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Registered number: 01116978
Penglen Properties Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Martin Nye
Chartered Certified Accountants
186 High Street
Winslow
Buckinghamshire
MK18 3DQ
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01116978
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investments 4 104,491 104,491
104,491 104,491
CURRENT ASSETS
Debtors 5 149,884 193,884
Cash at bank and in hand 6,219 17,298
156,103 211,182
Creditors: Amounts Falling Due Within One Year 6 (10,787 ) (64,502 )
NET CURRENT ASSETS (LIABILITIES) 145,316 146,680
TOTAL ASSETS LESS CURRENT LIABILITIES 249,807 251,171
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,423 ) (4,423 )
NET ASSETS 245,384 246,748
CAPITAL AND RESERVES
Called up share capital 8 160,000 160,000
Fair Value Reserve 9 29,709 29,709
Profit and Loss Account 55,675 57,039
SHAREHOLDERS' FUNDS 245,384 246,748
Page 1
Page 2
For the year ending 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss Marie Miller
Director
22nd August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Penglen Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01116978 . The registered office is 186 High Street, Winslow, Buckinghamshire, MK18 3DQ. The presentation currency is £ Sterling rounded to the nearest £1.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
These financial statements for the year ended 31st December 2023 are the first financial statements that comply with FRS 102 section 1A Small Entities. The date of transition is 1st January 2022. The transition to FRS 102 section 1A Small Entities has resulted in a change in accounting policy to that used previously. The nature of this change and its impact on opening equity and profit for the comparative period is explained in the notes.
2.2. 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 statement of comprehensive income 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 timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing 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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 2)
3 2
4. Investments
Unlisted Other Total
£ £ £
Cost
As at 1 January 2023 34,182 70,309 104,491
As at 31 December 2023 34,182 70,309 104,491
Provision
As at 1 January 2023 - - -
As at 31 December 2023 - - -
Net Book Value
As at 31 December 2023 34,182 70,309 104,491
As at 1 January 2023 34,182 70,309 104,491
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Page 4
The company adopted FRS 102 section 1A Small Entities, the date of transition was 1st January 2022, as a result of the change investments were revalued to their fair value of £34,182, this resulted in the creation of a Fair Value Reserve which includes deferred taxation of £4,423 should the asset be sold at its revalued amount.
The revalued asset in respect of the ownership of 50% of the shares in Cityprofit Limited has been valued on a net asset basis as at 30th May 2023, this valuation is the deemed valuation as at the date of transition. The original cost of the asset amounted to £50.
Other investments relate to a long term loan made to Cityprofit Limited.
5. Debtors
2023 2022
£ £
Due within one year
Other debtors 149,884 193,884
149,884 193,884
Other debtors are in respect of loans made to Cityprofit Limited and another company in which the directors hold an interest.
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Other creditors 9,490 61,920
Accruals and deferred income 1,297 2,582
10,787 64,502
7. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2023 4,423 4,423
Balance at 31 December 2023 4,423 4,423
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 160,000 160,000
9. Reserves
Fair Value Reserve
£
As at 1 January 2023 29,709
As at 31 December 2023 29,709
The fair value reserve includes a revaluation of investments to their fair value of £34,182, together with £4,423 of deferred taxation should the asset be sold at its revalued amount. The reserve is non-distributable as the profits are unrealised. The reserve is not subject to Corporation Tax.
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10. Transition to FRS 102
Reconciliation of Equity as at 1st January 2022
Capital & reserves as previously stated as at 1st January 2022 were £218,467, deferred taxation has been included amounting to a reduction of £4,423, together with an increase of £34,132 in respect of the revaluation of other fixed assets.
Reconciliation of Equity as at 31st December 2022
Capital & reserves as previously stated as at 31st December 2022 were £217,039, deferred taxation has been included amounting to a reduction of £4,423, together with an increase of £34,132 in respect of the revaluation of other fixed assets.
Reconciliation of Profit & Loss as at 31st December  2022
Loss as previously stated of £1,428 has not changed.
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