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Registered number: 01084124
Penllyne Properties Limited
Financial Statements
For The Year Ended 31 December 2024
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 01084124
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 15,627,080 15,134,256
15,627,080 15,134,256
CURRENT ASSETS
Debtors 5 38,269 30,167
Cash at bank and in hand 66,018 69,445
104,287 99,612
Creditors: Amounts Falling Due Within One Year 6 (152,745 ) (222,412 )
NET CURRENT ASSETS (LIABILITIES) (48,458 ) (122,800 )
TOTAL ASSETS LESS CURRENT LIABILITIES 15,578,622 15,011,456
Creditors: Amounts Falling Due After More Than One Year 7 - (21,686 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (2,350,761 ) (2,226,236 )
NET ASSETS 13,227,861 12,763,534
CAPITAL AND RESERVES
Called up share capital 9 105,500 105,500
Revaluation reserve 10 8,368,816 -
Profit and Loss Account 4,753,545 12,658,034
SHAREHOLDERS' FUNDS 13,227,861 12,763,534
Page 1
Page 2
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jeffrey Thomas
Director
07/03/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Penllyne Properties Limited Registered number 01084124 is a limited by shares company incorporated in England & Wales. The Registered Office is Slade Paddocks, Llanmaes, Llantwit Major, Vale of Glamorgan, CF61 2XR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is the amount derived from rental income, net of value added tax and is recognised when due.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following rates calculated to write off the cost of the fixed assets, less estimated residual value, of each asset on a reducing balance basis over its expected useful life:
Freehold 4%
Plant & Machinery 15%
Motor Vehicles 25%
Fixtures & Fittings 15%
2.4. Investment Properties
Investment properties shall not be subject to periodic charges for depreciation except for properties held on lease, which shall be depreciated at least over the period when the unexpired term is 20 years or less.
Investment properties shall be included in the balance sheet at their market value.
As required by FRS 102 (1A) any unrealised gains or losses on investment properties as a result of fluctuations in their market value are taken to the income statement.
2.5. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.

The deferred tax in these financial statements includes a provision for deferred tax on unrealised gains in respect of investment properties as required by FRS 102 (1A).
2.6. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 3 3
3 3
4. Tangible Assets
Land & Property
Freehold Investment Properties Plant & Machinery Motor Vehicles
£ £ £ £
Cost or Valuation
As at 1 January 2024 22,485 15,095,000 8,539 49,584
Revaluation - 500,000 - -
As at 31 December 2024 22,485 15,595,000 8,539 49,584
Depreciation
As at 1 January 2024 12,003 - 7,918 25,179
Provided during the period - - 93 6,101
As at 31 December 2024 12,003 - 8,011 31,280
Net Book Value
As at 31 December 2024 10,482 15,595,000 528 18,304
As at 1 January 2024 10,482 15,095,000 621 24,405
Fixtures & Fittings Total
£ £
Cost or Valuation
As at 1 January 2024 47,222 15,222,830
Revaluation - 500,000
As at 31 December 2024 47,222 15,722,830
Depreciation
As at 1 January 2024 43,474 88,574
Provided during the period 982 7,176
As at 31 December 2024 44,456 95,750
Net Book Value
As at 31 December 2024 2,766 15,627,080
As at 1 January 2024 3,748 15,134,256
Page 4
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Investment properties are recorded in the financial statements at their estimated open market values based on a valuation undertaken by Mr Jeffrey Thomas, Director, as at 31 December 2024.
.
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 19,165 9,082
Prepayments and accrued income 6,854 5,325
Other debtors 12,250 12,250
VAT - 3,510
38,269 30,167
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 21,701 6,201
Corporation tax 27,618 57,963
Other taxes and social security - 177
VAT 3,672 -
Tenant Bonds 20,760 20,215
Accruals and deferred income 38,124 27,884
Directors' loan accounts 40,870 109,972
152,745 222,412
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 21,686
- 21,686
8. Deferred Taxation
The deferred taxation charge is made up of a release of £475 (2023: £746) in respect of accelerated capital allowances and a charge of £125,000 (2023:£0) in respect of the recognition of unrealised gains/losses on investment properties. 
The provision in respect of accelerated capital allowances is £47,186 (2023:£47,661) and £2,303,575 (2023:£2,178,575) in respect of the recognition of unrealised gains on investment properties.
2024 2023
£ £
Other timing differences 2,350,761 2,226,236
Page 5
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9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
105,500 Ordinary Shares of £ 1.000 each 105,500 105,500
10. Reserves
Revaluation Reserve
£
Net investment property revaluation reserve 8,368,816
As at 31 December 2024 8,368,816
11. Related Party Transactions
The Company has a loan from the Directors which is to be repaid on demand and the rate of interest is 0%. At the end of the year, a balance remained outstanding of £40,870 (2023:£109,972) and is presented in Creditors: Amounts Falling Due within One Year. 
12. Controlling Party
The Directors, Mr J T Thomas and Mrs K M Thomas, are considered to be the company's ultimate controlling party by virtue of their ownership or control of 63.2% of the issued ordinary share capital.
Page 6