Silverfin false 31/03/2023 28/04/2022 31/03/2023 R B Cliffe 27/09/2023 28/02/2022 D N C Coombes 27/09/2023 26/07/2023 H C J Garfit 29/03/2023 28/04/2022 S J Grundy 27/07/2023 J M How 28/04/2022 S J Reynolds 27/07/2023 J D Sincock 04/10/2023 27/07/2023 S C Stuart 28/04/2022 M D Tucker 28/04/2022 11 April 2024 The principal activity of the company during the financial year was delivering the government approved investment plan for the Penzance Town Deal Board. 14074474 2023-03-31 14074474 bus:Director1 2023-03-31 14074474 bus:Director2 2023-03-31 14074474 bus:Director3 2023-03-31 14074474 bus:Director4 2023-03-31 14074474 bus:Director5 2023-03-31 14074474 bus:Director6 2023-03-31 14074474 bus:Director7 2023-03-31 14074474 bus:Director8 2023-03-31 14074474 bus:Director9 2023-03-31 14074474 core:CurrentFinancialInstruments 2023-03-31 14074474 core:ShareCapital 2023-03-31 14074474 core:RetainedEarningsAccumulatedLosses 2023-03-31 14074474 2022-04-27 14074474 2022-04-28 2023-03-31 14074474 bus:FullAccounts 2022-04-28 2023-03-31 14074474 bus:SmallEntities 2022-04-28 2023-03-31 14074474 bus:AuditExemptWithAccountantsReport 2022-04-28 2023-03-31 14074474 bus:PrivateLimitedCompanyLtd 2022-04-28 2023-03-31 14074474 bus:Director1 2022-04-28 2023-03-31 14074474 bus:Director2 2022-04-28 2023-03-31 14074474 bus:Director3 2022-04-28 2023-03-31 14074474 bus:Director4 2022-04-28 2023-03-31 14074474 bus:Director5 2022-04-28 2023-03-31 14074474 bus:Director6 2022-04-28 2023-03-31 14074474 bus:Director7 2022-04-28 2023-03-31 14074474 bus:Director8 2022-04-28 2023-03-31 14074474 bus:Director9 2022-04-28 2023-03-31 iso4217:GBP xbrli:pure

Company No: 14074474 (England and Wales)

THE PENZANCE REGENERATION COMPANY LIMITED

Unaudited Financial Statements
For the financial period from 28 April 2022 to 31 March 2023
Pages for filing with the registrar

THE PENZANCE REGENERATION COMPANY LIMITED

Unaudited Financial Statements

For the financial period from 28 April 2022 to 31 March 2023

Contents

THE PENZANCE REGENERATION COMPANY LIMITED

COMPANY INFORMATION

For the financial period from 28 April 2022 to 31 March 2023
THE PENZANCE REGENERATION COMPANY LIMITED

COMPANY INFORMATION (continued)

For the financial period from 28 April 2022 to 31 March 2023
DIRECTORS S J Grundy
J M How
S J Reynolds
S C Stuart
M D Tucker
REGISTERED OFFICE Chapel House
28a Chapel Street
Penzance
TR18 4AQ
United Kingdom
COMPANY NUMBER 14074474 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
THE PENZANCE REGENERATION COMPANY LIMITED

BALANCE SHEET

As at 31 March 2023
THE PENZANCE REGENERATION COMPANY LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 31.03.2023
£
Fixed assets
Investment property 3 1,154,005
1,154,005
Current assets
Debtors 4 29,258
Cash at bank and in hand 247,716
276,974
Creditors: amounts falling due within one year 5 ( 1,426,483)
Net current liabilities (1,149,509)
Total assets less current liabilities 4,496
Net assets 4,496
Capital and reserves
Called-up share capital 0
Profit and loss account 4,496
Total shareholders' funds 4,496

For the financial period ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of The Penzance Regeneration Company Limited (registered number: 14074474) were approved and authorised for issue by the Board of Directors on 11 April 2024. They were signed on its behalf by:

S C Stuart
Director
THE PENZANCE REGENERATION COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 28 April 2022 to 31 March 2023
THE PENZANCE REGENERATION COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 28 April 2022 to 31 March 2023
1. Accounting policies

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

General information and basis of accounting

The Penzance Regeneration Company 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 Chapel House, 28a Chapel Street, Penzance, TR18 4AQ, United Kingdom.

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 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 £.

Reporting period length

This is the first period of account for the company, therefore the financial statements have been drawn up for the period 28 April 2022 to 31 March 2023.

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

Period from
28.04.2022 to
31.03.2023
Number
Monthly average number of persons employed by the Company during the period, including directors 0

3. Investment property

Investment property
£
Valuation
As at 28 April 2022 0
Additions 1,154,005
As at 31 March 2023 1,154,005

Valuation

The property was purchased at market value during the year. The directors have assessed the market value of the property as at the year end and have determined that the value is not materially different from the purchase cost. Therefore, the property is held at fair value, which is in line with historic cost.

4. Debtors

31.03.2023
£
Other debtors 29,258

5. Creditors: amounts falling due within one year

31.03.2023
£
Trade creditors 6,672
Taxation and social security 1,055
Other creditors 1,418,756
1,426,483