Penhadepella Limited 07365655 false 2021-09-01 2022-11-30 2022-11-30 The principal activity of the company is that of a corporate partner in Kite Consulting LLP, a firm of agricultural consultants Digita Accounts Production Advanced 6.30.9574.0 true 07365655 2021-09-01 2022-11-30 07365655 2022-11-30 07365655 core:CurrentFinancialInstruments 2022-11-30 07365655 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 07365655 bus:SmallEntities 2021-09-01 2022-11-30 07365655 bus:AuditExemptWithAccountantsReport 2021-09-01 2022-11-30 07365655 bus:FullAccounts 2021-09-01 2022-11-30 07365655 bus:SmallCompaniesRegimeForAccounts 2021-09-01 2022-11-30 07365655 bus:RegisteredOffice 2021-09-01 2022-11-30 07365655 bus:Director1 2021-09-01 2022-11-30 07365655 bus:PrivateLimitedCompanyLtd 2021-09-01 2022-11-30 07365655 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-09-01 2022-11-30 07365655 core:OtherRelatedParties 2021-09-01 2022-11-30 07365655 core:UKTax 2021-09-01 2022-11-30 07365655 countries:EnglandWales 2021-09-01 2022-11-30 07365655 2020-09-01 2021-08-31 07365655 2021-08-31 07365655 core:CurrentFinancialInstruments 2021-08-31 07365655 core:CurrentFinancialInstruments core:WithinOneYear 2021-08-31 07365655 core:UKTax 2020-09-01 2021-08-31 iso4217:GBP xbrli:pure

Registration number: 07365655

Penhadepella Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 September 2021 to 30 November 2022

 

Penhadepella Limited

(Registration number: 07365655)
Balance Sheet as at 30 November 2022

Note

2022
£

2021
£

Fixed assets

 

Investments

5

-

5,000

Current assets

 

Debtors

6

878,625

120,774

Cash at bank and in hand

 

10,908

404,800

 

889,533

525,574

Creditors: Amounts falling due within one year

7

(90,310)

(25,665)

Net current assets

 

799,223

499,909

Net assets

 

799,223

504,909

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

799,222

504,908

Shareholders' funds

 

799,223

504,909

For the financial period ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his 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 has been taken.

Approved and authorised by the director on 17 November 2023
 


T Davies
Director

 

Penhadepella Limited

Notes to the Financial Statements for the Period from 1 September 2021 to 30 November 2022

 

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:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Penhadepella Limited

Notes to the Financial Statements for the Period from 1 September 2021 to 30 November 2022

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments


Classification
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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2021 - 1).

 

4

Taxation

Tax charged in the profit and loss account

1 September 2021 to 30 November 2022
 £

Year ended 31 August 2021
 £

Current taxation

UK corporation tax

71,320

19,650

 

Penhadepella Limited

Notes to the Financial Statements for the Period from 1 September 2021 to 30 November 2022

 

5

Investments held as fixed assets

2022
£

2021
£

Interest in Limited Liability Partnership

-

5,000

The fixed asset investments represent the company's interest in K22 Services LLP (OC314066), a Limited Liability Partnership in which Penhadepella Limited is a non-designated member.
This interest was disposed of on 30 November 2022.


 

 

6

Debtors

Note

30 November 2022
 £

31 August 2021
 £

Amounts owed by related parties

9

48,654

-

Other debtors

 

829,971

120,774

   

878,625

120,774

 

7

Creditors

Note

30 November 2022
 £

31 August 2021
 £

Due within one year

 

Loans and borrowings

8

-

3,136

Other creditors

 

769

769

Accrued expenses

 

1,800

2,110

Corporation tax liability

87,741

19,650

 

90,310

25,665

 

8

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Director's loan account

-

3,136

 

9

Related party transactions

Summary of transactions with directors

At 30 November 2022, the director T Davies owed the company £48,654 (2021 - the company owed the director £3,136) in the form of a director's loan account. No interest is charged on the loan and it is repayable on demand.
 

Summary of transactions with other related parties

The Two Windies Limited
 At 30 November 2022, the company was owed £340,416 (2021 - £40,416) from The Two Windies Limited. No interest is charged on the loan and it is repayable on demand. T Davies is a director of this company.