Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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321,432 | 450,000 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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17,162 | 18,025 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (14,492) | (14,664) | ||
Total assets less current liabilities | 306,940 | 435,336 | ||
Creditors: amounts falling due after more than one year | 6 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Fair value reserve |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of T S Penny (Property Development) Limited (registered number:
D M B Kite
Director |
S J L Penny
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
T S Penny (Property Development) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Turnover is recognised when:
the amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
The fair value is determined annually by the directors, on an open market value for existing use basis.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investment property | |
£ | |
Valuation | |
As at 01 April 2023 |
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Disposals | (128,568) |
As at 31 March 2024 |
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Valuation
The value of investment property is derived from observable current market prices for comparable real estate determined by the directors. The assets have a current value of £321,432 (2023 - £450,000) and a carrying amount at historical cost of £285,479 (2023 - £414,047).
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£ | £ | ||
Trade debtors |
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Corporation tax |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Amounts owed to Group undertakings |
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Parent Company:
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Goodwood House, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PX. |