Company registration number 04592353 (England and Wales)
PENNYFARTHING NEW HOMES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
PENNYFARTHING NEW HOMES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PENNYFARTHING NEW HOMES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
3,366,010
3,368,560
Cash at bank and in hand
463
2,141
3,366,473
3,370,701
Creditors: amounts falling due within one year
5
(4,339)
(4,267)
Net current assets
3,362,134
3,366,434
Capital and reserves
Called up share capital
6
50,000
50,000
Profit and loss reserves
3,312,134
3,316,434
Total equity
3,362,134
3,366,434

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. 04592353
PENNYFARTHING NEW HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information

Pennyfarthing New Homes 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. 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 company is a member of the Pennyfarthing Developments Limited group of companies.true

 

The resources available to the company are monitored as a part of the overall group process. Plans and forecasts are made 3 years 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.

 

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 the 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 NEW HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.3
Financial instruments

Classification

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

 

- Short term debtors and creditors

- Loans and borrowings

 

Recognition and measurement

Financial instruments are recognised when the group/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 include 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 the undiscounted amount of the cash or other consideration expected to be paid or received.

1.4
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.

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 probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

PENNYFARTHING NEW HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
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:

 

Land stock values - The company establishes a reliable estimate of the market value of the land which it holds in stock for future development and provides for any loss in value based on internal valuations and the directors expertise in this area.

 

Assessment of costs to complete - This involves estimating final development costs and selling prices and impacts profit recognised in allocating costs to sales completions before and after the year end.

 

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 2024 nor for the year ended 31 January 2023.

 

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 (2023 - £nil).

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
3,365,500
3,368,000
Other debtors
510
560
3,366,010
3,368,560
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
0
300
Accruals and deferred income
4,339
3,967
4,339
4,267
PENNYFARTHING NEW HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary "A" of £1 each
25,000
25,000
25,000
25,000
Ordinary "B" of £1 each
5,000
5,000
5,000
5,000
Ordinary "C" of £1 each
20,000
20,000
20,000
20,000
50,000
50,000
50,000
50,000

The A and B shares have specific equal rights in respect of dividends. In all other respects the A, B and C shares rank pari passu.

7
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
8
Financial commitments, guarantees and contingent liabilities

The company is registered with the NHBC. As such, it guarantees to make structural repairs to the properties built where such defects manifest themselves within the first two years after the sale. The guarantee may be claimed up to ten years after the sale of the property.

 

In the normal course of business the company has given counter indemnities in respect of performance bonds and financial guarantees amounting to £Nil (2023 - £Nil).

9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
3,365,500
3,368,000
10
Directors' transactions

Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.

PENNYFARTHING NEW HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
11
Parent company

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

2024-01-312023-02-01false29 October 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMr M AdamsMr D AdamsMr T R AdamsMr W S CairnsMr M S S DukesMr M  Adamsfalsefalse045923532023-02-012024-01-31045923532024-01-31045923532023-01-3104592353core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3104592353core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3104592353core:CurrentFinancialInstruments2024-01-3104592353core:CurrentFinancialInstruments2023-01-3104592353core:ShareCapital2024-01-3104592353core:ShareCapital2023-01-3104592353core:RetainedEarningsAccumulatedLosses2024-01-3104592353core:RetainedEarningsAccumulatedLosses2023-01-3104592353core:ShareCapitalOrdinaryShares2024-01-3104592353core:ShareCapitalOrdinaryShares2023-01-3104592353bus:CompanySecretaryDirector12023-02-012024-01-3104592353core:WithinOneYear2024-01-3104592353core:WithinOneYear2023-01-3104592353bus:PrivateLimitedCompanyLtd2023-02-012024-01-3104592353bus:SmallCompaniesRegimeForAccounts2023-02-012024-01-3104592353bus:FRS1022023-02-012024-01-3104592353bus:Audited2023-02-012024-01-3104592353bus:Director12023-02-012024-01-3104592353bus:Director22023-02-012024-01-3104592353bus:Director32023-02-012024-01-3104592353bus:Director42023-02-012024-01-3104592353bus:Director52023-02-012024-01-3104592353bus:CompanySecretary12023-02-012024-01-3104592353bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP