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REGISTERED NUMBER: 14386283 (England and Wales)
















Unaudited Financial Statements

FOR THE PERIOD

29 September 2022 to 28 February 2023

for

PENNY HOTELS UK LIMITED

PENNY HOTELS UK LIMITED (REGISTERED NUMBER: 14386283)






Contents of the Financial Statements
FOR THE PERIOD 29 SEPTEMBER 2022 TO 28 FEBRUARY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


PENNY HOTELS UK LIMITED

Company Information
FOR THE PERIOD 29 SEPTEMBER 2022 TO 28 FEBRUARY 2023







DIRECTORS: D S Penny
A L Penny





REGISTERED OFFICE: Old Station House
Powburn
Alnwick
Northumberland
NE66 4HU





REGISTERED NUMBER: 14386283 (England and Wales)





ACCOUNTANTS: K J Pittalis and Partners LLP
Chartered Certified Accountants
Global House
303 Ballards Lane
London
N12 8NP

PENNY HOTELS UK LIMITED (REGISTERED NUMBER: 14386283)

Statement of Financial Position
28 FEBRUARY 2023

Notes £ £
FIXED ASSETS
Intangible assets 4 43,500
Tangible assets 5 895,991
939,491

CURRENT ASSETS
Debtors 6 5,855
Cash at bank and in hand 6,681
12,536
CREDITORS
Amounts falling due within one year 7 968,951
NET CURRENT LIABILITIES (956,415 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(16,924

)

CAPITAL AND RESERVES
Called up share capital 8 100
Retained earnings (17,024 )
SHAREHOLDERS' FUNDS (16,924 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2023 and were signed on its behalf by:





D S Penny - Director


PENNY HOTELS UK LIMITED (REGISTERED NUMBER: 14386283)

Notes to the Financial Statements
FOR THE PERIOD 29 SEPTEMBER 2022 TO 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Penny Hotels Uk Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts received from rooms let out. Income is recognised to the year end date.

Turnover represents sales of services net of VAT and trade discounts. Turnover is recognised when the services are provided to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

PENNY HOTELS UK LIMITED (REGISTERED NUMBER: 14386283)

Notes to the Financial Statements - continued
FOR THE PERIOD 29 SEPTEMBER 2022 TO 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight line over 50 years on building
Fixtures and fittings - 25% on reducing balance

Freehold property held for the company's trade are carried at their revalued amounts, being fair value at the date of valuation less subsequent depreciation and impairment losses. Revaluations are performed by professional qualified valuers with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Any revaluation increase in the carrying amount of land and buildings is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously expended. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against revaluation reserve in equity; decreases exceeding the balance in revaluation reserve relating to an asset are recognised in profit or loss. Each year the difference between depreciation based on the revalued carrying amount of the asset recognised in profit or loss and depreciation based on the asset's original cost is transferred from revaluation reserve to retained earnings. Freehold property were revalued for the first time during the previous financial year, whilst they were carried at cost less accumulated depreciation and impairment in previous periods. The use of a policy of revaluation provides more relevant and reliable information about the value of the property owned by the company.

Land is not depreciated.

All other tangible fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses. Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over their estimated useful lives as detailed above.

On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss and included in other operating income.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
Directors believe that the company is well placed to manage its business risks successfully. Accordingly they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 .

PENNY HOTELS UK LIMITED (REGISTERED NUMBER: 14386283)

Notes to the Financial Statements - continued
FOR THE PERIOD 29 SEPTEMBER 2022 TO 28 FEBRUARY 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
Additions 45,000
At 28 February 2023 45,000
AMORTISATION
Charge for period 1,500
At 28 February 2023 1,500
NET BOOK VALUE
At 28 February 2023 43,500

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£ £ £
COST
Additions 854,430 50,000 904,430
At 28 February 2023 854,430 50,000 904,430
DEPRECIATION
Charge for period 4,272 4,167 8,439
At 28 February 2023 4,272 4,167 8,439
NET BOOK VALUE
At 28 February 2023 850,158 45,833 895,991

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£
Trade debtors 1,855
Other debtors 4,000
5,855

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£
Trade creditors 765
Amounts owed to participating interests 964,460
Taxation and social security 621
Other creditors 3,105
968,951

PENNY HOTELS UK LIMITED (REGISTERED NUMBER: 14386283)

Notes to the Financial Statements - continued
FOR THE PERIOD 29 SEPTEMBER 2022 TO 28 FEBRUARY 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value: £
100 Ordinary 1 100

9. RELATED PARTY DISCLOSURES

The company is related to the following entities by virtue of common directors, shareholders and/or control:

Penny Petroleum Partnership, Penny Petroleum Partnership 2, Penny Petroleum (Management) Limited, Penny Petroleum (Scotland) Limited, Penny Petroleum (St Helens) Limited, Penny Petroleum (Scarborough) Limited, Topspot Services Limited, Alistair Wallace Investments Ltd and Penny Petroleum (North East) Limited.

Following amount included within creditors amount due within one year due to related entities:

Related entity2023
Penny Petroleum (North East) Limited£904,460
Penny Petroleum (Scotland) Limited£60,000

The above amount are unsecured, interest free and repayable on demand.
All entities are the under common control of the directors.