Company registration number 14728460 (England and Wales)
PENNYFARTHING HOUSE LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 NOVEMBER 2024
PENNYFARTHING HOUSE LTD
COMPANY INFORMATION
Directors
Mr E W B Everett
Mrs R Everett
Company number
14728460
Registered office
18 Hyde Gardens
Eastbourne
East Sussex
BN21 4PT
Accountants
Plummer Parsons Accountants Limited
18 Hyde Gardens
Eastbourne
East Sussex
BN21 4PT
PENNYFARTHING HOUSE LTD
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Accountants' report
3
Income statement
4
Statement of financial position
5
Notes to the financial statements
6 - 8
PENNYFARTHING HOUSE LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 5 NOVEMBER 2024
- 1 -

The directors present their annual report and financial statements for the period ended 5 November 2024.

Principal activities

The principal activity of the company is property management.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mr E W B Everett
Mrs R Everett
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr E W B Everett
Director
28 March 2025
PENNYFARTHING HOUSE LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 5 NOVEMBER 2024
- 2 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

On behalf of the board
Mr E W B Everett
Director
28 March 2025
PENNYFARTHING HOUSE LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PENNYFARTHING HOUSE LTD FOR THE PERIOD ENDED 5 NOVEMBER 2024
- 3 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pennyfarthing House Ltd for the period ended 5 November 2024 which comprise the income statement, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Pennyfarthing House Ltd, as a body, in accordance with the terms of our engagement letter dated 19 July 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Pennyfarthing House Ltd and state those matters that we have agreed to state to the board of directors of Pennyfarthing House Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pennyfarthing House Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Pennyfarthing House Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Pennyfarthing House Ltd. You consider that Pennyfarthing House Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Pennyfarthing House Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Plummer Parsons Accountants Limited
Chartered Accountants
18 Hyde Gardens
Eastbourne
East Sussex
BN21 4PT
28 March 2025
PENNYFARTHING HOUSE LTD
INCOME STATEMENT
FOR THE PERIOD ENDED 5 NOVEMBER 2024
- 4 -
period
period
ended
ended
5 November
31 March
2024
2024
Notes
£
£
Revenue
-
-
Administrative expenses
(603)
(717)
Loss before taxation
(603)
(717)
Tax on loss
-
0
-
0
Loss for the financial period
(603)
(717)

The income statement has been prepared on the basis that all operations are continuing operations.

PENNYFARTHING HOUSE LTD
STATEMENT OF FINANCIAL POSITION
AS AT
5 NOVEMBER 2024
05 November 2024
- 5 -
5 November 2024
31 March 2024
Notes
£
£
£
£
Current assets
Trade and other receivables
4
200
200
Cash and cash equivalents
-
0
1,091
200
1,291
Current liabilities
5
(1,320)
(1,808)
Net current liabilities
(1,120)
(517)
Equity
Called up share capital
200
200
Retained earnings
(1,320)
(717)
Total equity
(1,120)
(517)

For the financial period ended 5 November 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 of its financial statements for the period in question in accordance with section 476.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
Mr E W B Everett
Director
Company registration number 14728460 (England and Wales)
PENNYFARTHING HOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 NOVEMBER 2024
- 6 -
1
Accounting policies
Company information

Pennyfarthing House Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 18 Hyde Gardens, Eastbourne, East Sussex, BN21 4PT.

1.1
Reporting period

The company's reporting period has changed and the annual financial statements are presented for a period shorter than one year therefore the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
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 current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables 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.

Classification of financial liabilities

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.

PENNYFARTHING HOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 5 NOVEMBER 2024
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2024
Number
Number
Total
-
0
-
0
PENNYFARTHING HOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 5 NOVEMBER 2024
- 8 -
4
Trade and other receivables
2024
2024
Amounts falling due within one year:
£
£
Other receivables
200
200
5
Current liabilities
2024
2024
£
£
Other payables
1,320
1,808
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