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COMPANY REGISTRATION NUMBER: 04787175
Penberry Limited
Filleted Unaudited Financial Statements
For the year ended
30 April 2024
Penberry Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Penberry Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
975,000
975,000
Investments
5
190,000
190,000
------------
------------
1,165,000
1,165,000
Current assets
Cash at bank and in hand
332
57,982
Creditors: amounts falling due within one year
6
518,501
557,331
---------
---------
Net current liabilities
518,169
499,349
------------
------------
Total assets less current liabilities
646,831
665,651
Provisions
Taxation including deferred tax
58,164
58,164
---------
---------
Net assets
588,667
607,487
---------
---------
Capital and reserves
Called up share capital
530
530
Share premium account
190,000
190,000
Revaluation reserve
373,345
373,345
Profit and loss account
24,792
43,612
---------
---------
Shareholders funds
588,667
607,487
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Penberry Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 27 November 2024 , and are signed on behalf of the board by:
R J Taylor Director
Company registration number: 04787175
Penberry Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Berrys Yard, Caxton Road, Great Gransden, Sandy, Beds, SG19 3BH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The financial statements contain information relating to the entity only as the company is exempt from preparing consolidated financial statements on the basis that the group qualifies as small as set out in section 383 of the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of the consideration received and represents amounts receivable for goods and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets, other than investment properties, are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line per annum
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
4. Tangible assets
Plant and machinery
Investment property
Total
£
£
£
Cost or valuation
At 1 May 2023 and 30 April 2024
9,500
975,000
984,500
-------
---------
---------
Depreciation
At 1 May 2023 and 30 April 2024
9,500
9,500
-------
---------
---------
Carrying amount
At 30 April 2024
975,000
975,000
-------
---------
---------
At 30 April 2023
975,000
975,000
-------
---------
---------
The directors believe there was no change in the open market value of the company's investment property during the year. The properties were available to let under operating leases throughout the year.
5. Investments
Shares in group undertakings
£
Cost
At 1 May 2023 and 30 April 2024
190,000
---------
Impairment
At 1 May 2023 and 30 April 2024
---------
Carrying amount
At 30 April 2024
190,000
---------
At 30 April 2023
190,000
---------
The company owns 100% of the issued share capital of John Taylor Crane Services Limited a company incorporated in England and Wales.
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,796
23,096
Trade creditors
2,240
200
Amounts owed to group undertakings and undertakings in which the company has a participating interest
371,495
409,425
Social security and other taxes
3,964
3,001
Other creditors
130,006
121,609
---------
---------
518,501
557,331
---------
---------
The bank loans and overdrafts included above are secured by personal guarantees provided by two of the directors, and charges over the present and future assets of the company and the subsidiary company, John Taylor Crane Services Limited.
7. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
58,164
58,164
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Fair value adjustment of investment property
58,164
58,164
--------
--------
8. Related party transactions
Penberry Limited has an interest free loan from its subsidiary undertaking John Taylor Crane Services Limited. The balance on the loan at reporting date was £371,495 (2023: £409,425).