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REGISTERED NUMBER: 07996968 (England and Wales)















Unaudited Financial Statements

for the Year Ended 29 February 2024

for

PENNY PETROLEUM (MANAGEMENT) LIMITED

PENNY PETROLEUM (MANAGEMENT) LIMITED (REGISTERED NUMBER: 07996968)






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 (MANAGEMENT) 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: 07996968 (England and Wales)





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

PENNY PETROLEUM (MANAGEMENT) LIMITED (REGISTERED NUMBER: 07996968)

Statement of Financial Position
29 FEBRUARY 2024

29/2/24 28/2/23
Notes £    £   
FIXED ASSETS
Tangible assets 4 470,083 321,990

CURRENT ASSETS
Debtors 5 3,257,968 2,447,393
Cash at bank 27,617 142,056
3,285,585 2,589,449
CREDITORS
Amounts falling due within one year 6 (2,100,035 ) (1,823,094 )
NET CURRENT ASSETS 1,185,550 766,355
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,655,633

1,088,345

CREDITORS
Amounts falling due after more than one
year

7

(231,593

)

(186,605

)

PROVISIONS FOR LIABILITIES 9 (117,521 ) (80,497 )
NET ASSETS 1,306,519 821,243

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 1,306,419 821,143
SHAREHOLDERS' FUNDS 1,306,519 821,243

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 (MANAGEMENT) LIMITED (REGISTERED NUMBER: 07996968)

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 26 November 2024 and were signed on its behalf by:





D S Penny - Director


PENNY PETROLEUM (MANAGEMENT) LIMITED (REGISTERED NUMBER: 07996968)

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

1. STATUTORY INFORMATION

Penny Petroleum (Management) 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 sales of services net of VAT and trade discounts. Turnover is recognised when the services are provided to the customer.

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 - 20% on reducing balance
Fixtures and fittings - 25% on reducing balance

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contacts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contacts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payments is charged to the profit and loss account so as to produce a constant periodic rate charge on the net obligation outstanding in each period.

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 52 (2023 - 44 ) .

PENNY PETROLEUM (MANAGEMENT) LIMITED (REGISTERED NUMBER: 07996968)

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

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 March 2023 449,086 55,199 504,285
Additions 263,623 3,746 267,369
At 29 February 2024 712,709 58,945 771,654
DEPRECIATION
At 1 March 2023 151,417 30,878 182,295
Charge for year 112,259 7,017 119,276
At 29 February 2024 263,676 37,895 301,571
NET BOOK VALUE
At 29 February 2024 449,033 21,050 470,083
At 28 February 2023 297,669 24,321 321,990

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Trade debtors 185,853 188,376
Amounts owed by related entities 3,058,199 2,246,829
Other debtors 13,916 12,188
3,257,968 2,447,393

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Hire purchase contracts (see note 8) 54,140 77,189
Trade creditors 136,641 69,810
Amounts owed to related entities 1,050,380 1,188,799
Taxation and social security 466,559 242,773
Other creditors 392,315 244,523
2,100,035 1,823,094

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29/2/24 28/2/23
£    £   
Hire purchase contracts (see note 8) 231,593 186,605

PENNY PETROLEUM (MANAGEMENT) LIMITED (REGISTERED NUMBER: 07996968)

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

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

29/2/24 28/2/23
£    £   
Net obligations repayable:
Within one year 54,140 77,189
Between one and five years 231,593 186,605
285,733 263,794

9. PROVISIONS FOR LIABILITIES
29/2/24 28/2/23
£    £   
Deferred tax
Accelerated capital allowances 117,521 80,497

Deferred
tax
£   
Balance at 1 March 2023 80,497
Provided during year 37,024
Balance at 29 February 2024 117,521

10. CALLED UP SHARE CAPITAL

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

11. RELATED PARTY DISCLOSURES

The amount shown in debtors amounts due withing one year of £3,058,199 (2023: £2,246,829) is owed to the company by Penny Petroleum Partnership 1 £1,981,040 (2023: £1,471,527), Penny Petroleum Partnership No. 2 £789,988 (2023: £645,412). Topspot Services (Marske) Limited £46,550 (2023: £24,817), Penny Petroleum (St. Helens) £55,073 (2023: £105,073), Top & Co. Property Limited £183,048 (2023: Nil) and Penny Hotels UK £2,500 (2023: Nil).

The amount shown in creditors amounts due within one year of £1,050,380 (2023: £1,188,799) is owed by the company to the related entities;, Penny Petroleum (Scotland) Limited £399,265 (2023: £410,713), Topspot Services Limited £28,991 (2023: £123,160),Penny Petroleum ( North East) Limited £234,338 (2023: £234,338) and Penny Petroleum (Scarborough) Limited £387,786 (2023: £420,588).

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