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Penketh Place Limited

Registered number: 14551959
Information for filing with the Registrar
For the year ended 30 September 2024

 
 14551959
30 September 2024
PENKETH PLACE LIMITED
REGISTERED NUMBER: 14551959

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,820,003
2,855,699

  
2,820,003
2,855,699

Current assets
  

Debtors: amounts falling due within one year
 5 
177,822
50,145

  
177,822
50,145

Creditors: amounts falling due within one year
 6 
(3,170,777)
(2,984,616)

Net current liabilities
  
 
 
(2,992,955)
 
 
(2,934,471)

Total assets less current liabilities
  
(172,952)
(78,772)

Provisions for liabilities
  

Deferred tax
 7 
(68,500)
-

  
 
 
(68,500)
 
 
-

Net liabilities
  
(241,452)
(78,772)


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
 9 
(241,453)
(78,773)

  
(241,452)
(78,772)


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 9 April 2025.

J P O'Loan
Director

The notes on pages 2 to 9 form part of these financial statements.

- 1 -

 
 14551959
30 September 2024
PENKETH PLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Penketh Place Limited ('the Company') is a private company, limited by shares, incorporated and registered in England and Wales (Registered number: 14551959).
The address of the registered office is 35-37 Greenhey Place, Skelmersdale, Lancashire, WN8 9SA.
The current period has been prepared on a 12 month basis, in comparison to the prior year reporting period which was prepared on a 10 month basis, therefore the results of the two periods are not directly comparable.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

These financial statements have been presented in pound sterling which is the functional currency of the Company, and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of JCCO Healthcare Limited as at 30 September 2024 and these financial statements may be obtained from Companies House.

- 2 -

 
 14551959
30 September 2024
PENKETH PLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Going concern

The directors have performed a review of the Company's financial projections and cash flows, considering macro-economic factors such as inflation and interest rates together with the wider going concern status of the Company. Operational performance and customer service levels have also remained very strong throughout this period. The directors have considered all possible outcomes of this review in the going concern assessment and conclude that the business would remain a going concern with sufficient funds in all possible scenarios.
The entity has a net current liability position at the 30 September 2024. The parent entity (JCCO Healthcare Limited) will provide support to make sufficient funds available if needed for at least twelve months from the date of the audit report.

 
2.4

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

- 3 -

 
 14551959
30 September 2024
PENKETH PLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

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 below bases.

Depreciation is provided on the following basis:

Freehold property
-
5%
Straight line

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.

 
2.8

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.

- 4 -

 
 14551959
30 September 2024
PENKETH PLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
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.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

- 5 -

 
 14551959
30 September 2024
PENKETH PLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

- 6 -

 
 14551959
30 September 2024
PENKETH PLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Employees

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


4.


Tangible fixed assets





Freehold property

£



Cost or valuation


At 1 October 2023
2,855,699



At 30 September 2024

2,855,699



Depreciation


Charge for the year
35,696



At 30 September 2024

35,696



Net book value



At 30 September 2024
2,820,003



At 30 September 2023
2,855,699


5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
142,335
-

Prepayments
35,487
30,551

Deferred taxation
-
19,594

177,822
50,145


Amounts owed by group undertakings are unsecured, interest free and repayable on demand. 

- 7 -

 
 14551959
30 September 2024
PENKETH PLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
31,487
39,300

Amounts owed to group undertakings
3,039,942
2,907,518

Other taxation and social security
18,187
17,438

Accruals
81,161
20,360

3,170,777
2,984,616


Amounts owed to group undertakings are unsecured, interest free and repayable on demand. 


7.


Deferred taxation




2024
2023


£

£






At beginning of year
19,594
-


Charged to profit or loss
(88,094)
19,594



At end of year
(68,500)
19,594

The deferred taxation balance is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(88,094)
-

Losses and other deductions
19,594
19,594

(68,500)
19,594


8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1

Ordinary shares hold full rights in respect of voting, participation and dividends

- 8 -

 
 14551959
30 September 2024
PENKETH PLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Reserves

Profit and loss account

This reserve represents the cumulative profit/(loss) of the Company, less dividends declared.


10.


Commitments under operating leases as a lessor

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
237,225
-

Later than 1 year and not later than 5 years
948,900
-

Later than 5 years
1,126,819
-

2,312,944
-


11.


Related party transactions

In accordance with Section 33 of FRS 102, transactions and balances with Group companies included within the consolidated financial statements of JCCO Healthcare Limited have not been disclosed within these financial statements. JCCO Healthcare Limited is the immediate controlling party and the consolidated financial statements are available from Companies House.


12.


Controlling party

The immediate controlling party is JCCO Healthcare Limited who is the only shareholder.
The directors do not deem there to be any ultimate controlling party.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.

The audit report was signed on 9 April 2025 by John Daly (Senior Statutory Auditor) on behalf of Forvis Mazars LLP.

- 9 -