0 0 0 01/12/2022 30/11/2023 2023-11-30 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-12-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 12314100 2022-12-01 2023-11-30 12314100 2023-11-30 12314100 2022-11-30 12314100 2021-12-01 2022-11-30 12314100 2022-11-30 12314100 2021-11-30 12314100 bus:RegisteredOffice 2022-12-01 2023-11-30 12314100 bus:LeadAgentIfApplicable 2022-12-01 2023-11-30 12314100 bus:Director1 2022-12-01 2023-11-30 12314100 bus:Director2 2022-12-01 2023-11-30 12314100 core:RetainedEarningsAccumulatedLosses 2021-12-01 2022-11-30 12314100 core:ShareCapital 2022-12-01 2023-11-30 12314100 core:SharePremium 2022-12-01 2023-11-30 12314100 core:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 12314100 core:WithinOneYear 2023-11-30 12314100 core:ShareCapital 2023-11-30 12314100 core:ShareCapital 2022-11-30 12314100 core:SharePremium 2023-11-30 12314100 core:RetainedEarningsAccumulatedLosses 2023-11-30 12314100 core:ShareCapital 2021-11-30 12314100 core:PreviouslyStatedAmount core:ShareCapital 2023-11-30 12314100 bus:SmallEntities 2022-12-01 2023-11-30 12314100 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 12314100 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 12314100 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 12314100 bus:FullAccounts 2022-12-01 2023-11-30
Company registration number: 12314100
PENLOW FINANCE LIMITED
30 November 2023
HEYWOODS
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
PENLOW FINANCE LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
PENLOW FINANCE LIMITED
DIRECTORS AND OTHER INFORMATION
Directors Mr B C Snape
Mrs S Snape
Company number 12314100
Registered office Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
Accountants Heywoods
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
PENLOW FINANCE LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PENLOW FINANCE 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 Finance 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 Finance 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 Finance Limited and state those matters that we have agreed to state to the board of directors of Penlow Finance 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 Finance Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Penlow Finance 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 profit of Penlow Finance Limited. You consider that Penlow Finance 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 Finance 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 FINANCE LIMITED
STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023
2023 2022
Note £ £ £ £
Current assets
Debtors 4 2,599,853 -
Cash at bank and in hand - 1
_______ _______
2,599,853 1
Creditors: amounts falling due
within one year 5 ( 1,213) -
_______ _______
Net current assets 2,598,640 1
_______ _______
Total assets less current liabilities 2,598,640 1
_______ _______
Net assets 2,598,640 1
_______ _______
Capital and reserves
Called up share capital 2 1
Share premium account 2,531,500 -
Profit and loss account 67,138 -
_______ _______
Shareholders funds 2,598,640 1
_______ _______
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
Director
Company registration number: 12314100
PENLOW FINANCE LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30 NOVEMBER 2023
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 December 2021 1 - - 1
Profit for the year - -
_______ _______ _______ _______
Total comprehensive income for the year - - - -
_______ _______ _______ _______
At 30 November 2022 and 1 December 2022 1 - - 1
Profit for the year 67,138 67,138
_______ _______ _______ _______
Total comprehensive income for the year - - 67,138 67,138
Issue of shares 1 2,531,500 2,531,501
_______ _______ _______ _______
Total investments by and distributions to owners 1 2,531,500 - 2,531,501
_______ _______ _______ _______
At 30 November 2023 2 2,531,500 67,138 2,598,640
_______ _______ _______ _______
PENLOW FINANCE 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 exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of any part of the United Kingdom.
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.
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. Debtors
2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 2,599,851 -
Other debtors 2 -
_______ _______
2,599,853 -
_______ _______
5. Creditors: amounts falling due within one year
2023 2022
£ £
Other creditors 1,213 -
_______ _______