REGISTERED NUMBER: 13618993 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PENNINE INDUSTRIAL PROPERTY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

C J Hobbs

REGISTERED OFFICE:

Crowe U.K. LLP

3rd Floor

St George's House

56 Peter Street

Manchester

M2 3NQ

REGISTERED NUMBER:

13618993 (England and Wales)

ACCOUNTANTS:

Crowe U.K. LLP

3rd Floor

St George's House

56 Peter Street

Manchester

M2 3NQ

FIXED ASSETS

Investment property

4

2,775,063

2,775,063

CURRENT ASSETS

Debtors

5

52,422

51,454

Cash at bank

29,263

63,004

81,685

114,458

CREDITORS

Amounts falling due within one year

6

935,833

1,033,662

NET CURRENT LIABILITIES

(854,148

)

(919,204

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,920,915

1,855,859

CREDITORS

Amounts falling due after more than one year

7

1,959,315

1,896,235

NET LIABILITIES

(38,400

)

(40,376

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(38,500

)

(40,476

)

(38,400

)

(40,376

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 September 2025 and were signed by:

C J Hobbs - Director

1.	STATUTORY INFORMATION

Pennine Industrial Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

These financial statements have been prepared in accordance with FRS 102 "The Financial reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental services provided in the normal course of business. The value of consideration takes into account trade discounts and settlement discounts.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the rental period, costs incurred and costs to the property can be estimated reliably. The property costs is calculated by comparing costs incurred.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, intercompany loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

The director considers that the Company will be able to rely on sufficient additional support from the director for at least the next 12 months, to enable the Company to be able to meet all its commitments as they fall due. Therefore, the director considers that the going concern basis is appropriate in respect of the financial statements for the year ended 31 December 2024.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

Fair value

At 1 January 2024

and 31 December 2024

2,775,063

Net book value

At 31 December 2024

2,775,063

At 31 December 2023

2,775,063

Investment property comprises two residential properties. The fair value of the investment properties have been arrived at on an open market value basis by reference to market evidence of transaction prices for similar properties at the time of sale of the property.

The directors consider that the fair value of the investment properties at 31 December 2024 in total is as stated above.

Fair value at 31 December 2024 is represented by:

£

Valuation in 2023

(125,063

)

Cost

2,900,126

2,775,063

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

48,067

48,067

Other debtors

4,355

3,387

52,422

51,454

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

-

84,529

Taxation and social security

9,278

22,703

Other creditors

926,555

926,430

935,833

1,033,662

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

-

1,896,235

Other creditors

1,959,315

-

1,959,315

1,896,235

Pennine Industrial Property Limited (PIP) previously owed a loan to Pennine Industrial Equipment Limited (PIE), a related party by virtue of common ownership. The loan was secured against investment property owned by PIP. Following the sale of PIE to an unrelated third party, the director of PIP repaid the loan on behalf of PIP.

8.	RELATED PARTY TRANSACTIONS

In the prior year, Pennine Industrial Property Limited (PIP) incurred related party transactions with Pennine Industrial Equipment Limited (PIE) which was a 100% owned subsidiary of Pennine Industrial Holdings Limited until it was sold to an unrelated third party in the prior year. The director, Mr C J Hobbs previously held major shareholdings in Pennine Industrial Holdings Limited.

PIP now recognises a liability of £884,117 (2023: £884,117) to the director for the amount paid on behalf of the company following the sale of PIE. This balance is interest free, repayable on demand, and included in other creditors due within one year.

During the year, the company borrowed £1,960,000 from the director, Mr C J Hobbs. Repayments of £87,287 were made during the year in respect of this loan. At the year end, the balance due to the director in respect of this loan was £1,959,315. Interest is being charged on this amount at the official bank rate plus 1.5%.

Therefore, the total amount due to the director is £2,843,432 (2023: £884,117).

9.	CONTROLLING PARTY

The ultimate controlling party is the director, Mr C J Hobbs has 100% share holding in Pennine Industrial Property Limited.