Company No:
Contents
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 |
Note | 2024 | 2023 | ||
£'000 | £'000 | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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Investments | 5 |
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80,705 | 80,663 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand | 7 |
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4,579 | 4,706 | |||
Creditors: amounts falling due within one year | 8 | (
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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 | (
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Provision for liabilities | 10 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Capital redemption reserve |
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Other reserves |
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Profit and loss account |
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Total shareholders' funds |
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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:
J C Elkington - Chairman
Director |
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.
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.
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.
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.
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
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.
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 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.
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.
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.
2024 | 2023 | ||
Number | Number | ||
The average number of employees during the year was 20 (2023 - 18). |
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Leasehold improve- ments |
Vehicles | Fixtures and fittings | Total | ||||
£'000 | £'000 | £'000 | £'000 | ||||
Cost | |||||||
At 01 May 2023 |
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Additions |
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At 30 April 2024 |
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Accumulated depreciation | |||||||
At 01 May 2023 |
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Charge for the financial year |
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At 30 April 2024 |
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Net book value | |||||||
At 30 April 2024 |
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At 30 April 2023 |
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Investment property | |
£'000 | |
Valuation | |
As at 01 May 2023 |
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Additions | 42 |
As at 30 April 2024 |
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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 |
Investments in subsidiaries
2024 | |
£'000 | |
Cost | |
At 01 May 2023 |
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At 30 April 2024 |
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Carrying value at 30 April 2024 |
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Carrying value at 30 April 2023 |
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2024 | 2023 | ||
£'000 | £'000 | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Amounts owed by connected companies |
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Amounts owed by directors |
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Prepayments |
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Other debtors |
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2024 | 2023 | ||
£'000 | £'000 | ||
Cash at bank and in hand |
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2024 | 2023 | ||
£'000 | £'000 | ||
Bank loans |
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Trade creditors |
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Amounts owed to connected companies |
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Amounts owed to directors |
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Accruals |
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Taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£'000 | £'000 | ||
Bank loans |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
2024 | 2023 | ||
£'000 | £'000 | ||
Bank loans |
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2024 | 2023 | ||
£'000 | £'000 | ||
At the beginning of financial year | (
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Charged to the Profit and Loss Account | (
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At the end of financial year | (
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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.
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 |