Pirin Ltd
Registered number: 01045056
Financial Statements
For The Year Ended
31 March 2020
Pirin Ltd
Financial Statements
For The Year Ended
31 March 2020
Financial Statements
| Contents | |
| Page | |
|---|---|
| Abridged Balance Sheet | 1—2 |
| Notes to the Abridged Financial Statements | 3—5 |
Pirin Ltd
Abridged Balance Sheet
As at
31 March 2020
Abridged Balance Sheet
Registered number:
01045056
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year |
( |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | (4,500,000) | (4,500,000) | |||
| PROVISIONS FOR LIABILITIES | |||||
| Provisions For Charges |
( |
( |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 5 |
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| Revaluation reserve | 6 |
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| Profit and Loss Account |
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( |
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| SHAREHOLDERS' FUNDS | 13,501,775 | 13,044,147 | |||
Page 1
Pirin Ltd
Abridged Balance Sheet (continued)
As at
31 March 2020
Directors' responsibilities:
-
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. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
-
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 March 2020 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
|
Director
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Pirin Ltd
Notes to the Abridged Financial Statements
For The Year Ended
31 March 2020
Notes to the Abridged Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The business has been adversely affected as a result of the Covid-19 pandemic. Income has been affected where tennants have been struggling to meet rental commitments and many existing occupants have ceased trading due to teh pandemic and have not seen a return to work yet.
Ultimately,there will be an impact on the profitablilty of the business going forward, but this will be mitigated by the management implementing a review and ultimately a reduction in overheads where possible.
The directors believe that the going concern basis remains appropriate for accounts presentation
1.3.
Turnover
Turnover comprises revenue recognised by the Company in respect of rental income receivable during the year. Revenue is recognised based on the calendar month for which the rent relates.
Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Other operating income
Other operating income is recognised in the period it relates to.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
|
1.5.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: NIL (2019: NIL)
Page 3
Pirin Ltd
Notes to the Abridged Financial Statements (continued)
For The Year Ended
31 March 2020
3.
Tangible Assets
| Total | |
|---|---|
| £ | |
| Cost | |
| As at
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| As at
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| Depreciation | |
| As at
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| Provided during the period |
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| As at
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| Net Book Value | |
| As at
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| As at
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4.
Debtors
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Due after more than one year | |||
| Other debtors |
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6.
Reserves
| Revaluation Reserve | |
|---|---|
| £ | |
| As at
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| As at
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Page 4
Pirin Ltd
Notes to the Abridged Financial Statements (continued)
For The Year Ended
31 March 2020
7.
Related Party Transactions
The Company has taken advantage of the exemption in Financial Reporting Standard 102 from the requirement to disclose transactions with group companies on the grounds that any subsidiary which is party to the transaction is wholly owned by such a member.
As at the reporting date, the following group balances were outstanding;
Fredereck Sage Property Management Ltd Current debtor account balance of £247,387 (2019 - £221,425).
Fredereck Sage Holdings Limited Current debtor account balance of £38,000 (2019 -£19,000}.
These amounts owed to group undertakings are repayable on demand and interest free.
As at the reporting date there was also a loan balance of £985,000 (2019 - £985,000) due to Fredereck Sage Holdings Limited, the immediate parent company. This loan balance is repayable by the 17th May 2020 and interest is charged on the loan balance at 2%, per annum.
During the year the Company received dividends of £NIL (2019 - £4,110) from Pirin Aeronautical Co Ltd, a 100% owned subsidiary company.
8.
General Information
Pirin Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
01045056
. The registered office is Sage House, New Ford Business Centre, New Ford Road Waltham Cross, Hertfordshire, EN8 7PG.
Page 5