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Registration number: 04594239

Pennine Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Pennine Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Pennine Properties Limited

Company Information

Directors

Mrs R Roberts

Mr G Roberts

Company secretary

Mrs R Roberts

Registered office

Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

Accountants

Landmark Accountants Limited Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

Pennine Properties Limited

(Registration number: 04594239)
Balance Sheet as at 31 October 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

96

 

144

Investment property

5

 

2,536,193

 

2,536,193

   

2,536,289

 

2,536,337

Current assets

   

 

Debtors

6

4,079

 

4,952

 

Cash at bank and in hand

 

739,143

 

765,065

 

 

743,222

 

770,017

 

Creditors: Amounts falling due within one year

7

(9,392)

 

(21,002)

 

Net current assets

   

733,830

 

749,015

Total assets less current liabilities

   

3,270,119

 

3,285,352

Provisions for liabilities

 

(365,180)

 

(343,838)

Net assets

   

2,904,939

 

2,941,514

Capital and reserves

   

 

Called up share capital

1,011

 

1,011

 

Other reserves

1,547,892

 

1,547,892

 

Retained earnings

1,356,036

 

1,392,611

 

Shareholders' funds

   

2,904,939

 

2,941,514

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 July 2025 and signed on its behalf by:
 

.........................................
Mr G Roberts
Director

 

Pennine Properties Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency of these accounts is £ Sterling and the level of rounding is to the nearest £1.

Revenue recognition

Revenue comprises rents receivable from tenants under operating leases and are recognised on a straight line basis over the term of the lease.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Pennine Properties Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Straight line method

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Pennine Properties Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Pennine Properties Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 November 2023

3,834

3,834

At 31 October 2024

3,834

3,834

Depreciation

At 1 November 2023

3,690

3,690

Charge for the year

48

48

At 31 October 2024

3,738

3,738

Carrying amount

At 31 October 2024

96

96

At 31 October 2023

144

144

5

Investment properties

2024
£

At 1 November 2023

2,536,193

At 31 October 2024

2,536,193

There has been no valuation of investment property by an independent valuer.

6

Debtors

2024
£

2023
£

Prepayments

4,079

4,952

4,079

4,952

7

Creditors

2024
£

2023
£

Due within one year

Trade creditors

800

800

Taxation and social security

-

10

Accruals and deferred income

-

589

Other creditors

8,592

19,603

9,392

21,002