COMPANY REGISTRATION NUMBER:
12216380
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Pine Crest Finance Limited |
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Filleted Unaudited Financial Statements |
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Pine Crest Finance Limited |
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Statement of Financial Position |
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31 December 2024
Current assets
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Debtors |
4 |
9,930,969 |
690,000 |
|
Cash at bank and in hand |
39,346 |
34,443 |
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------------ |
--------- |
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9,970,315 |
724,443 |
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Creditors: amounts falling due within one year |
5 |
9,824,222 |
693,332 |
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------------ |
--------- |
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Net current assets |
146,093 |
31,111 |
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--------- |
-------- |
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Total assets less current liabilities |
146,093 |
31,111 |
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--------- |
-------- |
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Capital and reserves
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Called up share capital |
100 |
100 |
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Profit and loss account |
145,993 |
31,011 |
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--------- |
-------- |
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Shareholder funds |
146,093 |
31,111 |
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--------- |
-------- |
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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:
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The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
29 September 2025
, and are signed on behalf of the board by:
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Mr A G Kassim-Lakha |
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Director |
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Company registration number:
12216380
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Pine Crest Finance Limited |
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Notes to the Financial Statements |
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Year ended 31 December 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Devonshire House, 582 Honeypot Lane, Stanmore, Middlesex, HA7 1JS, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Basic financial assets, including trade and other debtors, loans to third parties and loans to related parties, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4.
Debtors
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2024 |
2023 |
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£ |
£ |
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Prepayments and accrued income |
136,087 |
– |
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Other debtors |
9,794,882 |
690,000 |
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--------- |
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9,930,969 |
690,000 |
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5.
Creditors:
amounts falling due within one year
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2024 |
2023 |
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£ |
£ |
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Amounts owed to group undertakings |
9,784,882 |
690,000 |
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Corporation tax |
38,306 |
2,519 |
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Other creditors |
1,034 |
813 |
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--------- |
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9,824,222 |
693,332 |
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6.
Related party transactions
During the period the company had the following related party transactions: 1. During the year the parent company advanced an interest free loan, repayable on demand of £9,086,041. The amount payable to the parent company in respect of an interest free loan repayable on demand at the balance sheet date was £9,784,882 (2023: £690,000). 2. Interest of £16,720 (2023: £13,800) has been received from a company in which the directors have a material interest for a loan repayable on demand. The amount receivable from this company was £690,000 (2023: £690,000) at the balance sheet date. 3. During the year the company advanced a loan of £8,710,000 (2023: £Nil) repayable on demand to a company in which the directors have a material interest. Interest receivable from this company was £135,088 (2023: £Nil). The amount receivable from this company at the balance sheet date was £8,845,088 (2023: £Nil) at the balance sheet date. 4. During the year the company advanced a loan of £386,041 ($500,000) (2023: £Nil) repayable on demand to a company in which there are common directors. Interest receivable from this company was £999 (2023: £Nil). The amount receivable from this company at the balance sheet date was £395,881 (2023: £Nil) at the balance sheet date.
7.
Controlling party
The company is a wholly owned subsidiary of Sanfansay Holdings Limited, a company registered in the British Virgin Islands.