Caseware UK (AP4) 2024.0.164 2024.0.164 2025-05-292025-05-302025-05-29false4falsefalse2024-02-01false4 06304626 2024-02-01 2025-01-31 06304626 2023-02-01 2024-01-31 06304626 2025-01-31 06304626 2024-01-31 06304626 2023-02-01 06304626 c:CompanySecretary1 2024-02-01 2025-01-31 06304626 c:Director1 2024-02-01 2025-01-31 06304626 c:Director2 2024-02-01 2025-01-31 06304626 c:Director3 2024-02-01 2025-01-31 06304626 c:Director4 2024-02-01 2025-01-31 06304626 c:RegisteredOffice 2024-02-01 2025-01-31 06304626 c:Agent1 2024-02-01 2025-01-31 06304626 d:CurrentFinancialInstruments 2025-01-31 06304626 d:CurrentFinancialInstruments 2024-01-31 06304626 d:Non-currentFinancialInstruments 2025-01-31 06304626 d:Non-currentFinancialInstruments 2024-01-31 06304626 d:CurrentFinancialInstruments d:WithinOneYear 2025-01-31 06304626 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 06304626 d:ReportableOperatingSegment1 2024-02-01 2025-01-31 06304626 d:ReportableOperatingSegment1 2023-02-01 2024-01-31 06304626 d:ShareCapital 2025-01-31 06304626 d:ShareCapital 2024-01-31 06304626 d:ShareCapital 2023-02-01 06304626 d:SharePremium 2025-01-31 06304626 d:SharePremium 2024-01-31 06304626 d:SharePremium 2023-02-01 06304626 d:RetainedEarningsAccumulatedLosses 2024-02-01 2025-01-31 06304626 d:RetainedEarningsAccumulatedLosses 2025-01-31 06304626 d:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 06304626 d:RetainedEarningsAccumulatedLosses 2024-01-31 06304626 d:RetainedEarningsAccumulatedLosses 2023-02-01 06304626 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-02-01 2025-01-31 06304626 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2025-01-31 06304626 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-01-31 06304626 c:OrdinaryShareClass1 2024-02-01 2025-01-31 06304626 c:OrdinaryShareClass1 2025-01-31 06304626 c:OrdinaryShareClass1 2024-01-31 06304626 c:FRS102 2024-02-01 2025-01-31 06304626 c:Audited 2024-02-01 2025-01-31 06304626 c:FullAccounts 2024-02-01 2025-01-31 06304626 c:PrivateLimitedCompanyLtd 2024-02-01 2025-01-31 06304626 2 2024-02-01 2025-01-31 06304626 e:PoundSterling 2024-02-01 2025-01-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06304626










Pentland Properties Limited










Directors' Report and Financial Statements

For the Year Ended 31 January 2025

 
Pentland Properties Limited
 

Company Information


Directors
P N Tory 
J N Tory 
D J Callister 
P J Rosbrook 




Company secretary
P J Rosbrook



Registered number
06304626



Registered office
The Estate Office
Etchinghill Golf Club

Etchinghill

Folkestone

Kent

CT18 8FA




Independent auditors
Kreston Reeves LLP
Chartered Accountants & Statutory Auditor

37 St Margaret's Street

Canterbury

Kent

CT1 2TU




Bankers
Lloyds Bank Plc
Sandgate Road

Folkestone

Kent

United Kingdom

CT20 2AA




Solicitors
Knights
34 Pocklington Walk

Leicester

Leicestershire

LE1 6BU





 
Pentland Properties Limited
 

Contents



Page
Directors' Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Statement of Comprehensive Income
 
7
Balance Sheet
 
8
Statement of Changes in Equity
 
9
Notes to the Financial Statements
 
10 - 18


 
Pentland Properties Limited
 

 
Directors' Report
For the Year Ended 31 January 2025

The directors present their report and the financial statements for the year ended 31 January 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company is the construction and sale of domestic housing as well as the sale and purchase of land.

Results and dividends

The profit for the year, before taxation, amounted to £2,004,109 (2024 - £1,889,335).

The company proposed dividends of £1,000,000 (2024: £500,000) during the year.

Directors

The directors who served during the year were:

P N Tory 
J N Tory 
D J Callister 
P J Rosbrook 

Objectives and policies
The company's objectives are to return consistent profits to shareholders, while maintaining good asset cover to support external funding. The company will work to obtain planning permissions on land that it holds, and to develop and sell homes and other properties.
The company's accounting policies allow for valuation of land at the lower of cost and net realisable value. The directors believe that the market value of land in its possession, both with and without planning permission, is considerably higher than the value shown in the accounts.
 
