Registered number
05185372
Penlay Ltd
Filleted Accounts
31 July 2024
Penlay Ltd
Registered number: 05185372
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 207,000 207,000
Current assets
Cash at bank and in hand 5,614 3,671
Creditors: amounts falling due within one year 4 (103,433) (98,378)
Net current liabilities (97,819) (94,707)
Net assets 109,181 112,293
Capital and reserves
Called up share capital 2 2
Revaluation reserve 5 33,425 33,425
Profit and loss account 75,754 78,866
Shareholders' funds 109,181 112,293
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Prof. M T Drayson
Director
Approved by the board on 24 October 2024
Penlay Ltd
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 0%
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 August 2023 207,000
At 31 July 2024 207,000
Depreciation
At 31 July 2024 -
Net book value
At 31 July 2024 207,000
At 31 July 2023 207,000
The property is an investment property and included at fair value. It was re-valued in the year 2014 by the directors based on 'agent' opinion and reviewed by the directors for these accounts to the current fair value based on average selling price provided by an online agent. No provision is required for deferred taxation as no taxable gain arises. The historical cost is £126,575.
4 Creditors: amounts falling due within one year 2024 2023
£ £
Directors' loan 101,803 96,878
Trade creditors 1,630 1,500
103,433 98,378
5 Revaluation reserve 2024 2023
£ £
At 1 August 2023 33,425 33,425
At 31 July 2024 33,425 33,425
6 Related party transactions
The directors have loaned money to the company, interest free and repayable on demand. The balance at the year end was £101,803.
7 Controlling party
There is no overall controlling party by virtue of equal shareholdings.
8 Other information
Penlay Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Treworld House
Boscastle
Cornwall
PL35 0BW
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