners holding a participating interest in the entity

The company has taken advantage of the exemptions provided from disclosing transactions with its parent and other wholly owned group companies on the grounds that it is a wholly owned subsidiary.

Transactions with the entity's director

Advances

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 October 2023, the balance owed by the director was £9,353. During the year, £59,070 was advanced to the director, and £53,669 was repaid by the director. At 30 September 2024, the balance owed by the director was £14,754.

At 1 October 2022, the balance owed by the director was £144,653. During the year, £37,290 was advanced to the director, and £172,590 was repaid by the director. At 30 September 2023, the balance owed by the director was £9,353.