Penmarric Limited - Filleted accounts

Registered number

01451139

Penmarric Limited

Filleted Accounts

31 October 2024

Penmarric Limited
Registered number:		01451139
Balance Sheet
as at 31 October 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	4		565			1,130
Investments	5		46,376			47,541
			46,941			48,671

Current assets
Debtors	7	18,671,010			16,329,392
Cash at bank and in hand		12,597			13,176
		18,683,607			16,342,568

Creditors: amounts falling due within one year	8	(24,387,504)			(22,030,365)

Net current liabilities			(5,703,897)			(5,687,797)

Net liabilities			(5,656,956)			(5,639,126)

Capital and reserves
Called up share capital			50,000			50,000
Profit and loss account			(5,706,956)			(5,689,126)

Shareholders' funds			(5,656,956)			(5,639,126)

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




J C Dwek CBE
Director
Approved by the board on 8 May 2025

Penmarric Limited
Notes to the Accounts
for the year ended 31 October 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover represents amounts receivable during the year net of value added tax. Sales of trading properties are recognised on exchange of contracts where significant risks and rewards of ownership have been transferred to the buyer.

	Going Concern
	The directors have confirmed that it is not their intention to seek repayment of their loans for at least 12 months from the date of approval of the financial statements if this would cause cashflow difficulties for the Company and the Group. On this basis the financial statements have been prepared on a going concern basis.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.


2	Employees				2024		2023
Number						Number

	Average number of persons employed by the company				3		3


3	Movements in Investments and Loans				2024		2023
£						£

	Gain / ( Loss ) on Investment revaluation				(1,165)		(123)
	Loan amounts written off				(17,511)		(302,688)

					(18,676)		(302,811)


4	Tangible fixed assets
							Plant and machinery etc
£
	Cost
	At 1 November 2023						1,695
	At 31 October 2024						1,695

	Depreciation
	At 1 November 2023						565
	Charge for the year						565
	At 31 October 2024						1,130

	Net book value
	At 31 October 2024						565
	At 31 October 2023						1,130


5	Investments
Investments in
subsidiary				Other
undertakings				investments		Total
£				£		£
	Cost
	At 1 November 2023		46,376		1,165		47,541
	Revaluation		-		(1,165)		(1,165)

	At 31 October 2024		46,376		-		46,376


6	Taxation				2024		2023
£						£

	Current Tax
	UK corporation tax payable on the results for the
	year at 19% ( 2023: 19%)				(3,388)		(60,486)

	Deferred tax
	Trading losses / utilisation of trading losses				3,388		60,486


					-		-


7	Debtors				2024		2023
£						£

	Trade debtors				15,497,720		13,188,367
	Amounts owed by group undertakings and undertakings in which the company has a participating interest				3,165,542		3,132,872
	Prepayments				7,748		8,153
					18,671,010		16,329,392


8	Creditors: amounts falling due within one year				2024		2023
£						£

	Directors' loans				24,309,931		21,952,544
	Amounts owed to group undertakings and undertakings in which the company has a participating interest				45,858		45,858
	Other creditors				31,715		31,963
					24,387,504		22,030,365

	The directors’ loan account is secured by fixed and floating charge debentures over the assets of the Company in favour of J C Dwek dated 17 August 2010 and 6 November 2010. No date has been set for repayment of the loans. No interest accrued during the year (2023: £nil).



9	Deferred Taxation				2024		2023
£						£


	Losses carried forward				2,520,375		2,516,579

					2,520,375		2,516,579

	The deferred tax asset amounting to £2,520,375 (2023: £2,516,909) has not been included in these financial statements as in the opinion of the directors it is uncertain as to when the asset will crystallise.
10	Related party transactions

	During the year the company made the following related party transactions:- J C Dwek continued to advance monies to the Company as and when required during the year. The directors' loan account is secured by a debenture. No date has been set for repayment. No interest has been accrued during the year (2023: £ nil). At the balance sheet date the amount due to J C Dwek was £24,309,931. (2023: £21,952,544). J C Dwek is a director and shareholder in Water Lane Properties ( Wilmslow ) Ltd ("Water Lane"), Penmarric Ltd provides administration services to Water Lane and during the year recharged the sum of £37,771 (2023 : £38,099) in respect of management recharges. At the year end Water Lane owed £660,039 (2023: £585,576) to Penmarric Limited. Interest is charged at 10% by Penmarric Ltd on outstanding balances due to it and during the year charged interest of £58,568 (2023: £44,177).

	Shares in subsidiary undertakings are stated at cost. The company owns directly the following principal subsidiaries which are all incorporated in the United Kingdom
	Company	Shares	Holding		Profit/(Loss)		Reserves/
					for the period		(Deficit)
					£		£
	Penmarric Finance Ltd	Ordinary	100%		-		6,632
	Penmarric Commercial Properties L:td	Ordinary	100%		-		(430,603)
	Penmarric Properties Ltd	Ordinary	100%		-		39,276
	Jandeva Properties Ltd	Ordinary	100%		(7,278)		(21,606)

	The Company has taken advantage of the exemption given under the Companies Act whereby a parent company is not required to prepare consolidated financial statements for a financial year in which the group headed by that company qualifies as a small group.

11	Controlling party

	J C Dwek by virtue of his shareholding, and his close day to day involvement in, and direction of, the activities of the company, is the controlling party.


12	Other information

	Penmarric Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Suite 1 Courthill House
	66 Warter Lane
	Wilmslow
	Cheshire
	SK9 5AP