Silverfin false false 31/03/2024 01/04/2023 31/03/2024 D M B Kite 01/12/1999 S S Kite 01/12/1999 C M Penny 06/07/2001 E C Penny S J L Penny R M L Penny 09/06/2003 04 October 2024 The principal activity of the Company during the financial year was property owning and management. 00093876 2024-03-31 00093876 bus:Director1 2024-03-31 00093876 bus:Director2 2024-03-31 00093876 bus:Director3 2024-03-31 00093876 bus:Director6 2024-03-31 00093876 2023-03-31 00093876 core:CurrentFinancialInstruments 2024-03-31 00093876 core:CurrentFinancialInstruments 2023-03-31 00093876 core:Non-currentFinancialInstruments 2024-03-31 00093876 core:Non-currentFinancialInstruments 2023-03-31 00093876 core:ShareCapital 2024-03-31 00093876 core:ShareCapital 2023-03-31 00093876 core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 00093876 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 00093876 core:RetainedEarningsAccumulatedLosses 2024-03-31 00093876 core:RetainedEarningsAccumulatedLosses 2023-03-31 00093876 core:FurnitureFittings 2023-03-31 00093876 core:FurnitureFittings 2024-03-31 00093876 core:CostValuation 2023-03-31 00093876 core:CostValuation 2024-03-31 00093876 core:CurrentFinancialInstruments core:Secured 2024-03-31 00093876 2023-04-01 2024-03-31 00093876 bus:FilletedAccounts 2023-04-01 2024-03-31 00093876 bus:SmallEntities 2023-04-01 2024-03-31 00093876 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 00093876 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00093876 bus:Director1 2023-04-01 2024-03-31 00093876 bus:Director2 2023-04-01 2024-03-31 00093876 bus:Director3 2023-04-01 2024-03-31 00093876 bus:Director4 2023-04-01 2024-03-31 00093876 bus:Director5 2023-04-01 2024-03-31 00093876 bus:Director6 2023-04-01 2024-03-31 00093876 core:FurnitureFittings 2023-04-01 2024-03-31 00093876 2022-04-01 2023-03-31 00093876 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 00093876 (England and Wales)

THOS S PENNY LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

THOS S PENNY LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

THOS S PENNY LIMITED

BALANCE SHEET

As at 31 March 2024
THOS S PENNY LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,476 1,845
Investment property 4 3,253,568 3,325,000
Investments 5 5,100 5,100
3,260,144 3,331,945
Current assets
Debtors
- due within one year 6 17,902 13,387
- due after more than one year 6 143,450 271,654
Cash at bank and in hand 31,549 81,661
192,901 366,702
Creditors: amounts falling due within one year 7 ( 217,687) ( 268,332)
Net current (liabilities)/assets (24,786) 98,370
Total assets less current liabilities 3,235,358 3,430,315
Creditors: amounts falling due after more than one year 8 ( 294,098) ( 358,182)
Net assets 2,941,260 3,072,133
Capital and reserves
Called-up share capital 136,680 136,680
Fair value reserve 393,275 443,275
Profit and loss account 2,411,305 2,492,178
Total shareholders' funds 2,941,260 3,072,133

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Thos S Penny Limited (registered number: 00093876) were approved and authorised for issue by the Board of Directors on 04 October 2024. They were signed on its behalf by:

D M B Kite
Director
S J L Penny
Director
THOS S PENNY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
THOS S PENNY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

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.

General information and basis of accounting

Thos S Penny 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

Turnover comprises the fair value of the consideration received or receivable as rental income in the ordinary course of the company’s activities.

The company recognises revenue 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.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Impairment of assets

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

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, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Loans and borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between
the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 April 2023 2,585 2,585
At 31 March 2024 2,585 2,585
Accumulated depreciation
At 01 April 2023 740 740
Charge for the financial year 369 369
At 31 March 2024 1,109 1,109
Net book value
At 31 March 2024 1,476 1,476
At 31 March 2023 1,845 1,845

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 3,325,000
Additions 128,568
Fair value movement (200,000)
As at 31 March 2024 3,253,568

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 £3,253,568 (2023 - £3,325,000) and a carrying historic cost of £2,860,293 (2023 - £2,881,725).

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 5,100
At 31 March 2024 5,100
Carrying value at 31 March 2024 5,100
Carrying value at 31 March 2023 5,100

T S Penny (Property Development) Limited
The principal activity of T S Penny (Property Development) Limited is property owning and management. The loss for the financial period of T S Penny (Property Development) Limited was £192 and the aggregate amount of capital and reserves at the end of the period was £163,490.

Heathfield Industrial Buildings Limited
The principal activity of Heathfield Industrial Buildings Limited is property owning and management. The profit for the financial period of Heathfield Industrial Buildings Limited was £18,186 and the aggregate amount of capital and reserves at the end of the period was £308,392.

6. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 10,535 6,552
Other debtors 7,367 6,835
17,902 13,387
Debtors: amounts falling due after more than one year
Amounts owed by Group undertakings 143,450 271,654

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 79,975 110,907
Trade creditors 2,585 15,772
Taxation and social security 40,541 47,855
Other creditors 94,586 93,798
217,687 268,332

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 232,979 308,325
Amounts owed to Group undertakings 21,936 13,559
Other creditors 39,183 36,298
294,098 358,182

Security for the bank loan is provided by property owned by the company. The total aggregate amount of the bank loans secured against property was £312,954 (2023 - £419,232).