REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH NOVEMBER 2022 |
FOR |
PENLOW INVESTMENTS (WOLVERHAMPTON) |
LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH NOVEMBER 2022 |
FOR |
PENLOW INVESTMENTS (WOLVERHAMPTON) |
LIMITED |
PENLOW INVESTMENTS (WOLVERHAMPTON) |
LIMITED (REGISTERED NUMBER: 01016524) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH NOVEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Statement of Changes in Equity | 4 |
Notes to the Financial Statements | 5 |
PENLOW INVESTMENTS (WOLVERHAMPTON) |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH NOVEMBER 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
2nd Floor |
Landchard House |
Victoria Street |
West Bromwich |
West Midlands |
B70 8ER |
BANKERS: |
P O Box 33 |
Queen Square |
Wolverhampton |
West Midlands |
WV1 1TE |
BANKERS: |
P O Box 5 |
Queens Square |
Wolverhampton |
West Midlands |
WV1 1DS |
PENLOW INVESTMENTS (WOLVERHAMPTON) |
LIMITED (REGISTERED NUMBER: 01016524) |
BALANCE SHEET |
30TH NOVEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve |
Fair value reserve |
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. |
PENLOW INVESTMENTS (WOLVERHAMPTON) |
LIMITED (REGISTERED NUMBER: 01016524) |
BALANCE SHEET - continued |
30TH NOVEMBER 2022 |
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 |
PENLOW INVESTMENTS (WOLVERHAMPTON) |
LIMITED (REGISTERED NUMBER: 01016524) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30TH NOVEMBER 2022 |
Called up | Fair |
share | Retained | Revaluation | value | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1st December 2020 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - |
Balance at 30th November 2021 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - |
Balance at 30th November 2022 |
PENLOW INVESTMENTS (WOLVERHAMPTON) |
LIMITED (REGISTERED NUMBER: 01016524) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH NOVEMBER 2022 |
1. | STATUTORY INFORMATION |
Penlow Investments (Wolverhampton) Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis, under the historical cost convention, as modified by the recognition of certain tangible fixed assets at fair value. |
The financial statements are prepared in in sterling which is the functional currency of the company and are rounded to the nearest pound. |
Preparation of consolidated financial statements |
The financial statements contain information about Penlow Investments (Wolverhampton) 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. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities as at the reporting date and the amounts reported for turnover and expenses during the period. The nature of estimating means that actual outcomes could differ from the original estimates. |
The principal accounting policies and the judgements and estimates that have the most significant effect on amounts recognised in the financial statements are as detailed below. |
Revenue recognition |
Turnover in the period represents rents receivable, by the company in the normal course of business, excluding value added tax. Turnover is only recognised when the amounts to be recognised are fixed or determinable and collectability is reasonably assured. |
Rental income from operating leases are recognised in the income statement on a straight line basis over the term of the lease. |
Tangible fixed assets |
Tangible fixed assets are included at cost less depreciation and impairment. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life, |
Freehold land | - Nil |
Freehold buildings | - 2% on cost |
Fixtures and fittings | - 15% on reducing balance |
Computer equipment | - 33% on cost |
Investment properties |
Investment properties are included at fair value. Any changes in fair value are recognised in the Income Statement and, because the gains are not distributable, they are included within a fair value reserve. |
PENLOW INVESTMENTS (WOLVERHAMPTON) |
LIMITED (REGISTERED NUMBER: 01016524) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH NOVEMBER 2022 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as cash, trade and other accounts receivable and payable, including loans to or from related parties. |
Basic financial instruments such as those above are recognised in the financial statements at amortised cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
5. | TANGIBLE FIXED ASSETS |
Freehold | Fixtures |
Land and | and | Computer |
Buildings | fittings | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1st December 2021 |
and 30th November 2022 |
DEPRECIATION |
At 1st December 2021 |
Charge for year |
At 30th November 2022 |
NET BOOK VALUE |
At 30th November 2022 | ( |
) |
At 30th November 2021 |
Included in cost or valuation of land and buildings is freehold land of £ 2,900 (2021 - £ 2,900 ) which is not depreciated. |
PENLOW INVESTMENTS (WOLVERHAMPTON) |
LIMITED (REGISTERED NUMBER: 01016524) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH NOVEMBER 2022 |
5. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 30th November 2022 is represented by: |
Freehold | Fixtures |
Land and | and | Computer |
Buildings | fittings | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2015 | 31,500 | - | - | 31,500 |
Cost | - | 22,081 | 890 | 22,971 |
31,500 | 22,081 | 890 | 54,471 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2022 | 2021 |
£ | £ |
Cost | 23,153 | 23,153 |
Aggregate depreciation | 18,881 | 18,464 |
Value of land in freehold land and buildings | 2,315 | 2,315 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st December 2021 |
and 30th November 2022 |
NET BOOK VALUE |
At 30th November 2022 |
At 30th November 2021 |
The four subsidiary companies have been dormant since incorporation. |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st December 2021 |
and 30th November 2022 |
NET BOOK VALUE |
At 30th November 2022 |
At 30th November 2021 |
PENLOW INVESTMENTS (WOLVERHAMPTON) |
LIMITED (REGISTERED NUMBER: 01016524) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH NOVEMBER 2022 |
7. | INVESTMENT PROPERTY - continued |
Investment properties were revalued, on a fair value basis, as at 30th November 2022, by the directors. |
8. | DEBTORS |
2022 | 2021 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Taxation and social security |
Other creditors |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the year ended 30th November 2022 and the year to 30th November 2021: |
2022 | 2021 |
£ | £ |
Balance outstanding at the start of the year | 314,441 | 173,503 |
Amounts advanced | 101,285 | 227,492 |
Amounts repaid | (88,293 | ) | (86,554 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at the year end | 327,433 | 314,441 |
Interest is payable at 2.00% (2021: 2.25%) per annum. The loans are repayable on demand. |