REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
PENTEL LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
PENTEL LIMITED |
PENTEL LIMITED (REGISTERED NUMBER: 04151961) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PENTEL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
61 Station Road |
Sudbury |
Suffolk |
CO10 2SP |
PENTEL LIMITED (REGISTERED NUMBER: 04151961) |
BALANCE SHEET |
31 DECEMBER 2023 |
31.12.22 | 31.12.23 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
( |
) | NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
( |
) | Amounts falling due after more than one year |
9 |
( |
) |
( |
) | PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
PENTEL LIMITED (REGISTERED NUMBER: 04151961) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
31.12.22 | 31.12.23 |
£ | £ | Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Property revaluation | 11 |
Fair value reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PENTEL LIMITED (REGISTERED NUMBER: 04151961) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Pentel Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
The company derives its income from rents receivable, which are accounted for under the accruals basis. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at its most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised within the profit and loss account. |
Financial instruments |
The company enters into basic financial instrument transactions, as appropriate and as and when required, that result in the recognition of financial assets and liabilities within the financial statemernts such as trade and other accounts receivable and payable, bank loans and hire purchase and lease contracts. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
PENTEL LIMITED (REGISTERED NUMBER: 04151961) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
Totals | property | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Disposals | ( |
) | ( |
) |
Reclassification/transfer | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Cost or valuation at 31 December 2023 is represented by: |
Freehold |
property |
£ |
Valuation in 2009 | 488,615 |
Valuation in 2010 | 160,000 |
Valuation in 2011 | 85,000 |
Valuation in 2012 | 500,000 |
Valuation in 2013 | 290,000 |
Valuation in 2015 | 385,000 |
Valuation in 2016 | 166,500 |
Valuation in 2019 | 473,785 |
Valuation in 2023 | (5,050,000 | ) |
Cost | 2,501,100 |
PENTEL LIMITED (REGISTERED NUMBER: 04151961) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
During the year the company acquired 51 Ordinary £1 shares previously held by the director in another trading company in a share for share exchange. |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Reclassification/transfer | 5,050,000 |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2023 | 2,548,900 |
Cost | 2,501,100 |
5,050,000 |
Investment property was valued on an open market basis on 31 December 2023 by the directors . |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Other debtors |
PENTEL LIMITED (REGISTERED NUMBER: 04151961) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,238,906 | 1,247,620 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
Lloyds Bank and Paratus Amc Limited hold fixed and floating charges over the company's assets. |
11. | RESERVES |
Included within reserves is a fair value reserve, which has been created through the process of revaluing the investment property held to its open market value each year. The reserve is also adjusted annually for any movements in deferred tax. |
In accordance with FRS 102, the fair value reserve is a 'non-distributable' reserve and is separately disclosed in the balance sheet. |