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Company registration number: 01016524
PENLOW INVESTMENTS (WOLVERHAMPTON) LIMITED
30 November 2023
HEYWOODS
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
PENLOW INVESTMENTS (WOLVERHAMPTON) LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
PENLOW INVESTMENTS (WOLVERHAMPTON) LIMITED
DIRECTORS AND OTHER INFORMATION
Directors Mr B C Snape
Mrs S Snape
Mr S C H Snape
Dr S L Snape
Company number 01016524
Registered office Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
Accountants Heywoods
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
Bankers Barclays Bank Plc
P O Box 5
Queens Square
Wolverhampton
WV1 1DS
PENLOW INVESTMENTS (WOLVERHAMPTON) LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PENLOW INVESTMENTS (WOLVERHAMPTON) LIMITED
YEAR ENDED 30 NOVEMBER 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Penlow Investments (Wolverhampton) Limited for the year ended 30 November 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Penlow Investments (Wolverhampton) Limited, as a body, in accordance with the terms of our engagement letter dated 9 January 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Penlow Investments (Wolverhampton) Limited and state those matters that we have agreed to state to the board of directors of Penlow Investments (Wolverhampton) Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Penlow Investments (Wolverhampton) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Penlow Investments (Wolverhampton) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Penlow Investments (Wolverhampton) Limited. You consider that Penlow Investments (Wolverhampton) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Penlow Investments (Wolverhampton) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Heywoods
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
15 August 2024
PENLOW INVESTMENTS (WOLVERHAMPTON) LIMITED
STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 6,518 7,302
Investments 6 3,595,320 3,750,004
_______ _______
3,601,838 3,757,306
Current assets
Debtors 7 385,923 477,711
Cash at bank and in hand 1,412 16,279
_______ _______
387,335 493,990
Creditors: amounts falling due
within one year 8 ( 140,243) ( 117,361)
_______ _______
Net current assets 247,092 376,629
_______ _______
Total assets less current liabilities 3,848,930 4,133,935
Provisions for liabilities ( 191,348) ( 724,684)
_______ _______
Net assets 3,657,582 3,409,251
_______ _______
Capital and reserves
Called up share capital 500 500
Fair value reserve 718,710 2,710,156
Profit and loss account 2,938,372 698,595
_______ _______
Shareholders funds 3,657,582 3,409,251
_______ _______
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 August 2024 , and are signed on behalf of the board by:
Mr B C Snape Mr S C H Snape
Director Director
Company registration number: 01016524
PENLOW INVESTMENTS (WOLVERHAMPTON) LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30 NOVEMBER 2023
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 December 2021 500 2,710,156 683,079 3,393,735
(Loss)/profit for the year 73,516 73,516
_______ _______ _______ _______
Total comprehensive income for the year - - 73,516 73,516
Dividends paid and payable ( 58,000) ( 58,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 58,000) ( 58,000)
_______ _______ _______ _______
At 30 November 2022 and 1 December 2022 500 2,710,156 698,595 3,409,251
(Loss)/profit for the year ( 235,320) ( 235,320)
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account - 2,525,097 2,525,097
Disposal of underlying property investments - ( 1,991,446) - ( 1,991,446)
_______ _______ _______ _______
Total comprehensive income for the year - ( 1,991,446) 2,289,777 298,331
Dividends paid and payable ( 50,000) ( 50,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 50,000) ( 50,000)
_______ _______ _______ _______
At 30 November 2023 500 718,710 2,938,372 3,657,582
_______ _______ _______ _______
PENLOW INVESTMENTS (WOLVERHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Countrywide House, Knights Way, Shrewsbury, Shropshire, SY1 3AB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2%
Computer equipment - 33 % straight line
Fittings fixtures and equipment - 15 % reducing balance
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 December 2022 and 30 November 2023 31,500 891 22,081 54,472
_______ _______ _______ _______
Depreciation
At 1 December 2022 26,643 891 19,636 47,170
Charge for the year 417 - 367 784
_______ _______ _______ _______
At 30 November 2023 27,060 891 20,003 47,954
_______ _______ _______ _______
Carrying amount
At 30 November 2023 4,440 - 2,078 6,518
_______ _______ _______ _______
At 30 November 2022 4,857 - 2,445 7,302
_______ _______ _______ _______
6. Investments
Shares in group undertakings and participating interests Other investments other than loans Total
£ £ £
Cost
At 1 December 2022 4 3,750,000 3,750,004
Additions 2,594,988 - 2,594,988
Disposals - ( 2,749,672) ( 2,749,672)
_______ _______ _______
At 30 November 2023 2,594,992 1,000,328 3,595,320
_______ _______ _______
Impairment
At 1 December 2022 and 30 November 2023 - - -
_______ _______ _______
Carrying amount
At 30 November 2023 2,594,992 1,000,328 3,595,320
_______ _______ _______
At 30 November 2022 4 3,750,000 3,750,004
_______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 16,191 13,412
Other debtors 369,732 462,829
_______ _______
385,923 476,241
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 2,569 1,470
Corporation tax 62,838 97,283
Other creditors 74,836 18,608
_______ _______
140,243 117,361
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr B C Snape 327,433 68,378 ( 162,780) 233,031
Dr S L Snape - ( 44,660) 12,417 ( 32,243)
_______ _______ _______ _______
327,433 23,718 ( 150,363) 200,788
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr B C Snape 314,441 101,285 ( 88,293) 327,433
Dr S L Snape - - - -
_______ _______ _______ _______
Interest is payable at 2/2.25% per annum. The loans are repayable on demand.