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Company No: 00231595 (England and Wales)

PENHALE ESTATES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

PENHALE ESTATES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

PENHALE ESTATES LIMITED

BALANCE SHEET

As at 31 December 2023
PENHALE ESTATES LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,858 1,305
Investment property 4 1,831,319 1,831,319
Investments 5 0 2,000
1,833,177 1,834,624
Current assets
Debtors 6 304,089 553,808
Investments 7 20,604 24,917
Cash at bank and in hand 13,104 25,766
337,797 604,491
Creditors: amounts falling due within one year 8 ( 769,594) ( 762,596)
Net current liabilities (431,797) (158,105)
Total assets less current liabilities 1,401,380 1,676,519
Provision for liabilities 0 ( 52,300)
Net assets 1,401,380 1,624,219
Capital and reserves
Called-up share capital 9 122,500 122,500
Share premium account 16,500 16,500
Fair value reserve 185,898 190,211
Capital redemption reserve 33,500 33,500
Profit and loss account 1,042,982 1,261,508
Total shareholders' funds 1,401,380 1,624,219

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Penhale Estates Limited (registered number: 00231595) were approved and authorised for issue by the Director on 18 October 2024. They were signed on its behalf by:

Mr E C Allnutt
Director
PENHALE ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
PENHALE ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
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

Penhale Estates 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 Suite 6 Cres Tregarne, Mawnan Smith, Falmouth, TR11 5JP, 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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.

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 average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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 basis over its expected useful life, as follows:

Plant and machinery etc. 5 years straight line

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.

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.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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 effect interest method. Dividends on equity securities are recognised in income when receivable.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Business Combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values acquisition date of assets given, liabilities incurred or assumed, and equity instruments issues by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 7,172 7,172
Additions 1,099 1,099
At 31 December 2023 8,271 8,271
Accumulated depreciation
At 01 January 2023 5,867 5,867
Charge for the financial year 546 546
At 31 December 2023 6,413 6,413
Net book value
At 31 December 2023 1,858 1,858
At 31 December 2022 1,305 1,305

4. Investment property

Investment property
£
Valuation
As at 01 January 2023 1,831,319
As at 31 December 2023 1,831,319

The properties were valued on an open market basis on 31 December 2015 by the director, Mr G P Allnutt.

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 108,000
At 31 December 2023 108,000
Provisions for impairment
At 01 January 2023 106,000
Impairment 2,000
At 31 December 2023 108,000
Carrying value at 31 December 2023 0
Carrying value at 31 December 2022 2,000

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.12.2023
Ownership
31.12.2022
Bournemouth Educational Centre Limited 68 Lemon Street, Truro, TR1 2PN General Secondary Education Ordinary Shares 100.00% 100.00%

6. Debtors

2023 2022
£ £
Prepayments 4,089 630
Other debtors 300,000 553,178
304,089 553,808

7. Current asset investments

2023 2022
£ £
Listed investments – at fair value 24,917 77,625
Fair value adjustments ( 4,313) ( 52,708)
20,604 24,917

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 3,787 180
Amounts owed to Group undertakings 0 2,102
Amounts owed to director 184,451 193,196
Other loans 575,780 555,280
Accruals 5,576 5,552
Corporation tax 0 6,286
769,594 762,596

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
122,500 Ordinary shares of £ 1.00 each 122,500 122,500

10. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Photo Distribution Limited (495,780) (475,280)

A company that holds a participating interest in Penhale Estates Limited.
During the current and previous year a loan account existed between the two companies. No interest has been charged on this loan. At the balance sheet date the amount due to Photo Distribution Limited was £495,780. (2022: £475,280)

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Bournemouth Educational Centre Limited 0 (2,102)

Subsidiary Company
During the current and previous year a loan account existed between the two companies. No interest has been charged on this loan. During the year, amounts totalling £30,000 were advanced to the subsidiary company. This amount has been provided for on full as irrecoverable. During the year the company was voted a dividend of £nil by the subsidiary company (2022 £420,000). At the balance sheet date the amount due to Bournemouth Educational Centre Limited was £nil (2022: £2,102)

Transactions with the entity's director

2023 2022
£ £
Director loan (184,451) (193,196)

Director
During the current and previous year the director advanced a loan to the company. No interest has been charged on this loan. At the balance sheet date the amount due to the director was £184,451 (2022: £193,196)