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REGISTERED NUMBER: 02167321 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Penowen Limited

Penowen Limited (Registered number: 02167321)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Penowen Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Mrs R Swann





REGISTERED OFFICE: 14, The Oaks
Clews Road
Redditch
Worcestershire
B98 7ST





REGISTERED NUMBER: 02167321 (England and Wales)





ACCOUNTANTS: Davies Archytas Accountants Ltd
14 The Oaks
Clews Road
Redditch
Worcestershire
B98 7ST

Penowen Limited (Registered number: 02167321)

Abridged Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 610,000 610,000

CURRENT ASSETS
Debtors 700 700
Investments 17,720 8,140
Cash at bank 12,762 6,949
31,182 15,789
CREDITORS
Amounts falling due within one year 42,781 42,189
NET CURRENT LIABILITIES (11,599 ) (26,400 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

598,401

583,600

CAPITAL AND RESERVES
Called up share capital 5 100 100
Revaluation reserve 6 427,819 418,239
Retained earnings 170,482 165,261
SHAREHOLDERS' FUNDS 598,401 583,600

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

Penowen Limited (Registered number: 02167321)

Abridged Statement of Financial Position - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 July 2024 and were signed by:





Mrs R Swann - Director


Penowen Limited (Registered number: 02167321)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Penowen 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 as modified by the revaluation of certain assets.

Investment property
Investment property is shown at the most recent valuation. Revaluation of Investment property was considered for the year ended 31 March 2024 however due to minimal movement in market conditions no adjustment was deemed necessary. Investment property will be considered for revaluation at 31 March 2025.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Penowen Limited (Registered number: 02167321)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 610,000
NET BOOK VALUE
At 31 March 2024 610,000
At 31 March 2023 610,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2005 166,879
Valuation in 2015 64,220
Valuation in 2020 180,000
Cost 198,901
610,000

5. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100

6. RESERVES
Revaluation
reserve
£   
At 1 April 2023 418,239
Revaluation listed investment 9,580

At 31 March 2024 427,819

7. ULTIMATE CONTROLLING PARTY

The controlling parties in the year under review were, Mrs E A Home holding 33 shares, Mrs R I Swann holding 19 shares, Miss E J L Home holding 16 shares, Mrs L A Bird holding 16 shares and Miss A M Home holding 16 shares.