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Registration number: 14458497

Penelope Ventures Ltd

Annual Report and Unaudited Financial Statements

for the Period from 2 November 2022 to 31 December 2023

 

Penelope Ventures Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Penelope Ventures Ltd

Company Information

Director

Mr D Rankine

Registered office

Boston House
214 High Street
Boston Spa
West Yorkshire
LS23 6AD

Accountants

Boston House Ltd
Accountants
Boston House
214 High Street
Boston Spa
West Yorkshire
LS23 6AD

 

Penelope Ventures Ltd

(Registration number: 14458497)
Balance Sheet as at 31 December 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

37,809

Other financial assets

5

912,876

 

950,685

Current assets

 

Debtors

6

86,848

Cash at bank and in hand

 

35,363

 

122,211

Creditors: Amounts falling due within one year

7

(1,290,259)

Net current liabilities

 

(1,168,048)

Net liabilities

 

(217,363)

Capital and reserves

 

Called up share capital

8

1

Retained earnings

(217,364)

Shareholders' deficit

 

(217,363)

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

Director's responsibilities:

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

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Penelope Ventures Ltd

(Registration number: 14458497)
Balance Sheet as at 31 December 2023

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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 August 2024
 

.........................................
Mr D Rankine
Director

 

Penelope Ventures Ltd

Notes to the Unaudited Financial Statements for the Period from 2 November 2022 to 31 December 2023

1

General information

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

The address of its registered office is:
Boston House
214 High Street
Boston Spa
West Yorkshire
LS23 6AD
England

These financial statements were authorised for issue by the director on 1 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

Penelope Ventures Ltd

Notes to the Unaudited Financial Statements for the Period from 2 November 2022 to 31 December 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Penelope Ventures Ltd

Notes to the Unaudited Financial Statements for the Period from 2 November 2022 to 31 December 2023

Tangible assets

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

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

Depreciation

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

Asset class

Depreciation method and rate

Motor Vehicles

25% reducing balance

Office Equipment

3 year straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less 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.

 

Penelope Ventures Ltd

Notes to the Unaudited Financial Statements for the Period from 2 November 2022 to 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

 

Penelope Ventures Ltd

Notes to the Unaudited Financial Statements for the Period from 2 November 2022 to 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

Additions

1,083

49,450

50,533

At 31 December 2023

1,083

49,450

50,533

Depreciation

Charge for the period

361

12,363

12,724

At 31 December 2023

361

12,363

12,724

Carrying amount

At 31 December 2023

722

37,087

37,809

 

Penelope Ventures Ltd

Notes to the Unaudited Financial Statements for the Period from 2 November 2022 to 31 December 2023

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

Additions

1,212,809

1,212,809

At 31 December 2023

1,212,809

1,212,809

Impairment

Other adjustments

299,933

299,933

At 31 December 2023

299,933

299,933

Carrying amount

At 31 December 2023

912,876

912,876

6

Debtors

Current

2023
£

Prepayments

11,865

Other debtors

74,983

 

86,848

7

Creditors

Creditors: amounts falling due within one year

 

Penelope Ventures Ltd

Notes to the Unaudited Financial Statements for the Period from 2 November 2022 to 31 December 2023

2023
£

Due within one year

Trade creditors

608

Taxation and social security

3,204

Other creditors

1,286,447

1,290,259

8

Share capital

Allotted, called up and fully paid shares

2023

No.

£

£1 Ordinary Shares of £1 each

1

1

   

9

Financial instruments

Categorisation of financial instruments

31 December 2023
 £

Financial assets measured at fair value

Investment in Stax LLC
Valuation at 31/12/2023 provided by Blue Point

The fair value is £912,876 and the change in value included in profit or loss is £(299,933).