Company No: 05968500 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

For the financial year ending 31 December 2022 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 financial statements for the financial year 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; 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of Pedersen (Newport) Limited (registered number: 05968500) were approved and authorised for issue by the Director. They were signed on its behalf by:

21 September 2023

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Pedersen (Newport) 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 35 Ballards Lane, London N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

2. Employees

3. Debtors

4. Cash and cash equivalents

5. Creditors: amounts falling due within one year

6. Called-up share capital

There are two classes of Ordinary shares. Neither classes have restrictions on the distribution of dividends or the repayment of capital.

7. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. No contributions were outstanding at the year end.

8. Contingencies

Contingent liabilities

On 24 July 2018, the company entered into a composite cross-company arrangement with the group's lenders to guarantee and indemnify the liabilities of the related group entities Bankside Hotels Limited, Pedersen (Swansea) Limited and Pedersen (Newport) Limited which amounted to £27,023,705 at the balance sheet date.
The bank has registered a fixed and floating charge against the assets of this company.

9. Ultimate controlling party

Parent Company:

There is no ultimate controlling party.