Company registration number 03046047 (England and Wales)
PENNYFARTHING INVESTMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
PENNYFARTHING INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PENNYFARTHING INVESTMENTS LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
814,750
814,750
Current assets
Debtors
5
1,272,424
546,790
Cash at bank and in hand
556,270
1,531,870
1,828,694
2,078,660
Creditors: amounts falling due within one year
6
(82,076)
(400,045)
Net current assets
1,746,618
1,678,615
Total assets less current liabilities
2,561,368
2,493,365
Creditors: amounts falling due after more than one year
8
(50,617)
(53,692)
Provisions for liabilities
9
(15,370)
(15,370)
Net assets
2,495,381
2,424,303
Capital and reserves
Called up share capital
10
500
500
Profit and loss reserves
11
2,494,881
2,423,803
Total equity
2,495,381
2,424,303

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 29 October 2024 and are signed on its behalf by:
Mr M  Adams
Director
Company Registration No. 03046047
PENNYFARTHING INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information

Pennyfarthing Investments Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information Page.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Pennyfarthing Developments Limited. These consolidated financial statements are available from its registered office.

1.2
Going concern

The resources available to the company are monitored as a part of the overall group process. Plans and forecasts are made 3 year's in advance. These plans are periodically reviewed with sensitivities applied to stress test the outcomes. Input from all departments is sought so the best possible insight is provided.true

 

These plans allow for cash forecasts to be considered in the short, medium and long term. Weekly cashflows considering the next six to twelve months ensure that short term cash is always readily available.

 

On this basis the directors consider it is appropriate to prepare financial statements on a going concern basis. The financial statements do not include any adjustments that might be necessary if the going concern basis was no longer appropriate.

PENNYFARTHING INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.3
Turnover

Turnover comprises the fair value of the consideration received or receivable, net of value added tax, in respect of property investment and development. In particular:

 

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Financial instruments

Classification

The company holds the following financial instruments, all of which are considered to be basic.

 

 

Recognition and measurement

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

 

Short term debtors and creditors

Basic financial assets includes short term trade and other debtors. Basic financial liabilities includes short term trade and other creditors. Such instruments are initially measured at transaction price including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be received or paid.

 

Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings within current liabilities.

 

Loans and borrowings (including bank overdrafts)

Loans which meet the criteria under FRS102 to be classed as basic financial instruments.

 

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

 

Other loans are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received.

1.6
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

 

Current or deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

PENNYFARTHING INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

 

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

 

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

1.7
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

Preparation of the financial statements requires the directors to make significant judgements, estimates and assumptions. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and associated assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in that period and future periods where the revision affect both the current and future periods.

 

The main accounting estimates are:

 

Investment property valuation - The group establishes a reliable estimate of the market value of investment properties based on internal valuations and the directors expertise in this area.

 

Accrued costs - involving a degree of estimation uncertainty in respect of final account settlement.

3
Employees

There were no staff costs for the year ended 31 January 2023 nor for the year ended 31 January 2022.

 

The directors are remunerated and these costs borne by another group company. Directors' remuneration not borne by the company but considered to be in respect of services to the company was Nil (2022 - Nil).

4
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
814,750

Investment property was valued on an open market basis on 31 January 2023 by the directors.

PENNYFARTHING INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
32,916
33,991
Amounts owed by group undertakings
1,235,879
505,203
Other debtors
3,629
7,596
1,272,424
546,790
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
7
8,878
8,878
Trade creditors
3,188
5,503
Amounts owed to group undertakings
23,693
142,699
Corporation tax
-
0
104,527
Deferred income
32,590
32,590
Accruals and deferred income
13,727
105,848
82,076
400,045
7
Loans and overdrafts
2024
2023
£
£
Bank loans
59,495
62,570
Payable within one year
8,878
8,878
Payable after one year
50,617
53,692

Bank loans are secured by means of charges over investment property.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
50,617
53,692
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
15,370
15,370
PENNYFARTHING INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
500
500
500
500
11
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
2,423,803
1,956,607
Profit for the year
71,078
467,196
At the end of the year
2,494,881
2,423,803
12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mark H Rogers FCCA
Statutory Auditor:
HJS (Reading) Limited
Date of audit report:
29 October 2024
13
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

14
Parent company

Pennyfarthing Developments Limited is regarded by the directors as being the company's ultimate parent company.

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