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Company No: 04126013 (England and Wales)

PRIDEWATCH EVENTS LTD

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

PRIDEWATCH EVENTS LTD

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

PRIDEWATCH EVENTS LTD

COMPANY INFORMATION

For the financial year ended 31 December 2024
PRIDEWATCH EVENTS LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
Directors M Bottrill
T O Bottrill-Taylor
T E Chapman
G D Bottrill
S J Bottrill (Appointed 15 March 2025)
Secretary S J Bottrill
Registered office Chichester Canvas Chichester Road
Sidlesham Common
Chichester
PO20 7PY
United Kingdom
Company number 04126013 (England and Wales)
Accountant Kreston Reeves LLP
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
Bankers Svenska Handelsbanken
The Orangery
40 North Street
Chichester
West Sussex
PO19 1LX
Solicitors Paris Smith LLP
Parchment Street
Winchester
SO23 8AT

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PRIDEWATCH EVENTS LTD

For the financial year ended 31 December 2024

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PRIDEWATCH EVENTS LTD (continued)

For the financial year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pridewatch Events Ltd for the financial year ended 31 December 2024 which comprise the Balance Sheet and the related notes 1 to 9 from the Company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

It is your duty to ensure that Pridewatch Events Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pridewatch Events Ltd. You consider that Pridewatch Events Ltd is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Pridewatch Events Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Board of Directors of Pridewatch Events Ltd, as a body, in accordance with the terms of our engagement letter dated 22 May 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Pridewatch Events Ltd and state those matters that we have agreed to state to the Board of Directors of Pridewatch Events Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pridewatch Events Ltd and its Board of Directors as a body for our work or for this report.

Kreston Reeves LLP
Chartered Accountants

9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ

21 July 2025

PRIDEWATCH EVENTS LTD

BALANCE SHEET

As at 31 December 2024
PRIDEWATCH EVENTS LTD

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 4,453,293 5,175,418
4,453,293 5,175,418
Current assets
Stocks 4 10,400 18,476
Debtors 5 109,905 26,276
Cash at bank and in hand 660,046 759,970
780,351 804,722
Creditors: amounts falling due within one year 6 ( 201,958) ( 547,563)
Net current assets 578,393 257,159
Total assets less current liabilities 5,031,686 5,432,577
Provision for liabilities ( 955,604) ( 1,116,861)
Net assets 4,076,082 4,315,716
Capital and reserves
Called-up share capital 65 65
Share premium account 19,558 19,558
Revaluation reserve 9 1,137,086 1,622,175
Capital redemption reserve 275,037 275,037
Profit and loss account 2,644,336 2,398,881
Total shareholders' funds 4,076,082 4,315,716

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Pridewatch Events Ltd (registered number: 04126013) were approved and authorised for issue by the Board of Directors on 21 July 2025. They were signed on its behalf by:

M Bottrill
Director
PRIDEWATCH EVENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
PRIDEWATCH EVENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Pridewatch Events Ltd (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 Chichester Canvas Chichester Road, Sidlesham Common, Chichester, PO20 7PY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

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:

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.

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.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so 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.

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.

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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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:

Land and buildings 50 years straight line
Plant and machinery 15 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 15 % reducing balance
Other property, plant and equipment 5 % reducing balance

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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Fair values are determined from market based evidence. Valuations are undertaken periodically by professionally qualified valuers.

Revaluation gains and losses are recognised in the other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Tentage is carried at fair value under the revaluation model. Fair value is derived from the current market prices determined by an internal valuer. The valuer uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in other comprehensive income.

Borrowing costs

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

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

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 is represented by cash in hand and deposits with financial institutions.

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.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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 directors 13 15

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Other property, plant
and equipment
Total
£ £ £ £ £ £
Cost
At 01 January 2024 1,420,000 410,996 199,370 66,689 3,480,264 5,577,319
Additions 267 12,252 17,773 583 121,490 152,365
Revaluations 0 0 0 0 ( 786,438) ( 786,438)
Disposals ( 28,281) 0 0 0 ( 1,310) ( 29,591)
At 31 December 2024 1,391,986 423,248 217,143 67,272 2,814,006 4,913,655
Accumulated depreciation
At 01 January 2024 0 226,296 151,213 24,392 0 401,901
Charge for the financial year 24,998 23,151 7,787 2,525 175,629 234,090
Adjustments on revaluations 0 0 0 0 ( 174,919) ( 174,919)
Disposals 0 0 0 0 ( 710) ( 710)
At 31 December 2024 24,998 249,447 159,000 26,917 0 460,362
Net book value
At 31 December 2024 1,366,988 173,801 58,143 40,355 2,814,006 4,453,293
At 31 December 2023 1,420,000 184,700 48,157 42,297 3,480,264 5,175,418

Revaluation of tangible assets

The Company's Freehold land and buildings were valued at £1,420,000 as at 25 January 2024. The independent valuation was carried out by Eddisons Chartered Surveyors, qualified under the Royal Institution of Chartered Surveyors. Had this class of asset been measured on a historic cost basis, the aggregate cost would have been £793,904 (2023 - £829,451), accumulated depreciation would have been £176,616 (2023 - £171,794) and the carrying amount would have been £617,288 (2023 - £657,658).

The Company's Tentage was revalued at £2,814,006 as at 31 December 2024 by Mr M Bottrill who is internal to the company. An independent valuer was not involved. Had this class of asset been measured on a historic cost basis, the aggregate cost would have been £3,819,070 (2023 - £3,698,889), accumulated depreciation would have been £1,631,947 (2023 - £1,522,207) and the carrying amount would have been £2,187,123 (2023 - £2,176,682).

2024 2023
£ £
Historical cost 4,612,974 4,528,340
Accumulated depreciation (1,808,563) (1,694,001)
Carrying value 2,804,411 2,834,339

4. Stocks

2024 2023
£ £
Stocks 10,400 14,900
Supplies 0 3,576
10,400 18,476

5. Debtors

2024 2023
£ £
Trade debtors 19,188 11,860
Other debtors 90,717 14,416
109,905 26,276

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 44,122 13,613
Corporation tax 107,837 86,989
Other taxation and social security 18,986 63,001
Other creditors 31,013 383,960
201,958 547,563

7. Financial commitments

Other financial commitments

2024 2023
£ £
Operating leases 37,500 11,000

8. Related party transactions

Transactions with the entity's directors

Advances

An advance was made to a director on 31 December 2024 for £50,001 (at interest rate of 2.25%), and is repayable on demand. No amounts were repaid, written-off or waived in the year.

An advance was made to a director on 31 December 2024 for £188 (at interest rate of 0.00%), and is repayable on demand. No amounts were repaid, written-off or waived in the year.

The total amounts advanced is £50,189. No amounts were repaid, written-off or waived in the year.

9. Revaluation reserve

2024 2023
£ £
Revaluation reserve - Freehold buildings 625,921 630,921
Revaluation reserve - Tentage 511,165 991,254
1,137,086 1,622,175