Pignatelli Holdings Limited - Period Ending 2021-07-31

Pignatelli Holdings Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 to 9

Pignatelli Holdings Limited

Company Information

Chief executive

Jenni Siew Lay Pignatelli

Directors

Mark Guy Pignatelli Jenni Siew Lay Pignatelli

Registered office

22 Chancery Lane London WC2A 1LS

Pignatelli Holdings Limited

(Registration number: 08718233)

Balance Sheet as at 31 July 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	970	1,491
Investments	5	2,879,593	2,879,593
		2,880,563	2,881,084
Current assets
Debtors	6	244,252	244,252
Cash at bank and in hand		2,780	11,802
		247,032	256,054
Creditors: Amounts falling due within one year	7	(2,758,060)	(2,839,883)
Net current liabilities		(2,511,028)	(2,583,829)
Net assets		369,535	297,255
Capital and reserves
Called up share capital		100	100
Profit and loss account		369,435	297,155
Total equity		369,535	297,255

For the financial year ending 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

Pignatelli Holdings Limited

(Registration number: 08718233)

Balance Sheet as at 31 July 2021

Approved and authorised by the Board on 26 April 2022 and signed on its behalf by:
 

.........................................

Jenni Siew Lay Pignatelli

Chief executive

Pignatelli Holdings Limited

Notes to the Financial Statements

Year Ended 31 July 2021

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
22 Chancery Lane
London
WC2A 1LS

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared under the historical cost convention.

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

Group accounts not prepared

As the company is subject to the small companies regime, group accounts have not been prepared.
The company and its subsidiaries qualify as a small group and therefore the company does not require an audit.

Going concern

The financial statements have been prepared on a going concern basis. The directors consider there to be sufficient working capital to cover obligations as they fall due and do not intend to recall the loan outstanding until at least 12 months after the accounts are signed.

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent 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 over three years

Pignatelli Holdings Limited

Notes to the Financial Statements

Year Ended 31 July 2021

Investments

Investments in subsidiaries where fair value cannot be measured reliably are measured at cost less impairment. Impairment reviews are carried out annually by the directors.

Dividends from subsidiaries are recognised in income at the point when the company becomes entitled to the dividend.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which interim dividends are paid and final dividends are approved.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 
 

3	Staff numbers

The average number of persons employed by the company during the year was 1 (2020 - 1).

Pignatelli Holdings Limited

Notes to the Financial Statements

Year Ended 31 July 2021

4	Tangible assets

	Office equipment  £	Total £
Cost or valuation
At 1 August 2020	3,937	3,937
At 31 July 2021	3,937	3,937
Depreciation
At 1 August 2020	2,446	2,446
Charge for the year	521	521
At 31 July 2021	2,967	2,967
Carrying amount
At 31 July 2021	970	970
At 31 July 2020	1,491	1,491

5	Investments

	2021 £	2020 £
Investments in subsidiaries	2,879,593	2,879,593

Subsidiaries	£
Cost or valuation
At 1 August 2020 and at 31 July 2021	3,650,378
Provision
At 1 August 2020 and at 31 July 2021	770,785
Carrying amount
At 31 July 2021	2,879,593
At 31 July 2020	2,879,593

Pignatelli Holdings Limited

Notes to the Financial Statements

Year Ended 31 July 2021

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of registered office	Holding	Proportion of voting rights and shares held
			2021	2020
Subsidiary undertakings
Oak Tree Recruitment Limited		300 ordinary £1 shares	100%	100%
	England and Wales
Barna and Company Limited		100 ordinary £1 shares	100%	100%
	England and Wales
Wizard Recruitment Limited		1 ordinary £1 share	100%	100%
	England and Wales
RD Resourcing Limited		1 ordinary £1 share	100%	100%
	England and Wales

The principal activity of Oak Tree Recruitment Limited is Recruitment.

The principal activity of Barna and Company Limited is Recruitment.

The principal activity of Wizard Recruitment Limited is Recruitment.

The principal activity of RD Resourcing Limited is Recruitment.

6

Debtors

	2021 £	2020 £
Amounts owed by group undertakings	244,252	244,252
	244,252	244,252

Pignatelli Holdings Limited

Notes to the Financial Statements

Year Ended 31 July 2021

7

Creditors

	2021 £	2020 £
Due within one year
Trade creditors	2,605	4,428
Other creditors	2,755,455	2,835,455
	2,758,060	2,839,883

8	Related party transactions

Other transactions with directors

At the balance sheet date the amount due to Mark Pignatelli, a director of the company, was £2,751,075 (2020 - £2,831,075). The loan is interest free and repayable on demand.