Company registration number 14593162 (England and Wales)
PANDOX PEAK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PANDOX PEAK LIMITED
COMPANY INFORMATION
Directors
Wenda Adriaanse
A E Lindblom
S Torner
B Williams
Secretary
CSC CLS (UK) Limited
Company number
14593162
Registered office
1 Bartholomew Lane
London
United Kingdom
EC2N 2AX
Auditor
HaysMac LLP
10 Queen Street Place
London
United Kingdom
EC4R 1AG
PANDOX PEAK LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 16
PANDOX PEAK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the Company is that of an intermediate holding company.

 

Results and dividends

The results for the year are set out on page 6.

 

The profit for the year, after taxation, amounted to £13,426,992 (14 months ended 31 December 2023: £1,375,880).

Directors

The directors who served during the year and subsequently to the date of this report are shown on the company information page.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

Auditor

HaysMac LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

PANDOX PEAK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Going concern

The company is wholly reliant, for the foreseeable future, on the continued financial support from its ultimate parent company, Pandox AB, in order to meet its obligations as and when they fall due.

 

Management have reforecasted the expected financial performance and cash flows for the period up to 30 June 2026 and performed additional sensitivity analysis in order to understand the level of support that may be required. This has been discussed with Pandox AB and a letter of support has been provided to the Board of Directors.

 

Whilst the letter of support is not legally binding the Board of Directors believe that the company will be provided financial support from Pandox AB in order for the company to meet its obligations as and when they fall due until at least 31 December 2026. The Directors have also considered the financial position of Pandox AB and concluded that they have sufficient financial resources with which to provide the support detailed in the letter.

 

Therefore on the basis of the above, the Directors have approved the financial statements utilising the going concern basis of preparation.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
B Williams
Director
10 June 2025
PANDOX PEAK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PANDOX PEAK LIMITED
- 3 -
Opinion

We have audited the financial statements of Pandox Peak Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's 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 UK, including the FRC’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 auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

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

PANDOX PEAK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PANDOX PEAK LIMITED
- 4 -
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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 auditor's 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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.

Based on our understanding of the company and industry, we considered those laws and regulations that have a direct impact on the preparation of the financial statements.

 

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 risk was management bias in accounting estimates. Audit procedures performed by the engagement team included:

 

- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

- Evaluating management’s controls designed to prevent and detect irregularities;

- Identifying and reviewing journals, in particular journal entries which shared key risk characteristics; and

- Challenging assumptions and judgements made by management in their critical accounting estimates. This included but was not limited to intercompany debt recoverability.

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. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

PANDOX PEAK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PANDOX PEAK LIMITED
- 5 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 2006. Our 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 auditor's 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.

........................
Mr Andrew Ball
Senior Statutory Auditor
For and on behalf of HaysMac LLP
10 June 2025
Chartered Accountants
Statutory Auditor
10 Queen Street Place
London
United Kingdom
EC4R 1AG
PANDOX PEAK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Year
14 months
ended
ended
31 December
31 December
2024
2023
Notes
£
£
Administrative expenses
(4,523,772)
(3,220,538)
Interest receivable and similar income
5
27,452,170
22,393,939
Interest payable and similar expenses
6
(7,922,579)
(17,269,316)
Profit before taxation
15,005,819
1,904,085
Tax on profit
7
(1,578,827)
(528,205)
Profit for the financial year
13,426,992
1,375,880

The profit and loss account has been prepared on the basis that all operations are continuing operations.

There were no recognised gains and losses for the year ended 31 December 2024 or 2023 other than those included in the profit and loss account.

The notes on pages 9 to 16 form part of these financial statements.

PANDOX PEAK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
8
19,671
19,671
Non current assets
Debtors: amounts falling due after more than one year
10
315,475,289
313,469,816
315,475,289
313,469,816
Current assets
Debtors
10
35,581,901
23,804,915
Cash at bank and in hand
37,155
144,955
35,619,056
23,949,870
Creditors: amounts falling due within one year
11
(5,718,701)
(88,170,195)
Net current assets/(liabilities)
29,900,355
(64,220,325)
Total assets less current liabilities
345,395,315
249,269,162
Creditors: amounts falling due after more than one year
12
(16,923,289)
(243,366,270)
Net assets
328,472,026
5,902,892
Capital and reserves
Called up share capital
13
1,003
1,002
Share premium account
309,668,837
526,696
Other reserves
3,999,314
3,999,314
Profit and loss reserves
14,802,872
1,375,880
Total equity
328,472,026
5,902,892