Page 1

 
Pentland Properties Limited
 

 
Directors' Report (continued)
For the Year Ended 31 January 2025

Going concern
The company has appropriate financial resources and access to further funding, and the directors consider that the company is in a strong position to manage its business risks and to take advantage of the current favourable market conditions in the house-building industry. Consequently they continue to adopt the going concern basis in preparing the annual report and accounts.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Kreston Reeves LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





J N Tory
Director
Date: 29 May 2025

Page 2

 
Pentland Properties Limited
 

 
Independent Auditors' Report to the Members of Pentland Properties Limited
 

Opinion


We have audited the financial statements of Pentland Properties Limited (the 'Company') for the year ended 31 January 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 January 2025 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 3

 
Pentland Properties Limited
 

 
Independent Auditors' Report to the Members of Pentland Properties Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
Pentland Properties Limited
 

 
Independent Auditors' Report to the Members of Pentland Properties Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Capability of the audit in detecting irregularities, including fraud:
Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, management bias in accounting estimates and judgemental areas of the financial statements such as the valuation of work in progress. Audit procedures performed by the company engagement team included:
ole27d0.png
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 5

 
Pentland Properties Limited
 

 
Independent Auditors' Report to the Members of Pentland Properties Limited (continued)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mark Attwood FCCA (Senior Statutory Auditor)
for and on behalf of
Kreston Reeves LLP
Chartered Accountants
Statutory Auditor
Canterbury

30 May 2025
Page 6

 
Pentland Properties Limited
 

Statement of Comprehensive Income
For the Year Ended 31 January 2025

2025
2024
Note
£
£

  

Turnover
 3 
7,259,169
3,867,732

Cost of sales
  
(5,205,476)
(1,759,065)

Gross profit
  
2,053,693
2,108,667

Administrative expenses
  
(325,196)
(356,763)

Operating profit
  
1,728,497
1,751,904

Interest receivable and similar income
 6 
406,449
306,617

Interest payable and similar expenses
 7 
(130,837)
(169,186)

Profit before tax
  
2,004,109
1,889,335

Tax on profit
  
(501,360)
(453,440)

Profit for the financial year
  
1,502,749
1,435,895

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 10 to 18 form part of these financial statements.

Page 7

 
Pentland Properties Limited
Registered number: 06304626

Balance Sheet
As at 31 January 2025

2025
2024
Note
£
£

  

Current assets
  

Stocks
  
10,092,960
12,403,466

Debtors
 9 
9,661,109
7,386,957

Cash at bank and in hand
 10 
1,104,160
13,078

  
20,858,229
19,803,501

Creditors: amounts falling due within one year
 11 
(5,734,527)
(5,142,376)

Net current assets
  
 
 
15,123,702
 
 
14,661,125

Total assets less current liabilities
  
15,123,702
14,661,125

Provisions for liabilities
  

Other provisions
 12 
(24,517)
(64,689)

  
 
 
(24,517)
 
 
(64,689)

Net assets
  
15,099,185
14,596,436


Capital and reserves
  

Called up share capital 
 13 
15,664
15,664

Share premium account
  
4,148,533
4,148,533

Profit and loss account
  
10,934,988
10,432,239

  
15,099,185
14,596,436


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J N Tory
Director
Date: 29 May 2025

The notes on pages 10 to 18 form part of these financial statements.

Page 8

 
Pentland Properties Limited
 

Statement of Changes in Equity
For the Year Ended 31 January 2025


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 February 2023
15,664
4,148,533
9,496,344
13,660,541



Profit for the year
-
-
1,435,895
1,435,895


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(500,000)
(500,000)



At 1 February 2024
15,664
4,148,533
10,432,239
14,596,436



Profit for the year
-
-
1,502,749
1,502,749


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,000,000)
(1,000,000)


At 31 January 2025
15,664
4,148,533
10,934,988
15,099,185


The notes on pages 10 to 18 form part of these financial statements.

Page 9

 
Pentland Properties Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 January 2025

1.


General information

Pentland Properties Limited is a private company limited by shares, incorporated in England and Wales with registration number 06304626. The address of its registered office is Etchinghill Golf Club, Etchinghill, Folkestone, Kent, CT18 8FA.
The principal activity of the company in the year under review was the purchase and sale of land, and the building of new build housing in the Southeast of England.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The company's functional currency is Pounds Sterling.
The company's financial statements are presented to the nearest £. 

The following principal accounting policies have been applied:

 
2.2

Going concern

The activities of the company and the factors that are likely to affect its future development, financial position and risk management objectives are described in the Strategic Report.
The company has considerable financial resources and access to further funding, and the directors consider that the company is in a strong position to manage its business risks and to take advantage of the continuing market conditions in the house-building industry. Consequently, they continue to adapt the going concern basis in preparing the annual report and accounts. 
 

