Pilotdown Limited - Filleted accounts

IG MASONS ARMS LIMITED - Company Information

Registered number

02779936

Pilotdown Limited

Filleted Accounts

31 March 2020

Pilotdown Limited
Registered number:		02779936
Balance Sheet
as at 31 March 2020

Notes			2020			2019
£				£
Fixed assets
Tangible assets	4		1,723,794			1,724,392

Current assets
Debtors	5	316,721			273,274
Cash at bank and in hand		961			2,593
		317,682			275,867

Creditors: amounts falling due within one year	6	(1,281,216)			(1,285,499)

Net current liabilities			(963,534)			(1,009,632)

Total assets less current liabilities			760,260			714,760


Provisions for liabilities			(128,338)			(128,338)


Net assets			631,922			586,422

Capital and reserves
Called up share capital			2			2
Profit and loss account			631,920			586,420

Shareholders' funds			631,922			586,422

The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




C Ogunamakin
Director
Approved by the board on 8 December 2020

Pilotdown Limited
Notes to the Accounts
for the year ended 31 March 2020


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of rent received or receivable, net of discounts and value added taxes.

	Investment properties
	In accordance with FRS 102 as applied for Smaller Entities by section 1A of the standard, investment properties are held under the revaluation model, whereby revaluations are undertaken regularly to ensure that the carrying amount does not materially differ from the fair value at the end of the period. Any surplus or deficit from the original cost is cumulated within equity and taken to the profit and loss account for the year. On realisation any gain or loss is calculated by reference to the carrying value at the last balance sheet date and is included in the profit and loss account. No depreciation is provided in respect of freehold investment properties and leasehold investment properties with over 20 years unexpired. FRS 102 requires all properties to be depreciated however the residual value of such investment properties is considered not to be materially different from that of the carrying value and therefore depreciation is not required.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery		25% reducing balance
	Fixtures, fittings, tools and equipment		over 5 years

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.


2	Audit information

	The audit report is unqualified.

	Senior statutory auditor:	Andrew Mitchell
	Firm:	Adams Mitchell
	Date of audit report:	9 December 2020


3	Employees				2020		2019
Number						Number

	Average number of persons employed by the company				1		1


4	Tangible fixed assets
			Investment properties		Plant and machinery etc		Total
£				£		£
	Cost
	At 1 April 2019		1,722,000		17,778		1,739,778
	At 31 March 2020		1,722,000		17,778		1,739,778

	Depreciation
	At 1 April 2019		-		15,386		15,386
	Charge for the year		-		598		598
	At 31 March 2020		-		15,984		15,984

	Net book value
	At 31 March 2020		1,722,000		1,794		1,723,794
	At 31 March 2019		1,722,000		2,392		1,724,392


	Freehold land and buildings:				2020		2019
£						£
	Historical cost				1,046,538		1,046,538
	Cumulative depreciation based on historical cost				-		-
					1,046,538		1,046,538
	Investment properties were revalued as at 15 March 2017 by Savills who are independent of the company and have experience of valuing similar properties. The property has been valued on an open market existing use basis.


5	Debtors				2020		2019
£						£

	Amounts owed by group undertakings and undertakings in which the company has a participating interest				316,721		272,348
	Other debtors				-		926
					316,721		273,274


6	Creditors: amounts falling due within one year				2020		2019
£						£

	Amounts owed to group undertakings and undertakings in which the company has a participating interest				1,147,616		1,267,366
	Taxation and social security costs				10,850		10,988
	Other creditors				122,750		7,145
					1,281,216		1,285,499


7	Events after the reporting date

	After the year end the coronavirus pandemic (Covid19) disrupted all sectors of the economy. The directors do not believe that it has had any effect on the financial results of the company for the year ended 31 March 2020. It is inevitably having a serious impact on the company's business in 2020/21, the eventual consequences of which cannot yet be reliably estimated, but the directors are taking every step to preserve the company's ability to trade.


8	Controlling party

	The company considers Interland Group Limited as its parent undertaking and its registered office is situated at 109 Gloucester Place, London, W1U 6JW.


9	Other information

	Pilotdown Limited is a private company limited by shares and incorporated in England. Its registered office is:
	109 Gloucester Place
	London
	W1U 6JW


10	Charges held on properties

	Interland Capital Limited, a company under common control, has borrowed funds from Secure Trust Bank PLC. Their borrowing is secured on the company's assets and undertakings.

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