Penguin Derby Ltd Filleted Accounts Cover
Penguin Derby Ltd
Company No. 13185749
Information for Filing with The Registrar
31 December 2023
Penguin Derby Ltd Balance Sheet Registrar
at
31 December 2023
Company No.
13185749
Notes
2023
2022
£
£
Fixed assets
Tangible assets
4
75,000150,000
Investment property
5
8,500,0007,570,500
8,575,0007,720,500
Current assets
Debtors
6
116,60064,720
Cash at bank and in hand
95,241144,601
211,841209,321
Creditors: Amount falling due within one year
7
(218,865)
(191,586)
Net current (liabilities)/assets
(7,024)
17,735
Total assets less current liabilities
8,567,9767,738,235
Creditors: Amounts falling due after more than one year
8
(7,006,270)
(7,398,336)
Provisions for liabilities
Deferred taxation
(232,375)
-
Net assets
1,329,331339,899
Capital and reserves
Called up share capital
100100
Profit and loss account
10
1,329,231339,799
Total equity
1,329,331339,899
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the 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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 02 August 2024 and signed on its behalf by:
K. Manzoor
Director
02 August 2024
Penguin Derby Ltd Notes to the Accounts Registrar
for the year ended 31 December 2023
1
General information
Penguin Derby Ltd is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 13185749
Its registered office is:
Suite G1
Hartsbourne House
Delta Gain
Watford
WD19 5EF
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
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. These 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 the future periods where the revision affects both current and future periods.
Turnover
Turnover comprises rental income receivable in the year. Rental income is recognised on an accrual basis as it falls due.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Furniture, fittings and equipment
20% Straight line
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Freehold investment property
Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Employees
2023
2022
Number
Number
The average monthly number of employees (including directors) during the year was:
11
4
Tangible fixed assets
Fixtures, fittings and equipment
Total
£
£
Cost or revaluation
At 1 January 2023
150,000150,000
At 31 December 2023
150,000150,000
Depreciation
Charge for the year
75,00075,000
At 31 December 2023
75,00075,000
Net book values
At 31 December 2023
75,00075,000
At 31 December 2022
150,000
150,000
5
Investment property
Freehold Investment Property
£
Valuation
At 1 January 2023
7,570,500
Revaluation
929,500
At 31 December 2023
8,500,000
The director is of the opinion that £8,500,000 represents the open market value of the investment property at 31 December 2023. The historical cost of the investment property is £7,570,500.
6
Debtors
2023
2022
£
£
Trade debtors
61,99559,775
Other debtors
50,000-
Prepayments and accrued income
4,6054,945
116,60064,720
7
Creditors:
amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
76,71272,908
Trade creditors
14,1127,977
Taxes and social security
96,552
77,441
Other creditors
-3,310
Accruals and deferred income
31,48929,950
218,865191,586
8
Creditors:
amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,226,6944,303,406
Other creditors
2,779,5763,094,930
7,006,2707,398,336
9
Share Capital
The company has called up and fully paid one hundred ordinary shares of £1.00 each.
10
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
11
Contingent Assets/Liabilities
The lender has fixed and floating charge against all the property of the company.
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