REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
Pencrest Investments Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
Pencrest Investments Limited |
Pencrest Investments Limited (Registered number: 04662380) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Pencrest Investments Limited |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
67 Westow Street |
Upper Norwood |
London |
SE19 3RW |
Pencrest Investments Limited (Registered number: 04662380) |
Balance Sheet |
29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Fair value reserve | 14 |
Retained earnings | 14 |
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. |
Pencrest Investments Limited (Registered number: 04662380) |
Balance Sheet - continued |
29 February 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Pencrest Investments Limited (Registered number: 04662380) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Pencrest Investments Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention as modified by the recognition of certain financial assets and liabilities measured at fair value. |
Turnover |
Turnover represents rent receivable, sale of property and other property related income. |
Turnover relating to the sale of property is recognised at the date of an unconditional exchange of contracts. |
Investment properties |
Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure. Investment properties are measured at fair value. The surplus or deficit arising on the revaluation of investment properties at their fair values are recognised in the income statement. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 |
Pencrest Investments Limited (Registered number: 04662380) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
5. | FIXED ASSET INVESTMENTS |
Interest |
in |
associate |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
Revaluations | 10,000 |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
The investment properties are valued annually by the directors on a fair value basis. |
The historical cost of the investment property amounts to £381,800 (2023 - £381,800). |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Trade debtors |
Amounts owed by connected companies | 347,333 | 476,379 |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans and overdrafts (see note 10) |
Amounts owed to connected companies | - | 16,874 |
Tax |
VAT | 985 | 1,260 |
Other creditors |
Directors' current accounts | 1,205 | - |
Accruals and deferred income |
Pencrest Investments Limited (Registered number: 04662380) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans (see note 10) |
Amounts owed to connected companies | - | 44,802 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans over 5 years by instalments | - | 301,772 |
10. | LOANS |
An analysis of the maturity of loans is given below: |
29.2.24 | 28.2.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans over 5 years by instalments | - | 301,772 |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans |
12. | PROVISIONS FOR LIABILITIES |
29.2.24 | 28.2.23 |
£ | £ |
Deferred tax | 68,669 | 50,288 |
Pencrest Investments Limited (Registered number: 04662380) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
12. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 March 2023 |
Provided during year |
Balance at 29 February 2024 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.2.24 | 28.2.23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
14. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 March 2023 | 661,951 |
Profit for the year | - |
Dividends | ( |
) | - | ( |
) |
Deferred tax | 18,381 | - | 18,381 |
Revaluation of property | (10,000 | ) | 10,000 | - |
Deferred tax provision | - | (18,381 | ) | (18,381 | ) |
At 29 February 2024 | 568,668 |