Registered number
13445179
Penny Land Limited
Report and Accounts
30 June 2023
Penny Land Limited
Report and accounts
Contents
Page
Company information 1
Director's report 2
Profit and loss account 3
Balance sheet 4
Statement of changes in equity 5
Notes to the accounts 6
Penny Land Limited
Company Information
Director
Mr Gurwant Singh (appointed on November 11, 2023)
Mr Raj Kumar (resigned November 11, 2023)
Registered office
68 Nine Elms Lane
Wolverhampton
WV10 9AF
Registered number
13445179
Penny Land Limited
Registered number: 13445179
Director's Report
The director presents his report and accounts for the year ended 30 June 2023.
Principal activities
The company's principal activity during the year continued to be wholesale of meat, meat products, fruits, vegetable juices, mineral water, soft drinks, sugar, chocolate and sugar confectionery etc.
Directors
The following persons served as directors during the year:
Mr Gurwant Singh (appointed on November 11, 2023)
Mr Raj Kumar (resigned November 11, 2023)
Director's responsibilities
The director is responsible for preparing the report and accounts in accordance with applicable law and regulations.
Company law requires the director to prepare accounts for each financial year. Under that law the director has elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the accounts comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 16 April 2024 and signed on its behalf.
Mr Gurwant Singh
Director
Penny Land Limited
Profit and Loss Account
for the year ended 30 June 2023
2023 2022
£ £
Turnover 6,331,802 5,117,326
Cost of sales (4,516,487) (3,925,487)
Gross profit 1,815,315 1,191,839
Distribution costs (141,803) (133,476)
Administrative expenses (659,281) (368,669)
Operating profit 1,014,231 689,694
Profit before taxation 1,014,231 689,694
Tax on profit (130,706) (96,197)
Profit for the financial year 883,525 593,497
Penny Land Limited
Registered number: 13445179
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 618,368 266,114
Current assets
Stocks 221,185 191,127
Debtors 4 53,585 73,291
Cash at bank and in hand 417,901 185,876
692,671 450,294
Creditors: amounts falling due within one year 5 (158,917) (122,811)
Net current assets 533,754 327,483
Net assets 1,152,122 593,597
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,152,022 593,497
Shareholder's funds 1,152,122 593,597
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Gurwant Singh
Director
Approved by the board on 16 April 2024
Penny Land Limited
Statement of Changes in Equity
for the year ended 30 June 2023
Share Profit Total
capital and loss
account
£ £ £
At 8 June 2021 - - -
Profit for the period 593,497 593,497
Shares issued 100 100
At 30 June 2022 100 593,497 593,597
At 1 July 2022 100 593,497 593,597
Profit for the financial year 883,525 883,525
Dividends (325,000) (325,000)
At 30 June 2023 100 1,152,022 1,152,122
Penny Land Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Motor vehicles over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 13 15
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2022 231,767 100,875 332,642
Additions 473,672 49,806 523,478
At 30 June 2023 705,439 150,681 856,120
Depreciation
At 1 July 2022 46,353 20,175 66,528
Charge for the year 141,088 30,136 171,224
At 30 June 2023 187,441 50,311 237,752
Net book value
At 30 June 2023 517,998 100,370 618,368
At 30 June 2022 185,414 80,700 266,114
4 Debtors 2023 2022
£ £
Trade debtors 53,585 73,192
Other debtors - 99
53,585 73,291
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 28,211 26,614
Taxation and social security costs 130,706 96,197
158,917 122,811
6 Other information
Penny Land Limited is a private company limited by shares and incorporated in England. Its registered office is:
68 Nine Elms Lane
Wolverhampton
WV10 9AF
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