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REGISTERED NUMBER: 07020838 (England and Wales)















Unaudited Financial Statements

for the Year Ended 29 February 2024

for

PENNY PETROLEUM (SCARBOROUGH) LIMITED

PENNY PETROLEUM (SCARBOROUGH) LIMITED (REGISTERED NUMBER: 07020838)






Contents of the Financial Statements
for the year ended 29 FEBRUARY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PENNY PETROLEUM (SCARBOROUGH) LIMITED

Company Information
for the year ended 29 FEBRUARY 2024







DIRECTORS: D S Penny
A L Penny





REGISTERED OFFICE: Global House
303 Ballards Lane
London
N12 8NP





REGISTERED NUMBER: 07020838 (England and Wales)





ACCOUNTANTS: K J Pittalis and Partners LLP
Chartered Certified Accountants
Global House
303 Ballards Lane
London
N12 8NP

PENNY PETROLEUM (SCARBOROUGH) LIMITED (REGISTERED NUMBER: 07020838)

Statement of Financial Position
29 FEBRUARY 2024

29/2/24 28/2/23
Notes £    £   
FIXED ASSETS
Intangible assets 4 37,500 -
Tangible assets 5 663,142 176,944
Investments 6 171,678 171,678
872,320 348,622

CURRENT ASSETS
Stocks 7 508,612 421,082
Debtors 8 1,802,882 1,599,519
Cash at bank and in hand 362,490 481,981
2,673,984 2,502,582
CREDITORS
Amounts falling due within one year 9 (1,949,728 ) (1,790,392 )
NET CURRENT ASSETS 724,256 712,190
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,596,576

1,060,812

CREDITORS
Amounts falling due after more than one
year

10

(268,573

)

(20,422

)

PROVISIONS FOR LIABILITIES 12 (74,325 ) (43,560 )
NET ASSETS 1,253,678 996,830

CAPITAL AND RESERVES
Called up share capital 13 100 100
Retained earnings 1,253,578 996,730
SHAREHOLDERS' FUNDS 1,253,678 996,830

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PENNY PETROLEUM (SCARBOROUGH) LIMITED (REGISTERED NUMBER: 07020838)

Statement of Financial Position - continued
29 FEBRUARY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 November 2024 and were signed on its behalf by:





D S Penny - Director


PENNY PETROLEUM (SCARBOROUGH) LIMITED (REGISTERED NUMBER: 07020838)

Notes to the Financial Statements
for the year ended 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Penny Petroleum (Scarborough) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Penny Petroleum (Scarborough) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents sales of goods and services net of VAT and trade discounts. Turnover is recognised when the goods or services are provided to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

Land and building held and used in the Company's own activities for production and supply of goods or for administration purposes are stated in the statement of financial position at their revalued amounts. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position.

Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve.

Depreciation on cost of buildings is charged to profit and loss. Depreciation on the revaluation amount on buildings is charged to the revaluation reserve, so as to write off their value less residual value, over their estimated useful life, using the straight line method.

Once the property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised.

PENNY PETROLEUM (SCARBOROUGH) LIMITED (REGISTERED NUMBER: 07020838)

Notes to the Financial Statements - continued
for the year ended 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stock is valued at the lower of cost and net realisable value. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Investments
Investments in the financial statements are stated at cost.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Deferred grants
Grants received have been released in the Income statement over the period of five years.

Operating lease
Rental applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2023 - 36 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 50,000
At 29 February 2024 50,000
AMORTISATION
Charge for year 12,500
At 29 February 2024 12,500
NET BOOK VALUE
At 29 February 2024 37,500

PENNY PETROLEUM (SCARBOROUGH) LIMITED (REGISTERED NUMBER: 07020838)

Notes to the Financial Statements - continued
for the year ended 29 FEBRUARY 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Long Plant and and
property leasehold machinery fittings Totals
£    £    £    £    £   
COST
At 1 March 2023 1,553 1,149 377,917 6,507 387,126
Additions 358,920 11,278 222,162 - 592,360
Reclassification/transfer (1,553 ) - - - (1,553 )
At 29 February 2024 358,920 12,427 600,079 6,507 977,933
DEPRECIATION
At 1 March 2023 - - 208,475 1,707 210,182
Charge for year 5,384 124 97,901 1,200 104,609
At 29 February 2024 5,384 124 306,376 2,907 314,791
NET BOOK VALUE
At 29 February 2024 353,536 12,303 293,703 3,600 663,142
At 28 February 2023 1,553 1,149 169,442 4,800 176,944

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakin
£   
COST
At 1 March 2023
and 29 February 2024 171,678
NET BOOK VALUE
At 29 February 2024 171,678
At 28 February 2023 171,678

This represents the cost of acquiring the shares in Seamer Station Limited, Westend Station Limited and Newby Station Limited. It effectively represents the investment in three leasehold premises.

7. STOCKS
29/2/24 28/2/23
£    £   
Stocks 508,612 421,082

PENNY PETROLEUM (SCARBOROUGH) LIMITED (REGISTERED NUMBER: 07020838)

Notes to the Financial Statements - continued
for the year ended 29 FEBRUARY 2024

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Trade debtors 214,647 180,438
Amounts owed by participating interests 1,586,279 1,419,081
Other debtors 1,956 -
1,802,882 1,599,519

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Bank loans and overdrafts (see note 11) 41,282 209,651
Hire purchase contracts 38,619 -
Trade creditors 1,345,765 1,238,269
Amounts owed to participating interests 352,000 202,000
Taxation and social security 132,529 102,017
Other creditors 39,533 38,455
1,949,728 1,790,392

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29/2/24 28/2/23
£    £   
Bank loans (see note 11) 131,158 -
Hire purchase contracts 131,192 -
Other creditors 6,223 20,422
268,573 20,422

11. LOANS

An analysis of the maturity of loans is given below:

29/2/24 28/2/23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 240
Bank loans 41,282 209,411
41,282 209,651

Amounts falling due between one and two years:
Bank loans - 1-2 years 45,592 -

Amounts falling due between two and five years:
Bank loans - 2-5 years 85,566 -

PENNY PETROLEUM (SCARBOROUGH) LIMITED (REGISTERED NUMBER: 07020838)

Notes to the Financial Statements - continued
for the year ended 29 FEBRUARY 2024

12. PROVISIONS FOR LIABILITIES
29/2/24 28/2/23
£    £   
Deferred tax
Accelerated capital allowances 43,560 43,560
Deferred tax 30,765 -
74,325 43,560

Deferred
tax
£   
Balance at 1 March 2023 43,560
Provided during year 30,765
Balance at 29 February 2024 74,325

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29/2/24 28/2/23
value: £    £   
100 Ordinary £1 100 100

14. RELATED PARTY DISCLOSURES

The amount included in debtors amounts due within one year of £1,586,278.90 (2023: £1,419,081) is owed to the company by Penny Petroleum Partnership 2 £222,493 (2023 - £22,493), Penny Petroleum (Management) Limited £387,785.90 (2031 - £420588), Penny Petroleum (St Helens) Limited £113,000 (2031 - £113,000), Penny Petroleum (North East) Limited £560,000 (2031 - £560,000) Penny Petroleum (Scotland) Limited £173,000 (2023 - £173,000), and Topspot Services Limited £130,000 (2023 - £130,000).

The amount included in creditors amount due within one year of £352,000 (2023: £202,000) is owed to Penny Petroleum Partnership 1 £352,000 (2023 - £202,000 Debit) which is a related entity.

Management charges of £140,802.00 (2023: £102,000) are paid to Penny Petroleum (Management) Limited.

All entities are under the common control of the directors.

Amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.