Silverfin false false 31/03/2024 01/04/2023 31/03/2024 D M B Kite 12/07/2000 S S Kite 12/07/2000 C M Penny 06/07/2001 E C Penny 06/07/2001 R M L Penny 09/06/2003 S J L Penny 04 October 2024 The principal activity of the Company during the financial year was property owning and management. 00660417 2024-03-31 00660417 bus:Director1 2024-03-31 00660417 bus:Director2 2024-03-31 00660417 bus:Director3 2024-03-31 00660417 bus:Director4 2024-03-31 00660417 bus:Director5 2024-03-31 00660417 2023-03-31 00660417 core:CurrentFinancialInstruments 2024-03-31 00660417 core:CurrentFinancialInstruments 2023-03-31 00660417 core:Non-currentFinancialInstruments 2024-03-31 00660417 core:Non-currentFinancialInstruments 2023-03-31 00660417 core:ShareCapital 2024-03-31 00660417 core:ShareCapital 2023-03-31 00660417 core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 00660417 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 00660417 core:RetainedEarningsAccumulatedLosses 2024-03-31 00660417 core:RetainedEarningsAccumulatedLosses 2023-03-31 00660417 2023-04-01 2024-03-31 00660417 bus:FilletedAccounts 2023-04-01 2024-03-31 00660417 bus:SmallEntities 2023-04-01 2024-03-31 00660417 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 00660417 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00660417 bus:Director1 2023-04-01 2024-03-31 00660417 bus:Director2 2023-04-01 2024-03-31 00660417 bus:Director3 2023-04-01 2024-03-31 00660417 bus:Director4 2023-04-01 2024-03-31 00660417 bus:Director5 2023-04-01 2024-03-31 00660417 bus:Director6 2023-04-01 2024-03-31 00660417 2022-04-01 2023-03-31 00660417 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 00660417 (England and Wales)

T S PENNY (PROPERTY DEVELOPMENT) LIMITED

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

T S PENNY (PROPERTY DEVELOPMENT) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

T S PENNY (PROPERTY DEVELOPMENT) LIMITED

BALANCE SHEET

As at 31 March 2024
T S PENNY (PROPERTY DEVELOPMENT) LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 321,432 450,000
321,432 450,000
Current assets
Debtors 4 2,534 830
Cash at bank and in hand 14,628 17,195
17,162 18,025
Creditors: amounts falling due within one year 5 ( 31,654) ( 32,689)
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 ( 143,450) ( 271,654)
Net assets 163,490 163,682
Capital and reserves
Called-up share capital 100 100
Fair value reserve 35,953 35,953
Profit and loss account 127,437 127,629
Total shareholder's funds 163,490 163,682

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 T S Penny (Property Development) Limited (registered number: 00660417) 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
T S PENNY (PROPERTY DEVELOPMENT) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
T S PENNY (PROPERTY DEVELOPMENT) 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

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

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

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:

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.

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 any changes in fair value recognised in profit or loss.

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.

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. Investment property

Investment property
£
Valuation
As at 01 April 2023 450,000
Disposals (128,568)
As at 31 March 2024 321,432

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).

4. Debtors

2024 2023
£ £
Trade debtors 2,143 410
Corporation tax 25 25
Other debtors 366 395
2,534 830

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 840
Other creditors 31,654 31,849
31,654 32,689

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

2024 2023
£ £
Amounts owed to Group undertakings 143,450 271,654

There are no amounts included above in respect of which any security has been given by the small entity.

7. Ultimate controlling party

Parent Company:

Thos S Penny Limited
Goodwood House, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PX.