| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| PERSHING PROPERTIES LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| PERSHING PROPERTIES LIMITED |
| PERSHING PROPERTIES LIMITED (REGISTERED NUMBER: 04966985) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| PERSHING PROPERTIES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 869 High Road |
| London |
| N12 8QA |
| PERSHING PROPERTIES LIMITED (REGISTERED NUMBER: 04966985) |
| STATEMENT OF FINANCIAL POSITION |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| PERSHING PROPERTIES LIMITED (REGISTERED NUMBER: 04966985) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Pershing Properties Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Pershing Properties Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Rental income |
| Rental income represents net rent receivable on the investment property held in the company and an investment property held in a joint venture. |
| Tangible fixed assets |
| Short leasehold | - |
| Improvements to property | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Joint ventures |
| Amounts receivable from joint venture partners, in respect of profits, are accounted for in the accounting period in which the corresponding profit arises and are included under other operating income. |
| Investment property |
| Investment properties are carried at fair value. Revaluation surpluses are recognised in the income statement. Deferred Taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties. |
| The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102 (Section 1A). The directors consider that, because these properties are not held for consumption but for their investment potential, to depreciate them would no give a true and fair view and that it is necessary to adopt FRS 102 (Section 1A) in order to give a true and fair view. If this departure from the Act had not been made, the loss for the financial year would have been increased by the amount of depreciation. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| PERSHING PROPERTIES LIMITED (REGISTERED NUMBER: 04966985) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2023 - |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| Short | to | and | Motor |
| leasehold | property | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST OR VALUATION |
| At 1 October 2023 |
| Disposals | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| PERSHING PROPERTIES LIMITED (REGISTERED NUMBER: 04966985) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 5. | FIXED ASSET INVESTMENTS - continued |
| Cost or valuation at 30 September 2024 is represented by: |
| Shares in |
| group |
| undertakings |
| £ |
| Valuation in 2024 | 151 |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| COST |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors | ( |
) |
| Amounts owed to group undertakings |
| Amounts owed to related companies | 690,223 | 519,876 |
| Taxation and social security |
| Other creditors |
| 9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the year ended 30 September 2024 and the period ended 30 September 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| PERSHING PROPERTIES LIMITED (REGISTERED NUMBER: 04966985) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| During the period under review, interest of £907 (2023: £611) was charged on the overdrawn directors loan accounts. |
| 10. | RELATED PARTY DISCLOSURES |
| Included in debtors, falling due within one year, is an amount of £NIL (2023: £11,248) due from Zinc B Ltd, a company with common directors. |
| Included in debtors, falling due within one year, is an interest free amount of £20,353 (2023: £12,401) due from Zinc G K Limited, a company with common directors. |
| Included in debtors, falling due within one year, is an interest free amount of £239,485 (2023: £41,805) due from Pershing KL Limited, a subsidiary company. |
| Included in creditors, falling due within one year, is an amount of £39,960 (2023: £19,348) due to Zinc G Ltd, a company with common directors. During the year, interest amounting to £NIL (2023:£3,753) was charged by Zinc G Ltd. |
| Included in creditors, falling due within one year, is an interest free amount of £650,263 (2023: £500,528) due to Zinc MD Limited, a company in which Mr P Domb is a director and shareholder. |
| Included in creditors, falling due within one year is an interest free amount of £139,987 (2023: £89,987) due to Hemel Commercial Properties Limited, a company in which Mr P Domb is director. |