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Company No: 02200819 (England and Wales)

PENHURST PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

PENHURST PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

PENHURST PROPERTIES LIMITED

COMPANY INFORMATION

For the financial year ended 30 April 2024
PENHURST PROPERTIES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 April 2024
DIRECTORS J C Elkington - Chairman
R Trombetta - Chief Executive
J C Elkington (Appointed 19 December 2023)
W G Thomas BSc(Hons) ACA FCT C.Dir (Resigned 22 October 2024)
P Hughes ACIB - Director
S C Knight - Director
S R Page FCCA - Finance Director
M A Parker LLB - Director
SECRETARY S R Page FCCA - Finance Director
REGISTERED OFFICE Penhurst House
352-356 Battersea Park Road
SW11 3BY
United Kingdom
COMPANY NUMBER 02200819 (England and Wales)
ACCOUNTANT Evelyn Partners LLP
Onslow House
Onslow Street
Guildford
GU1 4TL
PENHURST PROPERTIES LIMITED

BALANCE SHEET

As at 30 April 2024
PENHURST PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£'000 £'000
Fixed assets
Tangible assets 3 29 29
Investment property 4 79,778 79,736
Investments 5 898 898
80,705 80,663
Current assets
Debtors 6 954 1,006
Cash at bank and in hand 7 3,625 3,700
4,579 4,706
Creditors: amounts falling due within one year 8 ( 1,045) ( 1,132)
Net current assets 3,534 3,574
Total assets less current liabilities 84,239 84,237
Creditors: amounts falling due after more than one year 9, 12 ( 39,777) ( 39,911)
Provision for liabilities 10 ( 9,571) ( 9,561)
Net assets 34,891 34,765
Capital and reserves
Called-up share capital 100 100
Capital redemption reserve 1 1
Other reserves 21,644 21,644
Profit and loss account 13,146 13,020
Total shareholders' funds 34,891 34,765

For the financial 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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Penhurst Properties Limited (registered number: 02200819) were approved and authorised for issue by the Board of Directors on 23 January 2025. They were signed on its behalf by:

J C Elkington - Chairman
Director
PENHURST PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
PENHURST PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 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

Penhurst Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Penhurst House, 352-356 Battersea Park Road, SW11 3BY, United Kingdom.

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 Entitles" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirement of the Companies Act 2006. 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 directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may significantly cast doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 liabilities 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimates useful life.

Improvements to property - Straight line over the lease term
Fixtures and fittings - 25% on cost and 15% on cost
Motor vehicles - 25% on cost and 20% on cost

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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.

2. Employees

2024 2023
Number Number
The average number of employees during the year was 20 (2023 - 18). 20 18

3. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Total
£'000 £'000 £'000 £'000
Cost
At 01 May 2023 195 25 227 447
Additions 0 0 11 11
At 30 April 2024 195 25 238 458
Accumulated depreciation
At 01 May 2023 193 13 212 418
Charge for the financial year 1 4 6 11
At 30 April 2024 194 17 218 429
Net book value
At 30 April 2024 1 8 20 29
At 30 April 2023 2 12 15 29

4. Investment property

Investment property
£'000
Valuation
As at 01 May 2023 79,736
Additions 42
As at 30 April 2024 79,778

Valuation

The fair value of the Company’s investment property has been arrived at on the basis of valuations carried out on that date by the directors of the business. In carrying out their review, the directors have made assumptions in relation to rental yields and estimated future achievable rents.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£'000 £'000
Historic cost 30,414 30,371

5. Fixed asset investments

Investments in subsidiaries

2024
£'000
Cost
At 01 May 2023 898
At 30 April 2024 898
Carrying value at 30 April 2024 898
Carrying value at 30 April 2023 898

6. Debtors

2024 2023
£'000 £'000
Trade debtors 0 50
Amounts owed by Group undertakings 756 762
Amounts owed by connected companies 12 73
Amounts owed by directors 0 8
Prepayments 161 113
Other debtors 25 0
954 1,006

7. Cash and cash equivalents

2024 2023
£'000 £'000
Cash at bank and in hand 3,625 3,700

8. Creditors: amounts falling due within one year

2024 2023
£'000 £'000
Bank loans 57 0
Trade creditors 98 108
Amounts owed to connected companies 311 295
Amounts owed to directors 4 0
Accruals 152 407
Taxation and social security 2 16
Other creditors 421 306
1,045 1,132

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

2024 2023
£'000 £'000
Bank loans 39,777 39,911

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£'000 £'000
Bank loans 16,575 15,333

Bank loans are secured over the assets concerned.

10. Deferred tax

2024 2023
£'000 £'000
At the beginning of financial year ( 9,561) ( 9,561)
Charged to the Profit and Loss Account ( 10) 0
At the end of financial year ( 9,571) ( 9,561)

11. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£'000 £'000
Entities with control, joint control or significant influence over the company 756 468
Entities under common directorship (300) 25

During the prior year the company acquired shares in Penhurst Special Ventures Limited directly from a trust in which Mr J C Elkington, a company director, is a trustee. The total cost of this investment was £603,000.

12. Leasing agreements

Lessee Commitments

At the year-end the company had the following outstanding commitments for future minimum lease payments under non-cancellable operating leases:

2024 2023
£'000 £'000
With one year 122 122
Between one and five years 121 244
Greater than five years 0 0
243 366

Lessor Commitments

At the year-end the company had contracted with tenants for the following minimum lease payments:

2024 2023
£'000 £'000
With one year 1,618 1,431
Between one and five years 220 223
Greater than five years 115 80
1,953 1,734