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REGISTERED NUMBER: 14386283 (England and Wales)















Unaudited Financial Statements

for the Year Ended 29 February 2024

for

PENNY HOTELS UK LIMITED

PENNY HOTELS UK LIMITED (REGISTERED NUMBER: 14386283)






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 HOTELS UK LIMITED

Company Information
for the year ended 29 FEBRUARY 2024







DIRECTORS: D S Penny
A L Penny





REGISTERED OFFICE: Old Station House
Powburn
Alnwick
Northumberland
NE66 4HU





REGISTERED NUMBER: 14386283 (England and Wales)





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

PENNY HOTELS UK LIMITED (REGISTERED NUMBER: 14386283)

Statement of Financial Position
29 FEBRUARY 2024

29/2/24 28/2/23
Notes £    £   
FIXED ASSETS
Intangible assets 4 39,000 43,500
Tangible assets 5 1,810,166 895,991
1,849,166 939,491

CURRENT ASSETS
Debtors 6 4,828 5,855
Cash at bank and in hand 32,683 6,681
37,511 12,536
CREDITORS
Amounts falling due within one year 7 (1,838,097 ) (968,951 )
NET CURRENT LIABILITIES (1,800,586 ) (956,415 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

48,580

(16,924

)

PROVISIONS FOR LIABILITIES 8 (8,594 ) -
NET ASSETS/(LIABILITIES) 39,986 (16,924 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 39,886 (17,024 )
SHAREHOLDERS' FUNDS 39,986 (16,924 )

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 HOTELS UK LIMITED (REGISTERED NUMBER: 14386283)

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 Statement of Comprehensive Income 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 HOTELS UK LIMITED (REGISTERED NUMBER: 14386283)

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

1. STATUTORY INFORMATION

Penny Hotels Uk 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.

Turnover
Turnover represents amounts received from rooms let out. Income is recognised to the year end date.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

PENNY HOTELS UK LIMITED (REGISTERED NUMBER: 14386283)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight line over 50 years on building
Fixtures and fittings - 25% on reducing balance

Freehold property held for the company's trade are carried at their revalued amounts, being fair value at the date of valuation less subsequent depreciation and impairment losses. Revaluations are performed by professional qualified valuers with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Any revaluation increase in the carrying amount of land and buildings is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously expended. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against revaluation reserve in equity; decreases exceeding the balance in revaluation reserve relating to an asset are recognised in profit or loss. Each year the difference between depreciation based on the revalued carrying amount of the asset recognised in profit or loss and depreciation based on the asset's original cost is transferred from revaluation reserve to retained earnings. Freehold property were revalued for the first time during the previous financial year, whilst they were carried at cost less accumulated depreciation and impairment in previous periods. The use of a policy of revaluation provides more relevant and reliable information about the value of the property owned by the company.

Land is not depreciated.

All other tangible fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses. Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over their estimated useful lives as detailed above.

On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss and included in other operating income.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

PENNY HOTELS UK LIMITED (REGISTERED NUMBER: 14386283)

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

2. ACCOUNTING POLICIES - continued

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 45,000
AMORTISATION
At 1 March 2023 1,500
Charge for year 4,500
At 29 February 2024 6,000
NET BOOK VALUE
At 29 February 2024 39,000
At 28 February 2023 43,500

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST
At 1 March 2023 854,430 50,000 904,430
Additions 940,802 - 940,802
At 29 February 2024 1,795,232 50,000 1,845,232
DEPRECIATION
At 1 March 2023 4,272 4,167 8,439
Charge for year 15,169 11,458 26,627
At 29 February 2024 19,441 15,625 35,066
NET BOOK VALUE
At 29 February 2024 1,775,791 34,375 1,810,166
At 28 February 2023 850,158 45,833 895,991

PENNY HOTELS UK LIMITED (REGISTERED NUMBER: 14386283)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Trade debtors 4,828 1,855
Other debtors - 4,000
4,828 5,855

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Trade creditors 329 765
Amounts owed to participating interests 1,818,372 964,460
Taxation and social security 15,896 621
Other creditors 3,500 3,105
1,838,097 968,951

8. PROVISIONS FOR LIABILITIES
29/2/24 28/2/23
£    £   
Deferred tax 8,594 -

Deferred
tax
£   
Provided during year 8,594
Balance at 29 February 2024 8,594

9. CALLED UP SHARE CAPITAL

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

PENNY HOTELS UK LIMITED (REGISTERED NUMBER: 14386283)

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

10. RELATED PARTY DISCLOSURES

The company is related to the following entities by virtue of common directors, shareholders and/or control:

Penny Petroleum Partnership, Penny Petroleum Partnership 2, Penny Petroleum (Management) Limited, Penny Petroleum (Scotland) Limited, Penny Petroleum (St Helens) Limited, Penny Petroleum (Scarborough) Limited, Topspot Services Limited, Alistair Wallace Investments Ltd and Penny Petroleum (North East) Limited.

Following amount included within creditors amount due within one year due to related entities:

Related entity 2024 2023
Penny Petroleum (North East) Limited £904,460 £904,460
Penny Petroleum (Scotland) Limited £60,000 £60,000
Penny Petroleum Partnership 1 £851,412 -
Penny Petroleum Management £2,500 -

The above amount are unsecured, interest free and repayable on demand.

All entities are the under common control of the directors.