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REGISTERED NUMBER: 01016524 (England and Wales)












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: B C Snape
Mrs S Snape
S C H Snape
Dr S L Snape



SECRETARY: Mrs S Snape



REGISTERED OFFICE: c/o Fields,
2nd Floor, Landchard House
Victoria Street
West Bromwich
West Midlands
B70 8ER



REGISTERED NUMBER: 01016524 (England and Wales)



ACCOUNTANTS: Fields Business Advisors
Chartered Certified Accountants
2nd Floor
Landchard House
Victoria Street
West Bromwich
West Midlands
B70 8ER



BANKERS: HSBC Bank Plc
P O Box 33
Queen Square
Wolverhampton
West Midlands
WV1 1TE



BANKERS: Barclays Bank Plc
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 7,301 8,345
Investments 6 4 4
Investment property 7 3,750,000 3,750,000
3,757,305 3,758,349

CURRENT ASSETS
Debtors 8 477,712 461,114
Cash at bank 16,279 24,796
493,991 485,910
CREDITORS
Amounts falling due within one year 9 117,362 124,425
NET CURRENT ASSETS 376,629 361,485
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,133,934

4,119,834

PROVISIONS FOR LIABILITIES 724,684 726,099
NET ASSETS 3,409,250 3,393,735

CAPITAL AND RESERVES
Called up share capital 500 500
Revaluation reserve 585 585
Fair value reserve 2,709,571 2,709,571
Retained earnings 698,594 683,079
SHAREHOLDERS' FUNDS 3,409,250 3,393,735

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2022 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.

PENLOW INVESTMENTS (WOLVERHAMPTON)
LIMITED (REGISTERED NUMBER: 01016524)

BALANCE SHEET - continued
30TH NOVEMBER 2022


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 27th November 2023 and were signed on its behalf by:





B C Snape - Director


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 500 642,855 585 2,690,262 3,334,202

Changes in equity
Dividends - (58,000 ) - - (58,000 )
Total comprehensive income - 98,224 - 19,309 117,533
Balance at 30th November 2021 500 683,079 585 2,709,571 3,393,735

Changes in equity
Dividends - (58,000 ) - - (58,000 )
Total comprehensive income - 73,515 - - 73,515
Balance at 30th November 2022 500 698,594 585 2,709,571 3,409,250

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 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.

2. STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

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 31,500 22,081 890 54,471
DEPRECIATION
At 1st December 2021 26,226 19,109 791 46,126
Charge for year 417 527 100 1,044
At 30th November 2022 26,643 19,636 891 47,170
NET BOOK VALUE
At 30th November 2022 4,857 2,445 (1 ) 7,301
At 30th November 2021 5,274 2,972 99 8,345

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 4
NET BOOK VALUE
At 30th November 2022 4
At 30th November 2021 4

The four subsidiary companies have been dormant since incorporation.

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st December 2021
and 30th November 2022 3,750,000
NET BOOK VALUE
At 30th November 2022 3,750,000
At 30th November 2021 3,750,000

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 14,882 15,165
Other debtors 377,297 364,800
392,179 379,965

Amounts falling due after more than one year:
Other debtors 85,533 81,149

Aggregate amounts 477,712 461,114

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Taxation and social security 97,284 95,747
Other creditors 20,078 28,678
117,362 124,425

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 year314,441173,503
Amounts advanced101,285227,492
Amounts repaid(88,293)(86,554)
Amounts written off--
Amounts waived--
Balance outstanding at the year end327,433314,441

Interest is payable at 2.00% (2021: 2.25%) per annum. The loans are repayable on demand.