REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 28 February 2023 |
for |
PENNY PETROLEUM (MANAGEMENT) LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
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. |
PENNY PETROLEUM (MANAGEMENT) LIMITED (REGISTERED NUMBER: 07996968) |
Statement of Financial Position - continued |
28 FEBRUARY 2023 |
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 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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Additions |
At 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28/2/23 | 28/2/22 |
£ | £ |
Trade debtors |
Amounts owed by related entities | 2,246,829 | 1,652,227 |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28/2/23 | 28/2/22 |
£ | £ |
Hire purchase contracts (see note 8) |
Trade creditors |
Amounts owed to related entities | 1,188,799 | 731,301 |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
28/2/23 | 28/2/22 |
£ | £ |
Hire purchase contracts (see note 8) |
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 |
Between one and five years |
9. | PROVISIONS FOR LIABILITIES |
28/2/23 | 28/2/22 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred tax |
£ |
Balance at 1 March 2022 |
Provided during year |
Balance at 28 February 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 28/2/23 | 28/2/22 |
value: | £ | £ |
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. |