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Registration number: 10801105

Pendennis Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

Pages for filing with Registrar

 

Pendennis Holdings Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Pendennis Holdings Limited

Company Information

Directors

R P Jupp

J J Jupp

Registered office

1st Floor
25 King Street
Bristol
BS1 4PB

Registered number

10801105

Accountant

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

 

Pendennis Holdings Limited

(Registration number: 10801105)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

1,564,904

1,564,904

Current assets

 

Debtors

5

11,847

11,847

Cash at bank and in hand

 

-

3,684

 

11,847

15,531

Creditors: Amounts falling due within one year

6

(661,889)

(71,771)

Net current liabilities

 

(650,042)

(56,240)

Total assets less current liabilities

 

914,862

1,508,664

Creditors: Amounts falling due after more than one year

6

(646,195)

(1,276,890)

Net assets

 

268,667

231,774

Capital and reserves

 

Called up share capital

7

300

300

Profit and loss account

268,367

231,474

Total equity

 

268,667

231,774

 

Pendennis Holdings Limited

(Registration number: 10801105)
Balance Sheet as at 31 October 2023

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 Holdings Limited

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 £.

Group accounts not prepared

The financial statements contain information about Pendennis Holdings Limited as an individual entity and do not contain consolidated financial information of its group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Investments

Investments in subsidiaries are measured at cost less impairment.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Cash and cash equivalents

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

 

Pendennis Holdings Limited

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

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.

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.

Financial instruments


Financial liabilities and equity instruments are classified according to the substance of the
contractual arrangements entered into. An equity instrument is any contract that gives a residual
interest in the assets of the company after deducting all of its liabilities. Instruments issued by
the company are recorded at the proceeds received, net of direct issue costs.

Compound financial instruments include liability and equity components. The equity component is
assigned the residual of the proceeds of issue after deducting the fair value of the liability
component. All premiums or fees, paid or received, in respect of a financial instrument are
accounted for over the life of the matched underlying asset, liability or cost.

3

Staff numbers

The average number of persons employed by the company during the year, was 2 (2022 - 2).

4

Investments

2023
£

2022
£

Investments in subsidiaries

1,564,904

1,564,904

 

Pendennis Holdings Limited

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

5

Debtors: amounts falling due within one year

2023
£

2022
£

Other debtors

4,000

4,000

Directors' loan accounts

7,847

7,847

11,847

11,847

6

Creditors

2023
£

2022
£

Amounts falling due within one year

Bank borrowings

655,088

62,502

Trade creditors

1,726

4,194

Accruals

5,075

5,075

661,889

71,771

Due after one year

Bank borrowings

-

636,839

Owed to group undertakings

346,195

340,051

Other creditors

300,000

300,000

646,195

1,276,890

 

Pendennis Holdings Limited

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

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

200

200

200

200

Preferred B Ordinary shares of £1 each

100

100

100

100

 

300

300

300

300

8

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Director

(7,847)

-

-

(7,847)

 

2022

At 1 November 2021
£

Advances to director
£

Repayments by director
£

At 31 October 2022
£

Director

(7,847)

-

-

(7,847)

 

9

Post balance sheet event

In November 2023, the bank overdraft of £698,000, was converted into a long term loan. The new loan is repayable over 5 years, with the final repayment date being 23 November 2028 with interest charged at 3.25% above the Bank of England Base Rate.