Silverfin false 28/02/2023 01/03/2022 28/02/2023 J Caunter 28 November 2023 The principal activity of the Company during the financial year was development of building projects 08814642 2023-02-28 08814642 2022-02-28 08814642 core:CurrentFinancialInstruments 2023-02-28 08814642 core:CurrentFinancialInstruments 2022-02-28 08814642 core:Non-currentFinancialInstruments 2023-02-28 08814642 core:Non-currentFinancialInstruments 2022-02-28 08814642 core:ShareCapital 2023-02-28 08814642 core:ShareCapital 2022-02-28 08814642 core:OtherCapitalReserve 2023-02-28 08814642 core:OtherCapitalReserve 2022-02-28 08814642 core:RetainedEarningsAccumulatedLosses 2023-02-28 08814642 core:RetainedEarningsAccumulatedLosses 2022-02-28 08814642 core:Vehicles 2022-02-28 08814642 core:Vehicles 2023-02-28 08814642 2022-03-01 2023-02-28 08814642 bus:FullAccounts 2022-03-01 2023-02-28 08814642 bus:SmallEntities 2022-03-01 2023-02-28 08814642 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 08814642 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 08814642 bus:Director1 2022-03-01 2023-02-28 08814642 core:Vehicles 2022-03-01 2023-02-28 08814642 2021-03-01 2022-02-28 08814642 core:Non-currentFinancialInstruments 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Company No: 08814642 (England and Wales)

PENN DEVELOPMENTS (UK) LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2023
Pages for filing with the registrar

PENN DEVELOPMENTS (UK) LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2023

Contents

PENN DEVELOPMENTS (UK) LIMITED

BALANCE SHEET

As at 28 February 2023
PENN DEVELOPMENTS (UK) LIMITED

BALANCE SHEET (continued)

As at 28 February 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 4,832 6,443
4,832 6,443
Current assets
Debtors 4 3,585 3,585
Cash at bank and in hand 86 8
3,671 3,593
Creditors: amounts falling due within one year 5 ( 22,068) ( 10,953)
Net current liabilities (18,397) (7,360)
Total assets less current liabilities (13,565) (917)
Creditors: amounts falling due after more than one year 6 ( 19,085) ( 28,133)
Net liabilities ( 32,650) ( 29,050)
Capital and reserves
Called-up share capital 100 100
Other reserves ( 385 ) ( 385 )
Profit and loss account ( 32,365 ) ( 28,765 )
Total shareholder's deficit ( 32,650) ( 29,050)

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Penn Developments (UK) Limited (registered number: 08814642) were approved and authorised for issue by the Director on 28 November 2023. They were signed on its behalf by:

J Caunter
Director
PENN DEVELOPMENTS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
PENN DEVELOPMENTS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Penn Developments (UK) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Flat 11 Heathside Court, 28 Avalon , Poole, BH14 8HT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Vehicles Total
£ £
Cost
At 01 March 2022 25,492 25,492
At 28 February 2023 25,492 25,492
Accumulated depreciation
At 01 March 2022 19,049 19,049
Charge for the financial year 1,611 1,611
At 28 February 2023 20,660 20,660
Net book value
At 28 February 2023 4,832 4,832
At 28 February 2022 6,443 6,443

4. Debtors

2023 2022
£ £
Other debtors 3,585 3,585

5. Creditors: amounts falling due within one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 0 2,653
Other creditors 22,068 8,300
22,068 10,953

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 0 4,345
Other creditors 19,085 23,788
19,085 28,133

There are no amounts included above in respect of which any security has been given by the small entity.