2023-01-012023-12-312023-12-31false06127361Penrith 40 Management Services 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Penrith 40 Management Services Limited

Registered Number
06127361
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

Penrith 40 Management Services Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

David Andrew Liddle

Company Secretary

David Andrew Liddle

Registered Address

4 Mason Court
Gillan Way Penrith 40 Business Park
Penrith
CA11 9GR

Registered Number

06127361 (England and Wales)
Penrith 40 Management Services Limited
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets38,4518,451
8,4518,451
Current assets
Debtors513,15613,012
Cash at bank and on hand5,17820,277
18,33433,289
Creditors amounts falling due within one year6(2,013)(1,832)
Net current assets (liabilities)16,32131,457
Total assets less current liabilities24,77239,908
Creditors amounts falling due after one year7(6,000)(6,000)
Net assets18,77233,908
Capital and reserves
Called up share capital1010
Profit and loss account18,76233,898
Shareholders' funds18,77233,908
The financial statements were approved and authorised for issue by the Director on 11 September 2024, and are signed on its behalf by:
David Andrew Liddle
Director
Registered Company No. 06127361
Penrith 40 Management Services Limited
Notes to the Financial Statements
for the year ended 31 December 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 compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. No depreciation is being provided on the land and buildings in the company.
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
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in notes. Prepayments are not financial instruments. Cash at bank – is classified as a basic financial instrument and is measured at face value. Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
2.Average number of employees

20232022
Average number of employees during the year00
3.Tangible fixed assets

Land & buildings

Total

££
Cost or valuation
At 01 January 238,4518,451
At 31 December 238,4518,451
Net book value
At 31 December 238,4518,451
At 31 December 228,4518,451
4.Impairment of tangible fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables5,7517,011
Other debtors2,194795
Prepayments and accrued income5,2115,206
Total13,15613,012
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables26382
Accrued liabilities and deferred income1,7501,750
Total2,0131,832
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.
7.Creditors: amounts due after one year

2023

2022

££
Other creditors6,0006,000
Total6,0006,000