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Registration number: 05249881

Pendennis Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

Pages for filing with Registrar

 

Pendennis Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Pendennis Ltd

Company Information

Directors

R P Jupp

J J Jupp

Registered office

1st Floor
25 King Street
Bristol
BS1 4PB

Registered number

05249881

Accountants

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Pendennis Ltd

(Registration number: 05249881)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,072,534

777,322

 

1,072,534

777,322

Current assets

 

Stocks

1,500

1,500

Debtors

6

416,392

359,624

Cash at bank and in hand

 

85,138

32,856

 

503,030

393,980

Creditors: Amounts falling due within one year

7

(520,158)

(154,346)

Net current (liabilities)/assets

 

(17,128)

239,634

Total assets less current liabilities

 

1,055,406

1,016,956

Creditors: Amounts falling due after more than one year

7

(5,573)

(8,050)

Provisions for liabilities

(1,587)

(1,587)

Net assets

 

1,048,246

1,007,319

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,048,146

1,007,219

Total equity

 

1,048,246

1,007,319

 

Pendennis Ltd

(Registration number: 05249881)
Balance Sheet as at 31 October 2023 (continued)

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................

J J Jupp
Director

 

Pendennis Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor
25 King Street
Bristol
BS1 4PB
United Kingdom

2

Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

 

Pendennis Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.


Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than freehold land, over their estimated useful lives, as follows:

Freehold land and buildings

2% on cost

Improvements to property

25% on reducing balance

Equipment

25% on cost and 25% on reducing balance

Furnishings and fixtures

2% on cost

Goodwill and amortisation

Goodwill arising on the acquisition of a business in 2004 represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill has been amortised over its useful life of 5 years and now has nil value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Pendennis Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less any provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Pendennis Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 18).

 

Pendennis Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

4

Taxation

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

1,587

   

2022

Liability
£

1,587

   
 

Pendennis Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

5

Tangible fixed assets

Freehold land & buildings
£

Furnishings & fixtures
 £

Equipment
 £

Total
£

Cost

At 1 November 2022

910,922

29,252

89,937

1,030,111

Additions

309,800

-

-

309,800

At 31 October 2023

1,220,722

29,252

89,937

1,339,911

Depreciation

At 1 November 2022

142,598

29,252

80,939

252,789

Charge for the year

12,056

-

2,532

14,588

At 31 October 2023

154,654

29,252

83,471

267,377

Carrying amount

At 31 October 2023

1,066,068

-

6,466

1,072,534

At 31 October 2022

768,324

-

8,998

777,322

6

Debtors: amounts falling due within one year

2023
£

2022
£

Trade debtors

19,800

-

Amounts owed by group undertakings

396,195

340,051

Prepayments and accrued income

-

19,573

Directors' loan accounts

397

-

 

416,392

359,624

Less non-current portion

(346,195)

(340,051)

70,197

19,573

Details of non-current trade and other debtors

£343,525 (2022 - £340,051) of amounts owed to group undertakings is classified as non current.

 

Pendennis Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

7

Creditors

Note

2023
£

2022
£

HP and finance lease

9

2,477

2,477

Loans and borrowings

9

448,085

50,948

Trade creditors

 

4,766

27,804

Corporation tax

 

46,506

12,787

Social security and other taxes

 

7,610

5,883

Directors' current accounts

9

-

1,535

Accruals and deferred income

 

10,714

52,912

 

520,158

154,346

Due after one year

 

Hire purchase

9

5,573

8,050

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Pendennis Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Hire purchase liabilities

2,477

2,477

Shareholder loans

448,085

50,948

Directors' current accounts

-

1,535

450,562

54,960

2023
£

2022
£

Non-current loans and borrowings

Hire purchase liabilities

5,573

8,050

Shareholder loans

Shareholder loans have no fixed repayment term and interest is chargeable on these loans at 4% above base rate.

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

9,720

15,184

The amount of non-cancellable operating lease payments recognised as an expense during the year was £5,544 (2022 - £5,544).