REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
for |
PENNY PETROLEUM (SCARBOROUGH) LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
Additions |
At 29 February 2024 |
AMORTISATION |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
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 |
Additions |
Reclassification/transfer | ( |
) | ( |
) |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakin |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
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 |
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 |
Amounts owed by participating interests | 1,586,279 | 1,419,081 |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29/2/24 | 28/2/23 |
£ | £ |
Bank loans and overdrafts (see note 11) |
Hire purchase contracts |
Trade creditors |
Amounts owed to participating interests | 352,000 | 202,000 |
Taxation and social security |
Other creditors |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29/2/24 | 28/2/23 |
£ | £ |
Bank loans (see note 11) |
Hire purchase contracts |
Other creditors |
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 |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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 |
Deferred tax | 30,765 | - |
74,325 | 43,560 |
Deferred |
tax |
£ |
Balance at 1 March 2023 |
Provided during year |
Balance at 29 February 2024 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29/2/24 | 28/2/23 |
value: | £ | £ |
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. |