Company No: 00660417 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Investment property	3	321,432		321,432
		321,432		321,432
Current assets
Debtors	4	1,008		2,534
Cash at bank and in hand		2,355		14,628
		3,363		17,162
Creditors: amounts falling due within one year	5	( 2,936)		( 31,654)
Net current assets/(liabilities)		427		(14,492)
Total assets less current liabilities		321,859		306,940
Creditors: amounts falling due after more than one year	6	( 159,683)		( 143,450)
Net assets		162,176		163,490
Capital and reserves
Called-up share capital		100		100
Undistributable reserve		35,953		35,953
Profit and loss account		126,123		127,437
Total shareholder's funds		162,176		163,490

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 member has 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 T.S. Penny (Property Development) Limited (registered number: 00660417) 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

T.S. Penny (Property Development) 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 £.

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.

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.

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.

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. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	321,432
As at 31 March 2025	321,432

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 £321,432 (2024 - £321,432) and a carrying amount at historical cost of £285,479 (2024 - £285,479).

4. Debtors

	2025		2024
	£		£
Trade debtors	590		2,143
Corporation tax	25		25
Other debtors	393		366
	1,008		2,534

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	906		0
Other creditors	2,030		31,654
	2,936		31,654

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

	2025		2024
	£		£
Amounts owed to Parent undertakings	159,683		143,450

There are no amounts included above in respect of which any security has been given by the small entity.

7. Ultimate controlling party

Parent Company:

Thos S Penny Limited

Goodwood House, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PX.