Company registration number 02442970 (England and Wales)
PENKENNA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PENKENNA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PENKENNA LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
5
2,541,000
2,541,000
Current assets
Debtors
6
139,488
101,973
Cash at bank and in hand
136,638
128,753
276,126
230,726
Creditors: amounts falling due within one year
7
(293,867)
(259,034)
Net current liabilities
(17,741)
(28,308)
Total assets less current liabilities
2,523,259
2,512,692
Creditors: amounts falling due after more than one year
8
(30,180)
(46,257)
Net assets
2,493,079
2,466,435
Capital and reserves
Called up share capital
134,111
134,111
Share premium account
1,757,951
1,757,951
Revaluation reserve
10
185,198
185,198
Profit and loss reserves
415,819
389,175
Total equity
2,493,079
2,466,435

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

PENKENNA LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
Mrs C A Coldicott
Mr M P Cortis
Director
Director
Company Registration No. 02442970
PENKENNA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Penkenna Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mobbs Miller House, Ardington Road, Northampton, United Kingdom, NN1 5NE.

1.1
Accounting convention

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.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% on cost
Motor vehicles
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.3
Investment properties

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.

1.4
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
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.

PENKENNA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.

1.6
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PENKENNA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons employed by the company during the year was 8 (2022 - 11).

2023
2022
Number
Number
Total
8
11
PENKENNA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
12,025
61,950
73,975
Disposals
-
0
(21,610)
(21,610)
At 31 December 2023
12,025
40,340
52,365
Depreciation and impairment
At 1 January 2023
12,025
61,950
73,975
Eliminated in respect of disposals
-
0
(21,610)
(21,610)
At 31 December 2023
12,025
40,340
52,365
Carrying amount
At 31 December 2023
-
0
-
0
-
0
At 31 December 2022
-
0
-
0
-
0
5
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
2,541,000

Investment property comprises a business centre and domestic properties in Northampton. The fair value of the business centre of £2,281,000 has been arrived at on the basis of a valuation carried out on 11 July 2019 by Hadland Commercial Surveyors Limited, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The open market value of the domestic properties of £260,000 has been arrived at by the directors based on a valuation carried out by Aitchison Raffety Property Consultants on 24 March 2015 and which, in the opinion of the directors, is still indicative of the fair value of these properties at 31 December 2022.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Rent and service charges receivable
100,492
95,341
Other debtors
38,996
6,632
139,488
101,973
PENKENNA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
16,836
21,927
Trade creditors
33,478
4,369
Corporation tax
19,283
15,000
Other taxation and social security
39,233
36,904
Other creditors
185,037
180,834
293,867
259,034
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
15,629
31,706
Other borrowings
14,551
14,551
30,180
46,257
9
Secured Debts

Amounts due to the company's bankers included in creditors are secured by first legal charges over each of the company's freehold properties; a first fixed charge over all book and other debts; and a first floating charge over all assets, goodwill, undertaking and uncalled capital, both present and future given by the company.

10
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
185,198
185,198
11
Related party disclosures

Other creditors includes loans from directors of £70,000 (2022: £70,000). The loans are repayable on demand and interest of 8% per annum is being charged to the company and is included in interest payable and similar expenses.

2023-12-312023-01-01false29 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMrs C A CarrollMr M P CortisMr H J CortisMr M P Cortisfalsefalse024429702023-01-012023-12-31024429702023-12-31024429702022-12-3102442970core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3102442970core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3102442970core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3102442970core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3102442970core:CurrentFinancialInstruments2023-12-3102442970core:CurrentFinancialInstruments2022-12-3102442970core:Non-currentFinancialInstruments2023-12-3102442970core:Non-currentFinancialInstruments2022-12-3102442970core:ShareCapital2023-12-3102442970core:ShareCapital2022-12-3102442970core:SharePremium2023-12-3102442970core:SharePremium2022-12-3102442970core:RevaluationReserve2023-12-3102442970core:RevaluationReserve2022-12-3102442970core:RetainedEarningsAccumulatedLosses2023-12-3102442970core:RetainedEarningsAccumulatedLosses2022-12-3102442970bus:Director12023-01-012023-12-3102442970bus:CompanySecretaryDirector12023-01-012023-12-3102442970core:FurnitureFittings2023-01-012023-12-3102442970core:MotorVehicles2023-01-012023-12-31024429702022-01-012022-12-3102442970core:FurnitureFittings2022-12-3102442970core:MotorVehicles2022-12-31024429702022-12-3102442970core:FurnitureFittings2023-12-3102442970core:MotorVehicles2023-12-3102442970core:FurnitureFittings2022-12-3102442970core:MotorVehicles2022-12-3102442970bus:PrivateLimitedCompanyLtd2023-01-012023-12-3102442970bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102442970bus:FRS1022023-01-012023-12-3102442970bus:AuditExemptWithAccountantsReport2023-01-012023-12-3102442970bus:Director22023-01-012023-12-3102442970bus:Director32023-01-012023-12-3102442970bus:CompanySecretary12023-01-012023-12-3102442970bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP