Silverfin false false 30/09/2024 01/10/2023 30/09/2024 Mr C A Jones 27/09/2021 Mr G A Jones 10/02/2021 Mrs J F Jones 27/09/2021 Mr M Snell 27/09/2021 Mrs S R Snell 27/09/2021 04 February 2025 The principal activity of the Company during the financial year was a holding company. 13191798 2024-09-30 13191798 bus:Director1 2024-09-30 13191798 bus:Director2 2024-09-30 13191798 bus:Director3 2024-09-30 13191798 bus:Director4 2024-09-30 13191798 bus:Director5 2024-09-30 13191798 2023-09-30 13191798 core:CurrentFinancialInstruments 2024-09-30 13191798 core:CurrentFinancialInstruments 2023-09-30 13191798 core:ShareCapital 2024-09-30 13191798 core:ShareCapital 2023-09-30 13191798 core:CostValuation 2023-09-30 13191798 core:CostValuation 2024-09-30 13191798 bus:OrdinaryShareClass1 2024-09-30 13191798 bus:OrdinaryShareClass2 2024-09-30 13191798 bus:OrdinaryShareClass3 2024-09-30 13191798 2023-10-01 2024-09-30 13191798 bus:FilletedAccounts 2023-10-01 2024-09-30 13191798 bus:SmallEntities 2023-10-01 2024-09-30 13191798 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 13191798 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 13191798 bus:Director1 2023-10-01 2024-09-30 13191798 bus:Director2 2023-10-01 2024-09-30 13191798 bus:Director3 2023-10-01 2024-09-30 13191798 bus:Director4 2023-10-01 2024-09-30 13191798 bus:Director5 2023-10-01 2024-09-30 13191798 2022-10-01 2023-09-30 13191798 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 13191798 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 13191798 bus:OrdinaryShareClass2 2023-10-01 2024-09-30 13191798 bus:OrdinaryShareClass2 2022-10-01 2023-09-30 13191798 bus:OrdinaryShareClass3 2023-10-01 2024-09-30 13191798 bus:OrdinaryShareClass3 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13191798 (England and Wales)

PEN THREE LTD

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

PEN THREE LTD

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

PEN THREE LTD

STATEMENT OF FINANCIAL POSITION

As at 30 September 2024
PEN THREE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Investments 3 402,405 402,405
402,405 402,405
Current assets
Debtors 4 120,990 75,091
Cash at bank and in hand 105 105
121,095 75,196
Creditors: amounts falling due within one year 5 ( 523,200) ( 477,301)
Net current liabilities (402,105) (402,105)
Total assets less current liabilities 300 300
Net assets 300 300
Capital and reserves
Called-up share capital 6 300 300
Total shareholders' funds 300 300

For the financial year ending 30 September 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 Pen Three Ltd (registered number: 13191798) were approved and authorised for issue by the Board of Directors on 04 February 2025. They were signed on its behalf by:

Mr G A Jones
Director
PEN THREE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
PEN THREE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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

Pen Three Ltd (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 Penrose Touring, Scorrier, Redruth, TR16 5BP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 October 2023 402,405
At 30 September 2024 402,405
Carrying value at 30 September 2024 402,405
Carrying value at 30 September 2023 402,405

4. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 119,730 72,545
Accrued income 1,260 2,546
120,990 75,091

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to Group undertakings 0 101
Amounts owed to directors 122,000 76,000
Accruals 1,200 1,200
Other creditors 400,000 400,000
523,200 477,301

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 A Ordinary shares of £ 1.00 each 100 100
100 B Ordinary shares of £ 1.00 each 100 100
100 C Ordinary shares of £ 1.00 each 100 100
300 300