Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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Investments | 5 |
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1,833,177 | 1,834,624 | |||
Current assets | ||||
Debtors | 6 |
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Investments | 7 |
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Cash at bank and in hand |
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337,797 | 604,491 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current liabilities | (431,797) | (158,105) | ||
Total assets less current liabilities | 1,401,380 | 1,676,519 | ||
Provision for liabilities |
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Share premium account |
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Fair value reserve |
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Capital redemption reserve |
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
The financial statements of Penhale Estates Limited (registered number:
Mr E C Allnutt
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.
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 £.
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.
Plant and machinery etc. |
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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.
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.
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 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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2023 |
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Additions |
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At 31 December 2023 |
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Accumulated depreciation | |||
At 01 January 2023 |
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Charge for the financial year |
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At 31 December 2023 |
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Net book value | |||
At 31 December 2023 |
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At 31 December 2022 |
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Investment property | |
£ | |
Valuation | |
As at 01 January 2023 |
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As at 31 December 2023 |
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The properties were valued on an open market basis on 31 December 2015 by the director, Mr G P Allnutt.
Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 January 2023 |
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At 31 December 2023 |
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Provisions for impairment | |
At 01 January 2023 |
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Impairment |
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At 31 December 2023 |
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Carrying value at 31 December 2023 |
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Carrying value at 31 December 2022 |
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Investments in shares
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.12.2023 |
Ownership 31.12.2022 |
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68 Lemon Street, Truro, TR1 2PN | General Secondary Education |
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2023 | 2022 | ||
£ | £ | ||
Prepayments |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Listed investments – at fair value |
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Fair value adjustments | (
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20,604 | 24,917 |
2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Amounts owed to director |
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Other loans |
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Accruals |
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Corporation tax |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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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)