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Registered number: 13607537













PENNYHOLME FARM LIMITED
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024


 
PENNYHOLME FARM LIMITED
REGISTERED NUMBER:13607537


BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
237,279
251,205

  
237,279
251,205

Current assets
  

Debtors: amounts falling due within one year
 5 
269
20,551

Cash at bank and in hand
 6 
2,697
8,433

  
2,966
28,984

Creditors: amounts falling due within one year
 7 
(456,569)
(436,124)

Net current liabilities
  
 
 
(453,603)
 
 
(407,140)

Total assets less current liabilities
  
(216,324)
(155,935)

  

Net liabilities
  
(216,324)
(155,935)


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
(216,424)
(156,035)

  
(216,324)
(155,935)

Page 1


 
PENNYHOLME FARM LIMITED
REGISTERED NUMBER:13607537

    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 May 2025.




A Beaumont-Brown
Director

The notes on pages 3 to 7 form part of these financial statements.
Page 2


 
PENNYHOLME FARM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Pennyholme Farm Limited is a limited liability company incorporated in England and Wales. The registered office address is Harwood House, 43 Harwood Road, London, SW6 4QP. 
The presentational currency is the Pound Sterling (£). 
The principal activities of the company is that of recreational and cultural activities. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the 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 requirements 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 following principal accounting policies have been applied:

 
2.2

Going concern

During the period ended 30 September 2024 the Company made a loss of £60,388 and a balance sheet deficit to £216,324 at the period end. Of this deficit, £452,730 is owed to a related party (see note 11) who will not request repayment until the company is in a position to meet its ongoing operational liabilities as they fall due.
This result is consistent with the director's expectations during a period in which the company establishes itself in the market place. 
In light of the above and after taking into account all information that could reasonably be expected to be available, the directors are confident that the company will continue in operational existence for the foreseeable future and that the going concern basis is therefore appropriate for the preparation of the company's financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3


 
PENNYHOLME FARM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
5%
Plant and machinery
-
25%
Motor vehicles
-
25%
Fixtures and fittings
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4


 
PENNYHOLME FARM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2)


4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 October 2023
212,953
32,187
16,750
33,575
295,465


Additions
12,391
908
-
9,718
23,017



At 30 September 2024

225,344
33,095
16,750
43,293
318,482



Depreciation


At 1 October 2023
9,270
13,098
8,027
13,866
44,261


Charge for the year on owned assets
10,764
8,180
4,188
13,810
36,942



At 30 September 2024

20,034
21,278
12,215
27,676
81,203



Net book value



At 30 September 2024
205,310
11,817
4,535
15,617
237,279



At 30 September 2023
203,682
19,089
8,724
19,710
251,205

Page 5


 
PENNYHOLME FARM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Debtors

2024
2023
£
£


Other debtors
269
20,551



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,697
8,433



7.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
-
21,283

Other taxation and social security
489
-

Other creditors
452,730
412,441

Accruals and deferred income
3,350
2,400

456,569
436,124



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £549 (2023 - £425) . Contributions totalling £108 (2023 - £102) were payable to the fund at the balance sheet date and are included in creditors.

Page 6


 
PENNYHOLME FARM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Related party transactions

Material balances with related parties arising during the year were as follows:
Balance with related parties


2024
2023
£
£

A B-Brown & T L J Konig (jointly)
452,730
412,050

Nature of relationship and control
A B-Brown & T L J Konig are both directors and shareholders of the company.
 
Page 7