Company Registration No. 03702417 (England and Wales)
PENVIEW HOMES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
PENVIEW HOMES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
5 - 9
PENVIEW HOMES LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr S J Druce
Secretary
S Whitford
Company number
03702417
Registered office
10 Bridge Street
Christchurch
Dorset
BH23 1EF
Accountants
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
Business address
Brook Bungalow
The Chalk
IWERNE MINSTER
Blandford
Dorset
United Kingdom
DT11 8NA
PENVIEW HOMES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
35,789
46,797
Current assets
Stocks
552,305
535,637
Debtors
4
15,009
1,058
Cash at bank and in hand
518
77
567,832
536,772
Creditors: amounts falling due within one year
5
(545,315)
(297,906)
Net current assets
22,517
238,866
Total assets less current liabilities
58,306
285,663
Creditors: amounts falling due after more than one year
6
(93,000)
(97,000)
Provisions for liabilities
(8,947)
(8,892)
Net (liabilities)/assets
(43,641)
179,771
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(43,741)
179,671
Total equity
(43,641)
179,771
PENVIEW HOMES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 28 March 2024
Mr S J Druce
Director
Company Registration No. 03702417
The notes on pages 5 to 9 form part of these financial statements
PENVIEW HOMES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2021
100
270,191
270,291
Year ended 31 March 2022:
Loss and total comprehensive income for the year
-
(90,520)
(90,520)
Balance at 31 March 2022
100
179,671
179,771
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
(223,412)
(223,412)
Balance at 31 March 2023
100
(43,741)
(43,641)
The notes on pages 5 to 9 form part of these financial statements
PENVIEW HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
1
Accounting policies
Company information

Penview Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Bridge Street, Christchurch, Dorset, BH23 1EF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

PENVIEW HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PENVIEW HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 7 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

PENVIEW HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
22,560
543
9,911
97,612
130,626
Additions
-
0
-
0
922
-
0
922
At 31 March 2023
22,560
543
10,833
97,612
131,548
Depreciation and impairment
At 1 April 2022
21,012
334
6,249
56,234
83,829
Depreciation charged in the year
387
52
1,146
10,345
11,930
At 31 March 2023
21,399
386
7,395
66,579
95,759
Carrying amount
At 31 March 2023
1,161
157
3,438
31,033
35,789
At 31 March 2022
1,548
209
3,662
41,378
46,797
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,058
1,058
Other debtors
13,951
-
0
15,009
1,058
PENVIEW HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
15,343
Trade creditors
18,712
39,459
Corporation tax
15,556
15,556
Other taxation and social security
18,464
59,917
Other creditors
480,045
165,086
Accruals and deferred income
2,538
2,545
545,315
297,906
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
89,667
91,667
Obligations under hire purchase agreements
3,333
5,333
93,000
97,000
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
2023-03-312022-04-01false28 March 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr S J DruceS Whitfordfalse037024172022-04-012023-03-3103702417bus:Director12022-04-012023-03-3103702417bus:CompanySecretary12022-04-012023-03-3103702417bus:RegisteredOffice2022-04-012023-03-31037024172023-03-31037024172022-03-3103702417core:PlantMachinery2023-03-3103702417core:FurnitureFittings2023-03-3103702417core:ComputerEquipment2023-03-3103702417core:MotorVehicles2023-03-3103702417core:PlantMachinery2022-03-3103702417core:FurnitureFittings2022-03-3103702417core:ComputerEquipment2022-03-3103702417core:MotorVehicles2022-03-3103702417core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3103702417core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3103702417core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3103702417core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3103702417core:ShareCapital2023-03-3103702417core:ShareCapital2022-03-3103702417core:RetainedEarningsAccumulatedLosses2023-03-3103702417core:RetainedEarningsAccumulatedLosses2022-03-3103702417core:ShareCapital2021-03-3103702417core:RetainedEarningsAccumulatedLosses2021-03-31037024172021-03-3103702417core:RetainedEarningsAccumulatedLosses2021-04-012022-03-31037024172021-04-012022-03-3103702417core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3103702417core:PlantMachinery2022-04-012023-03-3103702417core:FurnitureFittings2022-04-012023-03-3103702417core:ComputerEquipment2022-04-012023-03-3103702417core:MotorVehicles2022-04-012023-03-3103702417core:PlantMachinery2022-03-3103702417core:FurnitureFittings2022-03-3103702417core:ComputerEquipment2022-03-3103702417core:MotorVehicles2022-03-31037024172022-03-3103702417core:CurrentFinancialInstruments2023-03-3103702417core:CurrentFinancialInstruments2022-03-3103702417core:Non-currentFinancialInstruments2023-03-3103702417core:Non-currentFinancialInstruments2022-03-3103702417bus:PrivateLimitedCompanyLtd2022-04-012023-03-3103702417bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3103702417bus:FRS1022022-04-012023-03-3103702417bus:AuditExemptWithAccountantsReport2022-04-012023-03-3103702417bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP