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Company registration number: 01016524
PENLOW INVESTMENTS (WOLVERHAMPTON) LIMITED
30 November 2024
HEYWOODS
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
PENLOW INVESTMENTS (WOLVERHAMPTON) LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
PENLOW INVESTMENTS (WOLVERHAMPTON) LIMITED
DIRECTORS AND OTHER INFORMATION
Directors Mr B C Snape
Mrs S Snape
Mr S C H Snape
Dr S L Snape
Company number 01016524
Registered office Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
Business address Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
Accountants Heywoods
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
Bankers Barclays Bank Plc
P O Box 5
Queens Square
Wolverhampton
WV1 1DS
PENLOW INVESTMENTS (WOLVERHAMPTON) LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PENLOW INVESTMENTS (WOLVERHAMPTON) LIMITED
YEAR ENDED 30TH NOVEMBER 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Penlow Investments (Wolverhampton) Limited for the year ended 30 November 2024 which comprise the statement of financial position, statement of changes in equity and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Penlow Investments (Wolverhampton) Limited, as a body, in accordance with the terms of our engagement letter dated 9 January 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Penlow Investments (Wolverhampton) Limited and state those matters that we have agreed to state to the board of directors of Penlow Investments (Wolverhampton) Limited 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 Penlow Investments (Wolverhampton) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Penlow Investments (Wolverhampton) Limited 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 Penlow Investments (Wolverhampton) Limited. You consider that Penlow Investments (Wolverhampton) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Penlow Investments (Wolverhampton) Limited. 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.
Heywoods
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
30 June 2025
PENLOW INVESTMENTS (WOLVERHAMPTON) LIMITED
STATEMENT OF FINANCIAL POSITION
30TH NOVEMBER 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 12,786 6,518
Investments 6 2,600,966 3,595,320
_______ _______
2,613,752 3,601,838
Current assets
Debtors 7 1,269,272 385,923
Cash at bank and in hand 786 1,412
_______ _______
1,270,058 387,335
Creditors: amounts falling due
within one year 8 ( 91,650) ( 140,243)
_______ _______
Net current assets 1,178,408 247,092
_______ _______
Total assets less current liabilities 3,792,160 3,848,930
Provisions for liabilities 336 ( 191,348)
_______ _______
Net assets 3,792,496 3,657,582
_______ _______
Capital and reserves
Called up share capital 500 500
Fair value reserve - 718,710
Profit and loss account 3,791,996 2,938,372
_______ _______
Shareholders funds 3,792,496 3,657,582
_______ _______
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 June 2025 , and are signed on behalf of the board by:
Mr B C Snape Mr S C H Snape
Director Director
Company registration number: 01016524
PENLOW INVESTMENTS (WOLVERHAMPTON) LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30TH NOVEMBER 2024
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 December 2022 500 2,710,156 698,595 3,409,251
Loss for the year ( 235,320) ( 235,320)
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account - 2,525,097 2,525,097
Reversal of Fair Value reserve on disposal - ( 1,991,446) - ( 1,991,446)
_______ _______ _______ _______
Total comprehensive income for the year - ( 1,991,446) 2,289,777 298,331
Dividends paid and payable ( 50,000) ( 50,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 50,000) ( 50,000)
_______ _______ _______ _______
At 30 November 2023 and 1 December 2023 500 718,710 2,938,372 3,657,582
Loss for the year ( 32,079) ( 32,079)
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account - 910,703 910,703
Reversal of Fair Value reserve on disposal - ( 718,710) - ( 718,710)
_______ _______ _______ _______
Total comprehensive income for the year - ( 718,710) 878,624 159,914
Dividends paid and payable ( 25,000) ( 25,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 25,000) ( 25,000)
_______ _______ _______ _______
At 30 November 2024 500 - 3,791,996 3,792,496
_______ _______ _______ _______
PENLOW INVESTMENTS (WOLVERHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30TH NOVEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Countrywide House, Knights Way, Shrewsbury, Shropshire, SY1 3AB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental income. Rent is recognised as and when it falls due for payment.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2%
Computer equipment - 33 % straight line
Fittings fixtures and equipment - 15 % reducing balance
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 December 2023 31,500 891 22,081 54,472
Additions 6,580 - - 6,580
_______ _______ _______ _______
At 30 November 2024 38,080 891 22,081 61,052
_______ _______ _______ _______
Depreciation
At 1 December 2023 27,060 891 20,003 47,954
Charge for the year - - 312 312
_______ _______ _______ _______
At 30 November 2024 27,060 891 20,315 48,266
_______ _______ _______ _______
Carrying amount
At 30 November 2024 11,020 - 1,766 12,786
_______ _______ _______ _______
At 30 November 2023 4,440 - 2,078 6,518
_______ _______ _______ _______
6. Investments
Shares in group undertakings and participating interests Other investments other than loans Total
£ £ £
Cost
At 1 December 2023 2,594,992 1,000,328 3,595,320
Additions 5,974 - 5,974
Disposals - ( 1,000,328) ( 1,000,328)
_______ _______ _______
At 30 November 2024 2,600,966 - 2,600,966
_______ _______ _______
Impairment
At 1 December 2023 and 30 November 2024 - - -
_______ _______ _______
Carrying amount
At 30 November 2024 2,600,966 - 2,600,966
_______ _______ _______
At 30 November 2023 2,594,992 1,000,328 3,595,320
_______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 10,000 16,191
Other debtors 1,259,272 369,732
_______ _______
1,269,272 385,923
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors - 2,569
Corporation tax 8,067 62,838
Other creditors 83,583 74,836
_______ _______
91,650 140,243
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr B C Snape 233,028 ( 62,859) - 170,169
Dr S L Snape ( 32,243) - 10,748 ( 21,495)
_______ _______ _______ _______
200,785 ( 62,859) 10,748 148,674
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr B C Snape 327,433 68,378 ( 162,780) 233,031
Dr S L Snape - ( 44,660) 12,417 ( 32,243)
_______ _______ _______ _______
327,433 23,718 ( 150,363) 200,788
_______ _______ _______ _______
Interest is payable at 2.25% per annum. The loans are repayable on demand.