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REGISTERED NUMBER: 07020838 (England and Wales)
















Unaudited Financial Statements

for the Year Ended 28 February 2023

for

PENNY PETROLEUM (SCARBOROUGH) LIMITED

PENNY PETROLEUM (SCARBOROUGH) LIMITED (REGISTERED NUMBER: 07020838)






Contents of the Financial Statements
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PENNY PETROLEUM (SCARBOROUGH) LIMITED

Company Information
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: D S Penny
A L Penny





REGISTERED OFFICE: Global House
303 Ballards Lane
London
N12 8NP





REGISTERED NUMBER: 07020838 (England and Wales)





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

PENNY PETROLEUM (SCARBOROUGH) LIMITED (REGISTERED NUMBER: 07020838)

Statement of Financial Position
28 FEBRUARY 2023

28/2/23 28/2/22
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 176,944 219,962
Investments 5 171,678 171,678
348,622 391,640

CURRENT ASSETS
Stocks 6 421,082 251,010
Debtors 7 1,599,519 966,790
Cash at bank and in hand 481,981 300,125
2,502,582 1,517,925
CREDITORS
Amounts falling due within one year 8 1,790,392 1,120,688
NET CURRENT ASSETS 712,190 397,237
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,060,812

788,877

CREDITORS
Amounts falling due after more than one
year

9

(20,422

)

(20,422

)

PROVISIONS FOR LIABILITIES 11 (43,560 ) (9,761 )
NET ASSETS 996,830 758,694

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 996,730 758,594
SHAREHOLDERS' FUNDS 996,830 758,694

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

The members have not required the company to obtain an audit of its financial statements for the year 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.

PENNY PETROLEUM (SCARBOROUGH) LIMITED (REGISTERED NUMBER: 07020838)

Statement of Financial Position - continued
28 FEBRUARY 2023


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 PETROLEUM (SCARBOROUGH) LIMITED (REGISTERED NUMBER: 07020838)

Notes to the Financial Statements
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Penny Petroleum (Scarborough) 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.

Preparation of consolidated financial statements
The financial statements contain information about Penny Petroleum (Scarborough) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

Land and building held and used in the Company's own activities for production and supply of goods or for administration purposes are stated in the statement of financial position at their revalued amounts. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position.

Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve.

Depreciation on cost of buildings is charged to profit and loss. Depreciation on the revaluation amount on buildings is charged to the revaluation reserve, so as to write off their value less residual value, over their estimated useful life, using the straight line method.

Once the property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised.

Stocks
Stock is valued at the lower of cost and net realisable value. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Investments
Investments in the financial statements are stated at cost.

PENNY PETROLEUM (SCARBOROUGH) LIMITED (REGISTERED NUMBER: 07020838)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

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.

Deferred grants
Grants received have been released in the Income statement over the period of five years.

Operating lease
Rental applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2022 - 27 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Long Plant and and
property leasehold machinery fittings Totals
£ £ £ £ £
COST
At 1 March 2022 - 1,149 370,488 427 372,064
Additions 1,553 - 7,429 6,080 15,062
At 28 February 2023 1,553 1,149 377,917 6,507 387,126
DEPRECIATION
At 1 March 2022 - - 151,995 107 152,102
Charge for year - - 56,480 1,600 58,080
At 28 February 2023 - - 208,475 1,707 210,182
NET BOOK VALUE
At 28 February 2023 1,553 1,149 169,442 4,800 176,944
At 28 February 2022 - 1,149 218,493 320 219,962

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 March 2022
and 28 February 2023 171,678
NET BOOK VALUE
At 28 February 2023 171,678
At 28 February 2022 171,678

This represents the cost of acquiring the shares in Seamer Station Limited, Westend Station Limited and Newby Station Limited. It effectively represents the investment in three leasehold premises.

PENNY PETROLEUM (SCARBOROUGH) LIMITED (REGISTERED NUMBER: 07020838)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

6. STOCKS
28/2/23 28/2/22
£ £
Stocks 421,082 251,010

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£ £
Trade debtors 180,438 173,861
Amounts owed by participating interests 1,419,081 790,429
Other debtors - 2,500
1,599,519 966,790

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£ £
Bank loans and overdrafts (see note 10) 209,651 243,977
Trade creditors 1,238,269 727,109
Amounts owed to participating interests 202,000 73,000
Taxation and social security 102,017 44,803
Other creditors 38,455 31,799
1,790,392 1,120,688

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28/2/23 28/2/22
£ £
Other creditors 20,422 20,422

10. LOANS

An analysis of the maturity of loans is given below:

28/2/23 28/2/22
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 240 240
Bank loans 209,411 243,737
209,651 243,977

Above loan is guaranteed by the UK Government under the Recovery Loan Scheme (RLS).

11. PROVISIONS FOR LIABILITIES
28/2/23 28/2/22
£ £
Deferred tax
Accelerated capital allowances 43,560 9,761

PENNY PETROLEUM (SCARBOROUGH) LIMITED (REGISTERED NUMBER: 07020838)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

11. PROVISIONS FOR LIABILITIES - continued

Deferred tax
£
Balance at 1 March 2022 9,761
Provided during year 33,799
Balance at 28 February 2023 43,560

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28/2/23 28/2/22
value: £ £
100 Ordinary £1 100 100

13. RELATED PARTY DISCLOSURES

The amount included in debtors amounts due within one year of £1,419,081 (2022: £790,429) is owed to the company by Penny Petroleum Partnership 2 £22,493 (2022 - £22,493), Penny Petroleum (Management) Limited £420,588 (2022 - £291,936), Penny Petroleum (St Helens) Limited £113,000 (2022 - £113,000), Penny Petroleum (North East) Limited £560,000 (2022 - £60,000) Penny Petroleum (Scotland) Limited £173,000 (2022 - £173,000), and Topspot Services Limited £130,000 (2022 - £130,000).

The amount included in creditors amount due within one year of £202,000 (2022: £73,000) is owed to Penny Petroleum Partnership1 £202,000 (2022 - £73,000) which is a related entity.

Management charges of £102,000 (2022: £130,628) are paid to Penny Petroleum (Management) Limited.

All entities are under the common control of the directors.

Amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.