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REGISTERED NUMBER: 07996968 (England and Wales)
















Unaudited Financial Statements

for the Year Ended 28 February 2023

for

PENNY PETROLEUM (MANAGEMENT) LIMITED

PENNY PETROLEUM (MANAGEMENT) LIMITED (REGISTERED NUMBER: 07996968)






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 (MANAGEMENT) 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: 07996968 (England and Wales)





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

PENNY PETROLEUM (MANAGEMENT) LIMITED (REGISTERED NUMBER: 07996968)

Statement of Financial Position
28 FEBRUARY 2023

28/2/23 28/2/22
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 321,990 98,060

CURRENT ASSETS
Debtors 5 2,447,393 1,872,574
Cash at bank 142,056 121,815
2,589,449 1,994,389
CREDITORS
Amounts falling due within one year 6 1,823,094 1,315,914
NET CURRENT ASSETS 766,355 678,475
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,088,345

776,535

CREDITORS
Amounts falling due after more than one
year

7

(186,605

)

-

PROVISIONS FOR LIABILITIES 9 (80,497 ) (9,460 )
NET ASSETS 821,243 767,075

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 821,143 766,975
SHAREHOLDERS' FUNDS 821,243 767,075

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 (MANAGEMENT) LIMITED (REGISTERED NUMBER: 07996968)

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 23 November 2023 and were signed on its behalf by:





D S Penny - Director


PENNY PETROLEUM (MANAGEMENT) LIMITED (REGISTERED NUMBER: 07996968)

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

1. STATUTORY INFORMATION

Penny Petroleum (Management) 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 sales of services net of VAT and trade discounts. Turnover is recognised when the 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 - 20% on reducing balance
Fixtures and fittings - 25% on reducing balance

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 44 (2022 - 34 ) .

PENNY PETROLEUM (MANAGEMENT) LIMITED (REGISTERED NUMBER: 07996968)

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

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£ £ £
COST
At 1 March 2022 157,953 39,878 197,831
Additions 291,133 15,321 306,454
At 28 February 2023 449,086 55,199 504,285
DEPRECIATION
At 1 March 2022 77,000 22,771 99,771
Charge for year 74,417 8,107 82,524
At 28 February 2023 151,417 30,878 182,295
NET BOOK VALUE
At 28 February 2023 297,669 24,321 321,990
At 28 February 2022 80,953 17,107 98,060

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£ £
Trade debtors 188,376 204,069
Amounts owed by related entities 2,246,829 1,652,227
Other debtors 12,188 16,278
2,447,393 1,872,574

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£ £
Hire purchase contracts (see note 8) 77,189 -
Trade creditors 69,810 51,825
Amounts owed to related entities 1,188,799 731,301
Taxation and social security 242,773 266,309
Other creditors 244,523 266,479
1,823,094 1,315,914

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28/2/23 28/2/22
£ £
Hire purchase contracts (see note 8) 186,605 -

PENNY PETROLEUM (MANAGEMENT) LIMITED (REGISTERED NUMBER: 07996968)

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

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

28/2/23 28/2/22
£ £
Net obligations repayable:
Within one year 77,189 -
Between one and five years 186,605 -
263,794 -

9. PROVISIONS FOR LIABILITIES
28/2/23 28/2/22
£ £
Deferred tax
Accelerated capital allowances 80,497 9,460

Deferred tax
£
Balance at 1 March 2022 9,460
Provided during year 71,037
Balance at 28 February 2023 80,497

10. CALLED UP SHARE CAPITAL

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

11. RELATED PARTY DISCLOSURES

The amount shown in debtors amounts due withing one year of £2,246,829 (2022: £1,509,725) is owed to the company by Penny Petroleum Partnership 1 £1,471,527 (2022: £879,983), Penny Petroleum Partnership No. 2 £645,412 (2022: £499,852).Topspot Services (Marske)Limited £24,817 (2022: £24,817) and Penny Petroleum (St. Helens) £105,073 (2022: £105,073).

The amount shown in creditors amounts due within one year of £1,188,799 (2022: £588,799) is owed by the company to the related entities;, Penny Petroleum (Scotland) Limited £410,713 (2022: £310,713 ), Topspot Services Limited £123,160 (2022: £26,840 Dr),Penny Petroleum ( North East) Limited £234,338 (2022 : £115,662 Dr) and Penny Petroleum (Scarborough) Limited £420,588 (2022: £420,588).

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.