Silverfin false false 28/02/2024 01/08/2023 28/02/2024 Roger Easterbrook 28/03/2024 02/06/2014 Richard Rowe 29/02/2024 01/10/2018 Jonathan Walker 26/01/2000 01 August 2025 The principal activity of the Company during the financial period was financial management. 03871848 2024-02-28 03871848 bus:Director1 2024-02-28 03871848 bus:Director2 2024-02-28 03871848 bus:Director3 2024-02-28 03871848 2023-07-31 03871848 core:CurrentFinancialInstruments 2024-02-28 03871848 core:CurrentFinancialInstruments 2023-07-31 03871848 core:Non-currentFinancialInstruments 2024-02-28 03871848 core:Non-currentFinancialInstruments 2023-07-31 03871848 core:ShareCapital 2024-02-28 03871848 core:ShareCapital 2023-07-31 03871848 core:RetainedEarningsAccumulatedLosses 2024-02-28 03871848 core:RetainedEarningsAccumulatedLosses 2023-07-31 03871848 core:PlantMachinery 2023-07-31 03871848 core:Vehicles 2023-07-31 03871848 core:OfficeEquipment 2023-07-31 03871848 core:PlantMachinery 2024-02-28 03871848 core:Vehicles 2024-02-28 03871848 core:OfficeEquipment 2024-02-28 03871848 bus:OrdinaryShareClass1 2024-02-28 03871848 2023-08-01 2024-02-28 03871848 bus:FilletedAccounts 2023-08-01 2024-02-28 03871848 bus:SmallEntities 2023-08-01 2024-02-28 03871848 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-02-28 03871848 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-02-28 03871848 bus:Director1 2023-08-01 2024-02-28 03871848 bus:Director2 2023-08-01 2024-02-28 03871848 bus:Director3 2023-08-01 2024-02-28 03871848 core:PlantMachinery core:TopRangeValue 2023-08-01 2024-02-28 03871848 core:Vehicles core:TopRangeValue 2023-08-01 2024-02-28 03871848 core:OfficeEquipment core:TopRangeValue 2023-08-01 2024-02-28 03871848 2022-08-01 2023-07-31 03871848 core:PlantMachinery 2023-08-01 2024-02-28 03871848 core:Vehicles 2023-08-01 2024-02-28 03871848 core:OfficeEquipment 2023-08-01 2024-02-28 03871848 core:Non-currentFinancialInstruments 2023-08-01 2024-02-28 03871848 bus:OrdinaryShareClass1 2023-08-01 2024-02-28 03871848 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 03871848 1 2023-08-01 2024-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03871848 (England and Wales)

THE PENSION DRAWDOWN COMPANY LTD.

Unaudited Financial Statements
For the financial period from 01 August 2023 to 28 February 2024
Pages for filing with the registrar

THE PENSION DRAWDOWN COMPANY LTD.

Unaudited Financial Statements

For the financial period from 01 August 2023 to 28 February 2024

Contents

THE PENSION DRAWDOWN COMPANY LTD.

STATEMENT OF FINANCIAL POSITION

As at 28 February 2024
THE PENSION DRAWDOWN COMPANY LTD.

STATEMENT OF FINANCIAL POSITION (continued)

As at 28 February 2024
Note 28.02.2024 31.07.2023
£ £
Fixed assets
Tangible assets 3 234,078 277,592
234,078 277,592
Current assets
Debtors 4 3,753,845 2,796,179
Cash at bank and in hand 767,621 1,313,817
4,521,466 4,109,996
Creditors: amounts falling due within one year 5 ( 318,736) ( 266,270)
Net current assets 4,202,730 3,843,726
Total assets less current liabilities 4,436,808 4,121,318
Creditors: amounts falling due after more than one year 6 ( 16,000) 0
Provision for liabilities ( 27,000) ( 16,610)
Net assets 4,393,808 4,104,708
Capital and reserves
Called-up share capital 7 10,000 10,000
Profit and loss account 4,383,808 4,094,708
Total shareholder's funds 4,393,808 4,104,708

For the financial period ending 28 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of The Pension Drawdown Company Ltd. (registered number: 03871848) were approved and authorised for issue by the Director on 01 August 2025. They were signed on its behalf by:

Jonathan Walker
Director
THE PENSION DRAWDOWN COMPANY LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 August 2023 to 28 February 2024
THE PENSION DRAWDOWN COMPANY LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 August 2023 to 28 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Pension Drawdown Company 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 C/O Bishop Fleming Brook House Manor Drive, Clyst St. Mary, Exeter, EX5 1GD, United Kingdom. The principal place of business is Rockwood House, Princes Point Park Hill Road, Torquay, Torbay, TQ1 2DU, United Kingdom.

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

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

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The reporting period length has been shorted in the current year to a 7 month period, from 01 August 2023 to 28 February 2024.

Foreign currency

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

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

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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

Interest income

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

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings 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 Statement of Financial Position 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 deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Vehicles 4 years straight line
Office equipment 4 years straight line

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

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

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

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

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 Statement of Financial Position 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

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

2. Employees

Period from
01.08.2023 to
28.02.2024
Year ended
31.07.2023
Number Number
Monthly average number of persons employed by the Company during the period, including the director 28 30

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 August 2023 59,701 498,035 5,475 563,211
Additions 0 44,950 370 45,320
Disposals ( 59,329) ( 4,000) 0 ( 63,329)
At 28 February 2024 372 538,985 5,845 545,202
Accumulated depreciation
At 01 August 2023 51,719 231,284 2,616 285,619
Charge for the financial period 5,246 77,987 672 83,905
Disposals ( 56,817) ( 1,583) 0 ( 58,400)
At 28 February 2024 148 307,688 3,288 311,124
Net book value
At 28 February 2024 224 231,297 2,557 234,078
At 31 July 2023 7,982 266,751 2,859 277,592

4. Debtors

28.02.2024 31.07.2023
£ £
Trade debtors 0 25,176
Amounts owed by Group undertakings 1,628,267 773,995
Prepayments and accrued income 6,352 38,686
Deferred tax asset 15,017 0
Other debtors 2,104,209 1,958,322
3,753,845 2,796,179

5. Creditors: amounts falling due within one year

28.02.2024 31.07.2023
£ £
Trade creditors 0 6,296
Accruals 6,108 27,920
Corporation tax 220,186 194,214
Other taxation and social security 21,849 21,919
Other creditors 70,593 15,921
318,736 266,270

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

28.02.2024 31.07.2023
£ £
Other creditors 16,000 0

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

28.02.2024 31.07.2023
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each 10,000 10,000

8. Related party transactions

Transactions with owners holding a participating interest in the entity

28.02.2024 31.07.2023
£ £
Amounts owed by intercompany 1,628,267 773,995

The movement during the period relates to amounts received or paid by The Pension Drawdown Company Limited on behalf of the related entities.

Other related party transactions

28.02.2024 31.07.2023
£ £
Amounts owed by connected companies 2,104,209 1,958,322

9. Events after the Balance Sheet date

Subsequent to the year end the principal trade previously undertaken by the company was disposed of.
However, the company plans to continue to undertake trading activities for the foreseeable future.

10. Ultimate controlling party

Parent Company:

The Pension Drawdown Holding Company Limited
Bishop Fleming Brook House Manor Drive, Clyst St. Mary, Exeter, United Kingdom, EX5 1GD