The notes on pages 9 to 16 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 10 June 2025 and are signed on its behalf by:
B Williams
Director
Company Registration No. 14593162
PANDOX PEAK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 16 January 2023
1,002
526,696
3,999,314
-
0
4,527,012
Period ended 31 December 2023:
Profit and total comprehensive income
-
-
-
1,375,880
1,375,880
Balance at 31 December 2023
1,002
526,696
3,999,314
1,375,880
5,902,892
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
13,426,992
13,426,992
Conversion of loan to shares
13
1
309,142,141
-
-
309,142,142
Balance at 31 December 2024
1,003
309,668,837
3,999,314
14,802,872
328,472,026
PANDOX PEAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
1
Accounting policies
Company information

Pandox Peak Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Bartholomew Lane, London, United Kingdom, EC2N 2AX.

1.1
Reporting period

The Company’s financial year runs from 1 January to 31 December, with the current financial year covering the period from 1 January 2024 to 31 December 2024. The previous financial period was for 14 months, starting from the date of incorporation on 16 January 2023 and ending on 31 December 2023.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional and presentational currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

The company is wholly reliant, for the foreseeable future, on the continued financial support from itstrue ultimate parent company, Pandox AB, in order to meet its obligations as and when they fall due for the foreseeable future.

 

Management have reforecasted the expected financial performance and cash flows for the period up to 30 June 2026 and performed additional sensitivity analysis in order to understand the level of support that may be required. This has been discussed with Pandox AB and a letter of support has been provided to the Board of Directors.

 

Whilst the letter of support is not legally binding the Board of Directors believe that the company will be provided financial support from Pandox AB in order for the company to meet its obligations as and when they fall due until at least 31 December 2026. The Directors have also considered the financial position of Pandox AB and concluded that they have sufficient financial resources with which to provide the support detailed in the letter.

 

Therefore on the basis of the above, the Directors have approved the financial statements utilising the going conern basis of preparation.

1.4
Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 

If an impairment loss is identified, this is recognised immediately in the profit and loss account and the value of the investment is reduced accordingly.

1.5
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 current liabilities.

PANDOX PEAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
1.6
Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Fair value measurement of financial instruments

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.

1.7
Taxation
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Foreign exchange

Functional and presentation currency

The Company's functional and presentational currency is GBP.

 

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

 

At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and nonmonetary items measured at fair value are measured using the exchange rate when fair value was determined.

 

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

PANDOX PEAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.9

Valuation of Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 

If an impairment loss is identified, this is recognised immediately in the profit and loss account and the value of the investment is reduced accordingly.

1.10

Interest Income and Interest Expense

Interest income and interest expense, including those arising from intercompany loans, are recognised on an accruals basis, unless the impact of discounting is immaterial.

 

Intercompany interest receivable and payable is recognised in the statement of comprehensive income within finance income or finance costs, respectively. Any unpaid amounts are recorded in the statement of financial position as part of trade and other receivables or trade and other payables.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. This includes the assessment of the recoverability of intercompany debtors. 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.

 

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Recoverability of debtors

In assessing the recoverability of intercompany debtors, the directors consider the financial position and expected future cash flows of the counterparty entities. Judgement is applied in determining whether there is objective evidence that amounts due may not be recoverable. Any provision is recognised in the period when such evidence exists.

3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
11,000
10,000
4
Employees

The Company has no employees other than the directors, who did not receive any remuneration.

