Company No: 00093876 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	1,969		1,476
Investment property	4	3,053,568		3,253,568
Investments	5	5,100		5,100
		3,060,637		3,260,144
Current assets
Debtors
- due within one year	6	30,011		17,902
- due after more than one year	6	159,683		143,450
Cash at bank and in hand		41,271		31,549
		230,965		192,901
Creditors: amounts falling due within one year	7	( 221,167)		( 217,687)
Net current assets/(liabilities)		9,798		(24,786)
Total assets less current liabilities		3,070,435		3,235,358
Creditors: amounts falling due after more than one year	8	( 277,196)		( 294,098)
Net assets		2,793,239		2,941,260
Capital and reserves
Called-up share capital		136,680		136,680
Undistributable reserve		393,275		393,275
Profit and loss account		2,263,284		2,411,305
Total shareholders' funds		2,793,239		2,941,260

For the financial year ending 31 March 2025 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 financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Thos S Penny Limited (registered number: 00093876) were approved and authorised for issue by the Board of Directors on 08 September 2025. They were signed on its behalf by:

D M B Kite Director

S J L Penny Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Thos S Penny Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover comprises the fair value of the consideration received or receivable as rental income in the ordinary course of the company’s activities.

The company recognises revenue in the period of occupation by the tenant.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from group undertakings is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings

20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss and unrealised gains are transferred to undistributable reserves.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. If there is an unconditional right to receive settlement for at least twelve months after the reporting date, they are presented as non-current debtors.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	6		6

3. Tangible assets

	Fixtures and fittings		Total
	£		£
Cost
At 01 April 2024	2,585		2,585
Additions	1,083		1,083
Disposals	( 724)		( 724)
At 31 March 2025	2,944		2,944
Accumulated depreciation
At 01 April 2024	1,109		1,109
Charge for the financial year	471		471
Disposals	( 605)		( 605)
At 31 March 2025	975		975
Net book value
At 31 March 2025	1,969		1,969
At 31 March 2024	1,476		1,476

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	3,253,568
Fair value movement	(200,000)
As at 31 March 2025	3,053,568

Valuation

The value of investment property is derived from observable current market prices for comparable real estate determined by the directors. The assets have a current value of £3,053,568 (2024 - £3,253,568) and a carrying historic cost of £2,860,293 (2024 - £2,860,293).

5. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 April 2024	5,100
At 31 March 2025	5,100
Carrying value at 31 March 2025	5,100
Carrying value at 31 March 2024	5,100

6. Debtors

	2025		2024
	£		£
Debtors: amounts falling due within one year
Trade debtors	22,139		10,535
Other debtors	7,872		7,367
	30,011		17,902
Debtors: amounts falling due after more than one year
Amounts owed by own subsidiaries	159,683		143,450

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured)	52,556		79,975
Trade creditors	5,962		2,585
Taxation and social security	38,479		40,541
Other creditors	124,170		94,586
	221,167		217,687

Security for the bank loan is provided by property owned by the company. The amount of the bank loans secured against property due within one year was £52,556 (2024 - £79,975).

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans (secured)	177,427		232,979
Amounts owed to own subsidiaries	57,702		21,936
Other creditors	42,067		39,183
	277,196		294,098

Security for the bank loan is provided by property owned by the company. The amount of the bank loans secured against property due after more than one year was £177,427 (2024 - £232,979).