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REGISTERED NUMBER: 13618993 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

PENNINE INDUSTRIAL PROPERTY LIMITED

PENNINE INDUSTRIAL PROPERTY LIMITED (REGISTERED NUMBER: 13618993)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PENNINE INDUSTRIAL PROPERTY LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: C J Hobbs





REGISTERED OFFICE: Crowe U.K. LLP
The Lexicon
10-12 Mount Street
Manchester
M2 5NT





REGISTERED NUMBER: 13618993 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
The Lexicon
10-12 Mount Street
Manchester
M2 5NT

PENNINE INDUSTRIAL PROPERTY LIMITED (REGISTERED NUMBER: 13618993)

Balance Sheet
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 2,775,063 2,855,127

CURRENT ASSETS
Debtors 5 51,454 51,054
Cash at bank 63,004 28,028
114,458 79,082
CREDITORS
Amounts falling due within one year 6 1,033,662 962,410
NET CURRENT LIABILITIES (919,204 ) (883,328 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,855,859

1,971,799

CREDITORS
Amounts falling due after more than one
year

7

1,896,235

1,945,126
NET (LIABILITIES)/ASSETS (40,376 ) 26,673

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (40,476 ) 26,573
(40,376 ) 26,673

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PENNINE INDUSTRIAL PROPERTY LIMITED (REGISTERED NUMBER: 13618993)

Balance Sheet - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 August 2024 and were signed by:





C J Hobbs - Director


PENNINE INDUSTRIAL PROPERTY LIMITED (REGISTERED NUMBER: 13618993)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Pennine Industrial Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

These financial statements have been prepared in accordance with FRS 102 "The Financial reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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 financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rental services provided in the normal course of business. The value of consideration takes into account trade discounts and settlement discounts.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the rental period, costs incurred and costs to the property can be estimated reliably. The property costs is calculated by comparing costs incurred.

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

PENNINE INDUSTRIAL PROPERTY LIMITED (REGISTERED NUMBER: 13618993)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PENNINE INDUSTRIAL PROPERTY LIMITED (REGISTERED NUMBER: 13618993)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Going concern
The director considers that the Company will be able to rely on sufficient additional support from the group for at least the next 12 months, to enable the Company to be able to meet all its commitments as they fall due. Therefore, the director considers that the going concern basis is appropriate in respect of the financial statements for the year ended 31 December 2023.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 2,855,127
Additions 45,000
Revaluations (125,064 )
At 31 December 2023 2,775,063
NET BOOK VALUE
At 31 December 2023 2,775,063
At 31 December 2022 2,855,127

Investment property comprises 2 residential properties. The fair value of the investment properties have been arrived at on an open market value basis by reference to market evidence of transaction prices for similar properties at the time of sale of the property.

The directors consider that the fair value of the investment properties at 31 December 2023 in total is as stated above.

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 (125,064 )
Cost 2,900,127
2,775,063

PENNINE INDUSTRIAL PROPERTY LIMITED (REGISTERED NUMBER: 13618993)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 48,067 48,067
Other debtors 3,387 2,987
51,454 51,054

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 84,529 78,933
Amounts owed to group undertakings - 870,970
Taxation and social security 22,703 11,507
Other creditors 926,430 1,000
1,033,662 962,410

There are two bank loans that are secured against investment property, The average interest rate during the period was 7% (2022 - 3%).

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 1,896,235 1,945,126

8. RELATED PARTY TRANSACTIONS

During the year Pennine Industrial Property Limited (PIP) incurred related party transactions with Pennine Industrial Equipment Limited (PIE) which is 100% owned subsidiary of Pennine industrial Holdings Limited. The director, Mr C J Hobbs holds major shareholdings in Pennines Industrial Holdings Limited.

During the Period PIP charged rental income of £120k (2022 - £80k) to PIE. At the end of the period, £40k was due from PIE. During the period, the director repaid the interest free loan of £884k to PIE on PIP's behalf (2022 - PIE provided the interest free loan of £871k to PIP).

9. CONTROLLING PARTY

The ultimate controlling party is the director, Mr C J Hobbs has 100% share holding in Pennine Industrial Property Limited.