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Company No: SC594410 (Scotland)

PENICUIK HOUSE GROUP LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

PENICUIK HOUSE GROUP LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

PENICUIK HOUSE GROUP LTD

BALANCE SHEET

AS AT 31 MARCH 2024
PENICUIK HOUSE GROUP LTD

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Current assets
Cash at bank and in hand 499 934
499 934
Creditors: amounts falling due within one year 3 ( 52,945) ( 40,002)
Net current liabilities (52,446) (39,068)
Total assets less current liabilities (52,446) (39,068)
Creditors: amounts falling due after more than one year 4 ( 18,641) ( 27,158)
Net liabilities ( 71,087) ( 66,226)
Capital and reserves
Called-up share capital 5 100 100
Profit and loss account ( 71,187 ) ( 66,326 )
Total shareholder's deficit ( 71,087) ( 66,226)

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Penicuik House Group Ltd (registered number: SC594410) were approved and authorised for issue by the Director on 07 November 2024. They were signed on its behalf by:

Mr E J Clerk
Director
PENICUIK HOUSE GROUP LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PENICUIK HOUSE GROUP LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Penicuik House Group Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Penicuik Farms Office, Carsewell Steading, Penicuik, EH26 9LA, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £69,462. The Company is supported through loans from the director and other related parties. The director and related parties have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,046 9,836
Trade creditors 0 3,600
Amounts owed to related parties 27,167 10,783
Other creditors 15,732 15,783
52,945 40,002

There are no amounts included above in respect of which any security has been given by the small entity.

4. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 18,641 27,158

There are no amounts included above in respect of which any security has been given by the small entity.

5. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
50 A shares ordinary shares of £ 1.00 each 50 50
50 B shares ordinary shares of £ 1.00 each 50 50
100 100

During the year, the 50 A Ordinary shares and 50 B Ordinary shares were transferred from Penicuik House Holdings Limited (100% owned by Mr E J Clark) to Mr E J Clark.

6. Related party transactions

At 31 March 2024 the company owed Mr E J Clerk, director, £12,733 (2023: £12,783).

At 31 March 2024 the company owed the related party The Penicuik Estate Partnership LLP £27,167 (2023: £10,783).

These amounts are interest free loans to the company and are repayable on demand.