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Company No: 14275871 (England and Wales)

PENNY BLACK VENTURES LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

PENNY BLACK VENTURES LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

PENNY BLACK VENTURES LIMITED

BALANCE SHEET

As at 31 August 2024
PENNY BLACK VENTURES LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 31.08.2024 31.08.2023
£ £
Fixed assets
Investments 3 1,909,959 1,325,150
1,909,959 1,325,150
Creditors: amounts falling due within one year 4 ( 1,998,384) ( 1,410,361)
Net current liabilities (1,998,384) (1,410,361)
Total assets less current liabilities (88,425) (85,211)
Net liabilities ( 88,425) ( 85,211)
Capital and reserves
Called-up share capital 5 2 2
Profit and loss account ( 88,427 ) ( 85,213 )
Total shareholders' deficit ( 88,425) ( 85,211)

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Penny Black Ventures Limited (registered number: 14275871) were approved and authorised for issue by the Board of Directors on 19 May 2025. They were signed on its behalf by:

Mr T Wiltshire
Director
PENNY BLACK VENTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
PENNY BLACK VENTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 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 period, unless otherwise stated.

General information and basis of accounting

Penny Black Ventures 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 C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, 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 Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £88,425. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met 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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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.

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 receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

Year ended
31.08.2024
Period from
04.08.2022 to
31.08.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Fixed asset investments

Listed investments Other investments Total
£ £ £
Cost or valuation before impairment
At 01 September 2023 720,000 605,150 1,325,150
Additions 0 1,304,809 1,304,809
Disposals ( 720,000) 0 ( 720,000)
At 31 August 2024 0 1,909,959 1,909,959
Carrying value at 31 August 2024 0 1,909,959 1,909,959
Carrying value at 31 August 2023 720,000 605,150 1,325,150

The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the shares on acquisition was £804,000 . Other investments are held at cost less impairment because their fair value cannot be measured reliably.

4. Creditors: amounts falling due within one year

31.08.2024 31.08.2023
£ £
Amounts owed to directors 1,997,510 1,409,448
Accruals 874 913
1,998,384 1,410,361

5. Called-up share capital

31.08.2024 31.08.2023
£ £
Allotted, called-up and fully-paid
1 Ordinary A share of £ 1.00 1 1
1 Ordinary B share of £ 1.00 1 1
2 2

6. Related party transactions

Other related party transactions

During the year, the directors lent funds to the Company totalling £1,997,510 (2023 - £1,409,448) on an interest free basis.