PENNINE COMPONENTS (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
PENNINE COMPONENTS (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
Mr T G Barrow
Mrs M J Dewhitt
Secretary
Mrs G Barrow
Company number
05817495 (England and Wales)
Registered office
5 Pennine View
Blackshaw Head
Hebden Bridge
HX7 7JS
Accountants
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
PENNINE COMPONENTS (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PENNINE COMPONENTS (HOLDINGS) LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
3,935,000
3,957,000
Current assets
Debtors
4
7,526
7,415
Cash at bank and in hand
317,196
122,331
324,722
129,746
Creditors: amounts falling due within one year
5
(121,740)
(59,413)
Net current assets
202,982
70,333
Total assets less current liabilities
4,137,982
4,027,333
Creditors: amounts falling due after more than one year
6
(156,462)
(95,536)
Provisions for liabilities
Deferred tax liability
288,627
295,764
(288,627)
(295,764)
Net assets
3,692,893
3,636,033
Capital and reserves
Called up share capital
7
4
4
Other reserves
786,496
792,328
Profit and loss reserves
2,906,393
2,843,701
Total equity
3,692,893
3,636,033
The notes on pages 3 - 6 form an integral part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

PENNINE COMPONENTS (HOLDINGS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 20 January 2025 and are signed on its behalf by:
Mr T G Barrow
Director
Company Registration No. 05817495
PENNINE COMPONENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Pennine Components (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Pennine View, Blackshaw Head, Hebden Bridge, HX7 7JS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for rental, service charges and rechargeable expenses.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).

 

Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.

 

All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.

 

Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.

 

Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.

Derecognition of financial assets

Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.

 

Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.

PENNINE COMPONENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to reserves, in which case the deferred tax is also dealt with in reserves.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 July 2023
3,957,000
Revaluations
(22,000)
At 30 June 2024
3,935,000

The directors have valued the company's investment properties at 30 June 2024 on an open market value basis by reference to market information and data available in respect of domestic properties in the UK.

PENNINE COMPONENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,164
436
Other debtors
6,362
6,979
7,526
7,415
5
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
36,222
14,864
Other borrowings
33,538
-
0
Trade creditors
273
199
Amounts owed to related undertakings
246
246
Corporation tax
21,327
12,468
Other creditors
63
70
Directors loan accounts
21,500
24,000
Accruals and deferred income
8,571
7,566
121,740
59,413

Included within other borrowings is a loan of £33,538 from the Pennine Components Self-Administered Pension Scheme which is secured by a charge over two of the company's properties.

6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
-
0
95,536
Other creditors
156,462
-
0
156,462
95,536

Included within other borrowings is a loan of £156,462 from the Pennine Components Self-Administered Pension Scheme which is secured by a charge over two of the company's properties.

 

The bank loans are secured on the properties to which they relate.

Amounts included above which fall due after five years are as follows:
Payable by instalments
-
51,792
PENNINE COMPONENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
200
200
2
2
Ordinary 'A' of 1p each
200
200
2
2
400
400
4
4
8
Related party transactions

During the year the company received a loan of £190,000 from the Pennine Components Self-Administered Pension Fund.

 

At 30 June 2024 the company owed £190,000 (2023 : Nil) to the Pennine Components Self-Administered Pension Fund.

9
Parent company

The company became a wholly owned subsidiary of Pennine Components Investments Limited on 21 February 2023. The ultimate controlling party remained Mr T G Barrow, throughout the current and prior year.

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