PIHL Services Limited

Directors' Report for the Year Ended 28 February 2025

The directors present their report and the financial statements for the year ended 28 February 2025.

Directors of the company

The directors who held office during the year and to the date of this report were as follows:

S L Gumm

N M Leslau

B Walford (appointed 10 December 2024)

Principal activity

The principal activity of the company is subletting the office building held on a lease from a fellow subsidiary of its ultimate parent undertaking.

Statement of directors' responsibilities

The directors acknowledge their responsibilities for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent; and

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 3 November 2025 and signed on its behalf by:

.........................................
S L Gumm
Director

PIHL Services Limited

Statement of Comprehensive Income for the Year Ended 28 February 2025

	2025 £	2024 £
Turnover	1,151,972	1,054,703
Administrative expenses	(1,243,599)	(1,284,112)
Operating loss	(91,627)	(229,409)
Other interest receivable and similar income	2,366	1,294
Loan written off	(6,973)	-
Loss before tax	(96,234)	(228,115)
Loss and total comprehensive loss for the financial year	(96,234)	(228,115)

The above results were derived from continuing operations.

PIHL Services Limited

(Registration number: 05386803)
Balance Sheet as at 28 February 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	307,781	350,831
Current assets
Debtors	5	649,738	363,999
Cash at bank and in hand		22,668	333,943
		672,406	697,942
Creditors: Amounts falling due within one year	6	(206,275)	(178,627)
Net current assets		466,131	519,315
Net assets		773,912	870,146
Capital and reserves
Called up share capital	7	3	3
Share premium reserve		1,319,999	1,319,999
Profit and loss account		(546,090)	(449,856)
Shareholders' funds		773,912	870,146

For the financial year ended 28 February 2025 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of comprehensive income and the directors' report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised by the Board on 3 November 2025 and signed on its behalf by:

.........................................
S L Gumm
Director

PIHL Services Limited

Statement of Changes in Equity for the Year Ended 28 February 2025

Year ended 28 February 2025	Share capital £	Share premium reserve £	Profit and loss account £	Total £
At 1 March 2024	3	1,319,999	(449,856)	870,146
Total comprehensive loss for the year	-	-	(96,234)	(96,234)
At 28 February 2025	3	1,319,999	(546,090)	773,912

Year ended 29 February 2024

Share capital
£

Share premium reserve
£

Profit and loss account
£

Total
£

At 1 March 2023

2

-

(221,741)

(221,739)

Total comprehensive loss for the year

-

-

(228,115)

(228,115)

Share issued during the period

1

1,319,999

-

1,320,000

At 29 February 2024

3

1,319,999

(449,856)

870,146

PIHL Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1	General information

The company is a private company limited by share capital, incorporated in England. The registered office address is shown on page 1.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

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

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Turnover

Turnover represents rent receivable and associated income from subtenants during the year, excluding VAT. Turnover arises solely in the United Kingdom.

Tax

The tax expense for the year comprises current and deferred tax, where applicable. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the end of the reporting date and that are expected to apply to the reversal of the timing difference.

Current and deferred tax assets and liabilities are not discounted.

PIHL Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

2	Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	Straight line basis over 18 months
Fixtures and fittings	Straight line basis over 10 years
Leasehold improvements	Straight line basis over 5 years (or, if shorter, the remaining term of the lease)

Financial instruments

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.

The company's cash at bank and in hand, trade and other debtors and trade and other creditors are measured initially at transaction price, and subsequently at amortised cost using the effective interest method, where appropriate.

Cash at bank and in hand

Cash is represented by cash in hand and deposits held with financial institutions repayable without penalty on notice of not more than 24 hours.

Trade debtors

Trade debtors are amounts due from subtenants in the ordinary course of business.

A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods and services that have been provided in the ordinary course of business by suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

PIHL Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

2	Accounting policies (continued)

Operating leases

Annual rentals payable and receivable under operating leases are charged or credited to profit or loss on a straight line basis over the term of the lease.

Rent free periods and lease incentives are spread over the period to lease expiry or where it is reasonably certain that a tenant break option will be exercised, to the break date.

3	Employees and directors information

The company had no employees (2024 - none) and 3 directors (2024 - 2) during the year. The directors did not receive any remuneration in the year (2024 - £nil).

