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LTD.2024-08-28iso4217:GBPxbrli:pure030874502022-12-01030874502023-11-30030874502022-12-012023-11-30030874502021-12-01030874502022-11-30030874502021-12-012022-11-3003087450bus:SmallEntities2022-12-012023-11-3003087450bus:AuditExempt-NoAccountantsReport2022-12-012023-11-3003087450bus:FullAccounts2022-12-012023-11-3003087450bus:PrivateLimitedCompanyLtd2022-12-012023-11-3003087450core:WithinOneYear2023-11-3003087450core:AfterOneYear2023-11-3003087450core:WithinOneYear2022-11-3003087450core:AfterOneYear2022-11-3003087450core:ShareCapital2023-11-3003087450core:SharePremium2023-11-3003087450core:RevaluationReserve2023-11-3003087450core:OtherReservesSubtotal2023-11-3003087450core:RetainedEarningsAccumulatedLosses2023-11-3003087450core:ShareCapital2022-11-3003087450core:SharePremium2022-11-3003087450core:RevaluationReserve2022-11-3003087450core:OtherReservesSubtotal2022-11-3003087450core:RetainedEarningsAccumulatedLosses2022-11-3003087450core:LandBuildings2023-11-3003087450core:PlantMachinery2023-11-3003087450core:Vehicles2023-11-3003087450core:FurnitureFittings2023-11-3003087450core:OfficeEquipment2023-11-3003087450core:NetGoodwill2023-11-3003087450core:IntangibleAssetsOtherThanGoodwill2023-11-3003087450core:ListedExchangeTraded2023-11-3003087450core:UnlistedNon-exchangeTraded2023-11-3003087450core:LandBuildings2022-11-3003087450core:PlantMachinery2022-11-3003087450core:Vehicles2022-11-3003087450core:FurnitureFittings2022-11-3003087450core:OfficeEquipment2022-11-3003087450core:NetGoodwill2022-11-3003087450core:IntangibleAssetsOtherThanGoodwill2022-11-3003087450core:ListedExchangeTraded2022-11-3003087450core:UnlistedNon-exchangeTraded2022-11-3003087450core:LandBuildings2022-12-012023-11-3003087450core:PlantMachinery2022-12-012023-11-3003087450core:Vehicles2022-12-012023-11-3003087450core:FurnitureFittings2022-12-012023-11-3003087450core:OfficeEquipment2022-12-012023-11-3003087450core:NetGoodwill2022-12-012023-11-3003087450core:IntangibleAssetsOtherThanGoodwill2022-12-012023-11-3003087450core:ListedExchangeTraded2022-12-012023-11-3003087450core:UnlistedNon-exchangeTraded2022-12-012023-11-3003087450core:MoreThanFiveYears2022-12-012023-11-3003087450core:Non-currentFinancialInstruments2023-11-3003087450core:Non-currentFinancialInstruments2022-11-3003087450dpl:CostSales2022-12-012023-11-3003087450dpl:DistributionCosts2022-12-012023-11-3003087450core:LandBuildings2022-12-012023-11-3003087450core:PlantMachinery2022-12-012023-11-3003087450core:Vehicles2022-12-012023-11-3003087450core:FurnitureFittings2022-12-012023-11-3003087450core:OfficeEquipment2022-12-012023-11-3003087450dpl:AdministrativeExpenses2022-12-012023-11-3003087450core:NetGoodwill2022-12-012023-11-3003087450core:IntangibleAssetsOtherThanGoodwill2022-12-012023-11-3003087450dpl:GroupUndertakings2022-12-012023-11-3003087450dpl:ParticipatingInterests2022-12-012023-11-3003087450dpl:GroupUndertakingscore:ListedExchangeTraded2022-12-012023-11-3003087450core:ListedExchangeTraded2022-12-012023-11-3003087450dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-12-012023-11-3003087450core:UnlistedNon-exchangeTraded2022-12-012023-11-3003087450dpl:CostSales2021-12-012022-11-3003087450dpl:DistributionCosts2021-12-012022-11-3003087450core:LandBuildings2021-12-012022-11-3003087450core:PlantMachinery2021-12-012022-11-3003087450core:Vehicles2021-12-012022-11-3003087450core:FurnitureFittings2021-12-012022-11-3003087450core:OfficeEquipment2021-12-012022-11-3003087450dpl:AdministrativeExpenses2021-12-012022-11-3003087450core:NetGoodwill2021-12-012022-11-3003087450core:IntangibleAssetsOtherThanGoodwill2021-12-012022-11-3003087450dpl:GroupUndertakings2021-12-012022-11-3003087450dpl:ParticipatingInterests2021-12-012022-11-3003087450dpl:GroupUndertakingscore:ListedExchangeTraded2021-12-012022-11-3003087450core:ListedExchangeTraded2021-12-012022-11-3003087450dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-12-012022-11-3003087450core:UnlistedNon-exchangeTraded2021-12-012022-11-3003087450core:NetGoodwill2023-11-3003087450core:IntangibleAssetsOtherThanGoodwill2023-11-3003087450core:LandBuildings2023-11-3003087450core:PlantMachinery2023-11-3003087450core:Vehicles2023-11-3003087450core:FurnitureFittings2023-11-3003087450core:OfficeEquipment2023-11-3003087450core:AfterOneYear2023-11-3003087450core:WithinOneYear2023-11-3003087450core:ListedExchangeTraded2023-11-3003087450core:UnlistedNon-exchangeTraded2023-11-3003087450core:ShareCapital2023-11-3003087450core:SharePremium2023-11-3003087450core:RevaluationReserve2023-11-3003087450core:OtherReservesSubtotal2023-11-3003087450core:RetainedEarningsAccumulatedLosses2023-11-3003087450core:NetGoodwill2022-11-3003087450core:IntangibleAssetsOtherThanGoodwill2022-11-3003087450core:LandBuildings2022-11-3003087450core:PlantMachinery2022-11-3003087450core:Vehicles2022-11-3003087450core:FurnitureFittings2022-11-3003087450core:OfficeEquipment2022-11-3003087450core:AfterOneYear2022-11-3003087450core:WithinOneYear2022-11-3003087450core:ListedExchang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PENWORTH PROPERTY LTD.

