| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 December 2023 |
| for |
| Pebbleford Limited |
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 December 2023 |
| for |
| Pebbleford Limited |
| Pebbleford Limited (Registered number: 02077562) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Pebbleford Limited |
| Company Information |
| for the Year Ended 31 December 2023 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants and |
| Statutory Auditor |
| Freedman House |
| Christopher Wren Yard |
| 117 High Street |
| Croydon |
| Surrey |
| CR0 1QG |
| Pebbleford Limited (Registered number: 02077562) |
| Balance Sheet |
| 31 December 2023 |
| 31.12.23 | 31.12.22 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Revaluation reserve | 13 |
| Retained earnings | 13 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Pebbleford Limited (Registered number: 02077562) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2023 |
| 1. | STATUTORY INFORMATION |
| Pebbleford Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared in Sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
| Significant judgements and estimates |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. |
| The estimates and underlying assumptions are reviewed on an going 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. |
| Freehold property |
| Freehold property is valued at each balance sheet date at fair value. Fair value is ascertained through review of a number of factors and information flows, including knowledge, recent market movements, historical experience and rent levels. There is an inevitable degree of judgement involved and value can only be reliably tested ultimately in the market itself. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Pebbleford Limited (Registered number: 02077562) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 3. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Freehold property | - |
| Computer equipment | - |
| No depreciation was provided on freehold property in the year as it is undergoing a complete refurbishment. |
| Revaluation of tangible assets |
| Freehold properties are carried at current year value. Current year value is the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluation will be undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. |
| Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. |
| Revaluation gains and losses are recognised in 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 the Profit and Loss Account. |
| 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 balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
| Going concern |
| The company has losses in the year of £1,120,895 (2022 - £490,421) and at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future with the support of the lenders and group companies. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Pebbleford Limited (Registered number: 02077562) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 5. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 January 2023 |
| and 31 December 2023 |
| AMORTISATION |
| At 1 January 2023 |
| and 31 December 2023 |
| NET BOOK VALUE |
| At 31 December 2023 |
| At 31 December 2022 |
| 6. | TANGIBLE FIXED ASSETS |
| Freehold | Computer |
| property | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2023 |
| Additions |
| At 31 December 2023 |
| DEPRECIATION |
| Charge for year |
| At 31 December 2023 |
| NET BOOK VALUE |
| At 31 December 2023 |
| At 31 December 2022 |
| The historical cost of the freehold property amounts to £8,690,693 (2022 - £5,127,484). |
| Freehold property comprises of land and building. The fair value of the land and building have been arrived on the basis of valuation carried out in June 2022 by Savills, who are not connected with the company plus refurbishment costs up to 31 December 2023.The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties. |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| Pebbleford Limited (Registered number: 02077562) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Amounts owed to connected companies | - | 239,365 |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Other creditors |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Other loans |
| A secure loan was obtained last year as part of refinancing of the bank loan and to provide additional funding for the re-development of the hotel. |
| The term of the loan is 36 months from 14 September 2022 and the rate of interest applicable on the loan is 5.25% per annum. The interest rate is fixed for the term of the duration of the loan. |
| The loan is secured by a fixed and floating charge over the assets of the company. |
| 11. | PROVISIONS FOR LIABILITIES |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Deferred tax | 3,991,684 | 3,991,684 |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2023 |
| Balance at 31 December 2023 |
| Pebbleford Limited (Registered number: 02077562) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
| value: | £ | £ |
| Ordinary Shares | £1 | 4,411,869 | 4,411,869 |
| 13. | RESERVES |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 January 2023 | ( |
) | 16,046,800 |
| Deficit for the year | ( |
) | - | ( |
) |
| At 31 December 2023 | ( |
) | 14,925,905 |
| 14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 15. | CAPITAL COMMITMENTS |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| The capital commitment reflects the amount that company has committed to spend on the refurbishment of the freehold property. |
| 16. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| Included within other debtors is an amount of £187,169 (2022 - £nil) due to the company by one of the directors. Interest of 2.25% per annum was charged on this loan and total interest received in the income statement was £1,681 (2022 - £nil). |
| 17. | RELATED PARTY DISCLOSURES |
| Included within debtors is an intercompany loan of £2,339,789 (2022 - £978,561 credit balance) due by the parent company, Doana Establishment. The loan is interest free and repayable on demand. |
| 18. | ULTIMATE PARENT COMPANY |
| The ultimate controlling party is the Doana Establishment based in Liechtenstein which holds 100% of the share capital in this company. |