2 March 2024 false No description of principal activity Taxfiler 2024.6 15536614 business:PrivateLimitedCompanyLtd 2024-03-02 2024-12-31 15536614 2024-03-01 15536614 2024-03-02 2024-12-31 15536614 business:AuditExempt-NoAccountantsReport 2024-03-02 2024-12-31 15536614 business:FilletedAccounts 2024-03-02 2024-12-31 15536614 2024-12-31 15536614 business:Director1 2024-03-02 2024-12-31 15536614 business:Director2 2024-03-02 2024-12-31 15536614 business:RegisteredOffice 2024-03-02 2024-12-31 15536614 core:WithinOneYear 2024-12-31 15536614 core:ShareCapital core:PreviouslyStatedAmount 2024-12-31 15536614 core:PreviouslyStatedAmount 2024-12-31 15536614 business:SmallEntities 2024-03-02 2024-12-31 15536614 countries:EnglandWales 2024-03-02 2024-12-31 iso4217:GBP xbrli:pure
Company Registration No. 15536614 (England and Wales)
Pinhoe Project Ex1 Ltd Unaudited accounts for the period from 2 March 2024 to 31 December 2024
Pinhoe Project Ex1 Ltd Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
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Pinhoe Project Ex1 Ltd Company Information for the period from 2 March 2024 to 31 December 2024
Directors
R Baker (formerly Pearce) T Carr
Company Number
15536614 (England and Wales)
Registered Office
Ground Floor, Building A Green Court, Truro Business Park Threemilestone Truro Cornwall TR4 9LF England
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Pinhoe Project Ex1 Ltd Statement of financial position as at 31 December 2024
2024
Notes
£
Fixed assets
Investment property
4
6,840,000
Creditors: amounts falling due within one year
5
(6,839,998)
Net current liabilities
(6,839,998)
Net assets
2
Capital and reserves
Called up share capital
2
Shareholders' funds
2
For the period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2026 and were signed on its behalf by
R Baker (formerly Pearce) Director Company Registration No. 15536614
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Pinhoe Project Ex1 Ltd Notes to the Accounts for the period from 2 March 2024 to 31 December 2024
1
Statutory information
Pinhoe Project Ex1 Ltd is a private company, limited by shares, registered in England and Wales, registration number 15536614. The registered office is Ground Floor, Building A, Green Court, Truro Business Park, Threemilestone, Truro, Cornwall, TR4 9LF, England.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies’ regime. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
Basis of preparation
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 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 £. The financial statements present information about the company as an individual entity and not about its group, in which the company is a subsidiary entity only. Pinhoe Project Ex1 Ltd is a wholly owned subsidiary of Pinhoe Project Ltd, which in turn is a wholly owned subsidiary of Verto Homes Ltd, which has taken advantage of the exemption under Section 399 of the Companies Act 2006 not to prepare consolidated accounts as the group is a small 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. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Rental income from operating leases is recognized in the profit and loss account on a straight-line basis over the term of the lease.
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
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Pinhoe Project Ex1 Ltd Notes to the Accounts for the period from 2 March 2024 to 31 December 2024
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 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 assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. 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. 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. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
4
Investment property
2024
£
Additions
9,345,000
Disposals
(2,505,000)
At 31 December 2024
6,840,000
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Pinhoe Project Ex1 Ltd Notes to the Accounts for the period from 2 March 2024 to 31 December 2024
5
Creditors: amounts falling due within one year
2024
£
Amounts owed to group undertakings and other participating interests
6,839,998
6
Average number of employees
During the period the average number of employees was 0.
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