Registered Number
03087450
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

PENWORTH PROPERTY LTD.
Company Information
for the year from 1 December 2022 to 30 November 2023

Director

WALLER, Penelope Jane

Company Secretary

WALLER, Penelope Jane

Registered Address

141-143 Clifton Road
Rugby
CV21 3QN

Registered Number

03087450 (England and Wales)
PENWORTH PROPERTY LTD.
Balance Sheet as at
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets43,1953,993
Investment property5417,000370,000
420,195373,993
Current assets
Debtors6,7138,84184,480
Cash at bank and on hand43,72863,358
182,569147,838
Creditors amounts falling due within one year8(45,863)(1,537)
Net current assets (liabilities)136,706146,301
Total assets less current liabilities556,901520,294
Creditors amounts falling due after one year9(255,021)(255,000)
Provisions for liabilities10(27,059)(15,309)
Net assets274,821249,985
Capital and reserves
Called up share capital100100
Other reserves189,527154,277
Profit and loss account85,19495,608
Shareholders' funds12274,821249,985
The financial statements were approved and authorised for issue by the Director on 28 August 2024, and are signed on its behalf by:
WALLER, Penelope Jane
Director
Registered Company No. 03087450
PENWORTH PROPERTY LTD.
Notes to the Financial Statements
for the year ended 30 November 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Fixtures and fittings20
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20232022
Average number of employees during the year00
3.Prior period adjustment
The financial statements for the year ended 30 November 2022 have been restated due to a reclassification of the investment properties held at the reporting date, as well as correcting prior period errors. The reclassification of the investment property resulted in a deferred tax liability being provided for. The prior period errors affected the directors loan and reserves brought forward. The net assets at 1 December 2021 increased from £218,287 to £272,107, with an adjustment of £53,820 being made. There was a further adjustment of £3,976, decreasing net assets made in the year ended 30 November 2022. The net adjustment was therefore £49,844. Net assets prior to adjustments at 30 November 2022 - £200,141. Net assets post adjustments at 30 November 2022 - £249,985.
4.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
At 01 December 227,7997,799
At 30 November 237,7997,799
Depreciation and impairment
At 01 December 223,8063,806
Charge for year798798
At 30 November 234,6044,604
Net book value
At 30 November 233,1953,195
At 30 November 223,9933,993
5.Investment property
There has been a fair value gain adjustment of £47,000 recognised in the profit or loss for this reporting period. The valuation has been made by the directors based upon market data available of properties sold on or around the reporting date.

£
Fair value at 01 December 22370,000
Fair value adjustments47,000
At 30 November 23417,000
6.Debtors: amounts due within one year

2023

2022

££
Other debtors114,03384,480
Total114,03384,480
7.Debtors: amounts due after one year

2023

2022

££
Other debtors24,808-
Total24,808-
8.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables251251
Taxation and social security45,612976
Accrued liabilities and deferred income-310
Total45,8631,537
9.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts255,021255,000
Total255,021255,000
10.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)27,05915,309
Total27,05915,309
11.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
WALLER, Penelope Jane64,48022,83913,26374,056
64,48022,83913,26374,056
The above loan has been charged at the official rate of interest during the year. The loan is repayable on demand.
12.Fair value reserve

£
Fair value reserve at 01 December 22154,278
Transferred in period35,249
At 30 November 23189,527
13.Related party transactions
At the reporting date, the company was owed £20,000 from a related entity that is under the control of the director. The loan was interest-free and is repayable on demand. This loan is included in other debtors in note 6.