PANDOX PEAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
5
Interest receivable and similar income
2024
2023
£
£
Interest receivable and similar income includes the following:
Interest receivable from group companies
27,442,239
22,393,577
6
Interest payable and similar expenses
2024
2023
£
£
Interest payable and similar expenses includes the following:
Interest payable to group undertakings
7,922,579
17,269,316
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
2,013,820
528,205
Adjustments in respect of prior periods
1,572,407
-
0
Total current tax
3,586,227
528,205
Deferred tax
Origination and reversal of timing differences
(1,155,614)
-
0
Adjustment in respect of prior periods
(851,786)
-
0
Total deferred tax
(2,007,400)
-
0
Total tax charge
1,578,827
528,205
PANDOX PEAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Taxation
(Continued)
- 13 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
15,005,819
1,904,085
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
3,751,455
447,460
Tax effect of expenses that are not deductible in determining taxable profit
1,161,142
80,745
Tax effect of income not taxable in determining taxable profit
(2,898,777)
-
0
Change in unrecognised deferred tax assets
(1,155,614)
-
0
Adjustments in respect of prior years
1,572,407
-
0
Deferred tax adjustments in respect of prior years
(851,786)
-
0
Taxation charge for the year
1,578,827
528,205
As of 24 May 2021 the prevailing tax rate applicable under the UK corporation tax regime was substantively enacted to 25% with the change coming into effect from 1 April 2023. The Chancellor in his Autumn Statement on 17 November 2022, retierated the increase in Corporation Tax rates to 25%. Opening and closing deferred tax balances are calculated at a rate of 25%.
8
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
19,671
19,671
PANDOX PEAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
9
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Pandox Base Limited
1
Ordinary
100.00
-
Pandox Bradford Propco B.V.
2
Ordinary
-
100.00
Pandox Brighton Propco B.V.
2
Ordinary
-
100.00
Pandox Cardiff Propco B.V.
2
Ordinary
-
100.00
Pandox Cheltenham Propco B.V.
2
Ordinary
-
100.00
Pandox East Midlands Propco B.V.
2
Ordinary
-
100.00
Pandox Glasgow Propco Ltd
1
Ordinary
-
100.00
Pandox Leeds Propco B.V.
2
Ordinary
-
100.00
Pandox Croydon Propco B.V.
2
Ordinary
-
100.00
Pandox Oxford Propco B.V.
2
Ordinary
-
100.00
Pandox Hinkley Propco B.V.
2
Ordinary
-
100.00
Pandox Inverness Propco B.V.
2
Ordinary
-
100.00
Pandox Manchester Propco Ltd
1
Ordinary
-
100.00
Pandox Middlesbrough Propco B.V.
2
Ordinary
-
100.00
Pandox Sheffield Propco B.V.
2
Ordinary
-
100.00
Pandox Swindon Propco B.V.
2
Ordinary
-
100.00
Pandox Heathrow Propco Ltd
1
Ordinary
-
100.00
Pandox UK Opco Ltd
1
Ordinary
-
100.00
Pandox Investment Management DAC
3
Ordinary
-
100.00
Vesway DAC
3
Ordinary
-
100.00
Pandox Group DAC
3
Ordinary
-
100.00
Pandox Birmingham Propco Limited
1
Ordinary
-
100.00

Registered office addresses:

1
1 Bartholomew Lane, London, United Kingdom, EX2N 2AX
2
10 Basisweg Amsterdam, Amsterdam, Netherlands, 1043 AP
3
1-2 Victoria Buildings, Heddington Road, Dublin 4, Dublin
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1
-
0
Corporation tax recoverable
-
0
880,091
Amounts owed by group undertakings
35,581,900
22,924,824
35,581,901
23,804,915
Amounts owed by group undertakings are interest free and are repayable on demand.
PANDOX PEAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Debtors
(Continued)
- 15 -
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
313,467,889
313,469,816
Deferred tax asset
2,007,400
-
0
315,475,289
313,469,816
Total debtors
351,057,190
337,274,731

Amounts owed by group undertakings bear interest at the rate of Sonia + 3.58% and matures on the 23 February 2028.

11
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
1,067,319
84,743,852
Corporation tax
692,316
-
0
Accruals
3,959,066
3,426,343
5,718,701
88,170,195

Amounts owed to group undertakings are interest free and repayable on demand.

12
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
16,923,289
243,366,270

Amounts owed to group undertakings relate to loans bearing interest at a rate of SONIA + 0.92% and matures on 23 February 2028.

13
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,003
1,002
1,003
1,002

During the financial year, the company converted an outstanding loan of £309,142,142 into equity through the issuance of 1 new ordinary shares at a nominal value of £309,142,142 per share.

PANDOX PEAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
14
Parent company

The largest and smallest group to consolidate the result of this company are the group headed by Pandox AB, a company registered in Sweden. Financial statements for Pandox AB are available from the following website: https://www.pandox.se/investor-relations/financial-reports-and-presentations/.

 

There is no individual ultimate controlling party.

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