Page 10

 
Pentland Properties Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 January 2025

2.Accounting policies (continued)

 
2.3

Revenue

Revenue from sale of commercial and residential units is recognised on legal completion which is when title passes to the buyer. 
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 11

 
Pentland Properties Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 January 2025

2.Accounting policies (continued)

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Page 12

 
Pentland Properties Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 January 2025

2.Accounting policies (continued)


2.7
Financial instruments (continued)

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

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.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 13

 
Pentland Properties Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 January 2025

2.Accounting policies (continued)

 
2.13

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.



3.


Turnover

An analysis of turnover by class of business is as follows:


2025
2024
£
£

Property sale and rental
7,259,169
3,867,732

7,259,169
3,867,732


All turnover arose within the United Kingdom.


4.


Employees

2025
2024
£
£

Wages and salaries
217,691
314,046

217,691
314,046


The average monthly number of employees, including directors, during the year was 4 (2024 - 4).


5.


Directors' remuneration

2025
2024
£
£

Directors' emoluments
217,118
306,379

217,118
306,379


The highest paid director received remuneration of the above amount.

Page 14

 
Pentland Properties Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 January 2025

6.


Interest receivable

2025
2024
£
£


Other interest receivable
406,449
306,617

406,449
306,617


7.


Interest payable and similar expenses

2025
2024
£
£


Other loan interest payable
130,837
169,186

130,837
169,186


8.


Dividends

2025
2024
£
£


Dividends on equity capital
1,000,000
500,000

1,000,000
500,000

Page 15

 
Pentland Properties Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 January 2025

9.


Debtors


2025
2024
£
£

Due after more than one year

Amounts owed by companies under common control
2,256,052
3,191,224

Other debtors
3,849,046
3,849,046

6,105,098
7,040,270

Due within one year

Trade debtors
14,453
11,900

Amounts owed by companies under common control
2,850,000
-

Related party debtor
24,080
-

Other debtors
-
8,083

Prepayments and accrued income
667,478
326,704

9,661,109
7,386,957



10.


Cash and cash equivalents

2025
2024
£
£

Cash at bank and in hand
1,104,160
13,078

1,104,160
13,078



11.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
19,148
30,579

Amounts owed to companies under common control
119,273
3,099,581

Corporation tax
221,773
243,749

Other taxation and social security
17,566
7,665

Other creditors
5,123,237
1,443,310

Accruals and deferred income
233,530
317,492

5,734,527
5,142,376


Page 16

 
Pentland Properties Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 January 2025

12.


Provisions





 
 
Customer care and cost to complete provision

£





At 1 February 2024
64,689


Charged to profit or loss
(40,172)



At 31 January 2025
24,517


13.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



15,664 (2024 - 15,664) Ordinary Shares shares of £1.00 each
15,664
15,664


Page 17

 
Pentland Properties Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 January 2025

14.


Related party transactions

1) P N Tory and J N Tory are both directors and shareholders of Pentland Properties Limited and also directors and shareholders of Pentland Homes Limited. During the year Pentland Homes Limited provided £1,619,672 (2024: £3,309,508) worth of goods and services to the company. At the year end, the company owed £51,693 (2024: £91,603) to Pentland Homes Limited.
2) The following loans have been made to the company and remained outstanding at the year end:
i) P N Tory: The company owed P N Tory the sum of £3,978,011 (2024: £4,128,011) at the year end. During the year the interest of £27,520 (2024: £160,932) was charged in respect of this loan.
ii) J N Tory: The company owed J N Tory the sum of £500,000 (2024: £306,595) at the year end. During the year interest of £14,463 (2024: £4,088) was charged in respect of this loan.
iii) J Callister: The company owed J Callister the sum of £Nil (2024: £Nil) at the year end. During the year interest of £Nil (2024: £4,167) was charged in respect of this loan. 
Interest is paid at 4% per annum on the above loans. The loans are repayable in next few years. J N Tory is both a director of Pentland Properties Limited and also controls Cave Hotels UK Limited. P N Tory is a director of Pentland Properties Limited.
3) The following loans were made by the company and remained outstanding at the year-end:
i) Cave Hotels UK Limited: The company was owed the sum of £2,256,052 (2024: £2,256,052) at the year end. No interest was charged in respect of this loan.
ii) Pentland Homes Limited: The company was owed the sum of £2,850,000 (2024: £950,000) at the year end. No interest was charged in respect of this loan.
During the year costs of £87,891 (2024: £83,322) were recharged to Cave Hotels UK Ltd and costs of £0.9k (2024: £1,400) were recharged by Cave Hotels UK Ltd. At the year end, Cave Hotels UK Ltd owed £14,649 (2024: £25,712) to the company.


15.


Controlling party

J N Tory is the ultimate controlling party by virtue of his majority shareholding in the company. 
Page 18