REGISTERED NUMBER: |
Unaudited Financial Statements |
FOR THE PERIOD |
29 September 2022 to 28 February 2023 |
for |
PENNY HOTELS UK LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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. |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Freehold property | - |
Fixtures and fittings | - |
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 |
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 |
At 28 February 2023 |
AMORTISATION |
Charge for period |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
Additions |
At 28 February 2023 |
DEPRECIATION |
Charge for period |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Amounts owed to participating interests | 964,460 |
Taxation and social security |
Other creditors |
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: | £ |
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 entity | 2023 |
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. |