4	Tangible assets

Leasehold improvements
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost

At 1 March 2024

307,349

136,823

6,000

450,172

Additions in the year

5,551

27,536

-

33,087

At 28 February 2025

312,900

164,359

6,000

483,259

Depreciation

At 1 March 2024

66,907

26,434

6,000

99,341

Charge for the year

62,117

14,020

-

76,137

At 28 February 2025

129,024

40,454

6,000

175,478

Carrying amount

At 28 February 2025

183,876

123,905

-

307,781

At 29 February 2024

240,442

110,389

-

350,831

PIHL Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

5

Debtors

	2025 £	2024 £
Trade debtors	140,061	7,542
Amounts owed by parent undertaking	172,524	-
Prepayments	174,147	168,394
Other debtors	163,006	188,063
	649,738	363,999

6	Creditors: amounts falling due within one year

2025
£

2024
£

Trade creditors

-

7,596

Amounts owed to parent undertaking

-

26,118

Expense reimbursement due to director

-

2,751

VAT payable

24,140

-

Accruals and deferred income

182,135

137,688

Other creditors

-

4,474

206,275

178,627

7

Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	3	3	3	3

PIHL Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

8	Operating leases

As at 28 February 2025, the company had total future minimum lease payments due under a non-cancellable operating lease as set out below:

	2025 £	2024 £
Within one year	700,000	700,000
Between one and five years	1,345,556	2,045,556
	2,045,556	2,745,556

The amount of non-cancellable operating lease payments recognised as an expense during the year was £700,000 (2024 - £700,000).

As at 28 February 2025, the company had total future minimum lease receivables from non-cancellable operating subleases, under the above lease, as set out below:

	2025 £	2024 £
Within one year	843,059	983,896
Between one and five years	78,707	389,473
	921,766	1,373,369

9	Related party transactions

Summary of transactions with other group entities

During the year, the company leased offices from 18 Cavendish Square Limited, a fellow subsidiary of ultimate parent undertaking Yoginvest Limited. The rent payable to 18 Cavendish Square Limited included in the profit and loss account as an expense during the year was £700,000 (2024 - £700,000), of which £nil was owed at the balance sheet date (2024 - £nil).

The company has taken advantage of exemption available in FRS 102 Section 1A not to disclose any transactions with its parent undertaking and other wholly owned subsidiary undertakings of its parent undertaking.

PIHL Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

10	Parent undertaking and ultimate controlling party

The company's immediate parent undertaking is Prestbury Investment Holdings Limited, incorporated in England, with registered office at Cavendish House, 18 Cavendish Square, London, W1G 0PJ and its ultimate parent undertaking is Yoginvest Limited, incorporated in England, with registered office at Cavendish House, 18 Cavendish Square, London, W1G 0PJ. Neither company prepares consolidated financial statements on the basis that each is the parent undertaking of a small group.

N M Leslau is the ultimate controlling party of Yoginvest Limited and the company.

11	Subsequent events

Subsequent to the reporting date, the company entered into a deed of variation which revised the annual rent payable for its office lease to £750,000 with effect from 15 October 2025. The company also entered into an agreement for a new revisionary lease that effectively extends the term of its office lease from 25 February 2028 to 1 November 2032.

Company Information	1
Directors' Report	2
Statement of Comprehensive Income	3
Balance Sheet	4
Statement of Changes in Equity	5
Notes to the Unaudited Financial Statements	6 to 11

Year ended 29 February 2024	Share capital £	Share premium reserve £	Profit and loss account £	Total £
At 1 March 2023	2	-	(221,741)	(221,739)
Total comprehensive loss for the year	-	-	(228,115)	(228,115)
Share issued during the period	1	1,319,999	-	1,320,000
At 29 February 2024	3	1,319,999	(449,856)	870,146

	Leasehold improvements £	Fixtures and fittings £	Office equipment £	Total £
Cost
At 1 March 2024	307,349	136,823	6,000	450,172
Additions in the year	5,551	27,536	-	33,087
At 28 February 2025	312,900	164,359	6,000	483,259
Depreciation
At 1 March 2024	66,907	26,434	6,000	99,341
Charge for the year	62,117	14,020	-	76,137
At 28 February 2025	129,024	40,454	6,000	175,478
Carrying amount
At 28 February 2025	183,876	123,905	-	307,781
At 29 February 2024	240,442	110,389	-	350,831