Company No: 05559866 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.12.2025		30.09.2024
		£		£
Fixed assets
Intangible assets	3	4,000		4,000
Tangible assets	4	349,323		410,164
		353,323		414,164
Current assets
Debtors	5	190,305		543,596
Cash at bank and in hand		141,761		137,793
		332,066		681,389
Creditors: amounts falling due within one year	6	( 490,638)		( 774,565)
Net current liabilities		(158,572)		(93,176)
Total assets less current liabilities		194,751		320,988
Creditors: amounts falling due after more than one year	7	( 77,058)		( 145,545)
Provision for liabilities		( 79,372)		( 92,583)
Net assets		38,321		82,860
Capital and reserves
Called-up share capital		200		200
Profit and loss account		38,121		82,660
Total shareholder's funds		38,321		82,860

For the financial period ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial period in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Ptarmigan Limited (registered number: 05559866) were approved and authorised for issue by the Director on 22 July 2026. They were signed on its behalf by:

M C L Barnett Director

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

Ptarmigan Limited (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 10-11 Glenthorne Mews, London, W6 0LJ, 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 Balance Sheet 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

Reporting period extended to 15 months ending 31 December 2025.

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 Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account 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 stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

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 period. Differences between contributions payable in the financial period and contributions actually paid are included as either other debtors or other creditors in the Balance Sheet.

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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life as follows:

Development costs	2 years straight line
Website costs	2 years straight line
Other intangible assets	not amortised

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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:

Leasehold improvements	15 years straight line
Vehicles	4 years straight line
Fixtures and fittings	4 years straight line
Computer 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.

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.

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.

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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 01.10.2024 to 31.12.2025		Year ended 30.09.2024
	Number		Number
Monthly average number of persons employed by the Company during the period, including the director	18		13

3. Intangible assets

	Development costs		Website costs		Other intangible assets		Total
	£		£		£		£
Cost
At 01 October 2024	2,729		71,007		77,736		151,472
At 31 December 2025	2,729		71,007		77,736		151,472
Accumulated amortisation
At 01 October 2024	2,729		71,007		73,736		147,472
At 31 December 2025	2,729		71,007		73,736		147,472
Net book value
At 31 December 2025	0		0		4,000		4,000
At 30 September 2024	0		0		4,000		4,000

4. Tangible assets

	Leasehold improve- ments		Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 October 2024	703,147		5,689		45,181		141,351		895,368
Additions	0		0		0		17,576		17,576
At 31 December 2025	703,147		5,689		45,181		158,927		912,944
Accumulated depreciation
At 01 October 2024	332,942		5,689		42,320		104,253		485,204
Charge for the financial period	58,597		0		1,041		18,779		78,417
At 31 December 2025	391,539		5,689		43,361		123,032		563,621
Net book value
At 31 December 2025	311,608		0		1,820		35,895		349,323
At 30 September 2024	370,205		0		2,861		37,098		410,164
Leased assets included above:
Net book value
At 31 December 2025	0		0		0		28,470		28,470
At 30 September 2024	0		0		0		23,304		23,304

5. Debtors

	31.12.2025		30.09.2024
	£		£
Trade debtors	95,137		500,547
Amounts owed by Group undertakings	59,379		0
Other debtors	35,789		43,049
	190,305		543,596

6. Creditors: amounts falling due within one year

	31.12.2025		30.09.2024
	£		£
Bank loans (secured)	56,458		80,662
Trade creditors	75,405		142,837
Amounts owed to Parent undertakings	0		75,562
Taxation and social security	275,972		168,768
Obligations under finance leases and hire purchase contracts (secured)	10,655		4,277
Other creditors	72,148		302,459
	490,638		774,565

Bank loans are secured by way of fixed and floating charge over all the property or undertaking of the company.

Amounts due under finance lease and hire purchase contracts are secured against the assets to which they relate.

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

	31.12.2025		30.09.2024
	£		£
Bank loans (secured)	50,593		125,408
Other loans (secured)	26,465		20,137
	77,058		145,545

There are two Government backed bank loans held - a Coronavirus Business Interruption Loan Scheme and a Recovery Loan Scheme. The Coronavirus Business Interruption Loan Scheme is backed by an 80% guarantee and the Recovery Loan Scheme by a 70% guarantee on default. The borrowings are also covered by a fixed and floating charge over all the property and undertaking of the company.

8. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £164,520. This relates to a non-cancellable operating lease over the property. The total commitment is due over the following periods: £109,680 in less than one year (2024 - £109,680), £54,840 between one and five years (2024 - £191,940).

9. Contingencies

Contingent liabilities

The total amount of guarantees not included in the balance sheet is £635,957 (2024 - £767,724 ). The company, is party to a cross guarantee against its parent's bank borrowing. The guarantee includes a fixed and floating charge over all assets of the company.

10. Related party transactions

Transactions with owners holding a participating interest in the entity

The company has taken advantage of the exemptions provided from disclosing transactions with its parent and other wholly owned group companies on the grounds that it is a wholly owned subsidiary.

Transactions with the entity's director

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 October 2024, the balance owed by the director was £14,754. During the period, £37,582 was advanced to the director, and £24,532 was repaid by the director. At 31 December 2025, the balance owed by the director was £27,804.

At 1 October 2023, the balance owed by the director was £9,353. During the year, £59,070 was advanced to the director, and £53,669 was repaid by the director. At 30 September 2024, the balance owed by the director was £14,754.