REGISTERED NUMBER: 14386283 (England and Wales)

Unaudited Financial Statements

for the Year Ended 28 February 2025

for

PENNY HOTELS UK LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

D S Penny

A L Penny

REGISTERED OFFICE:

Old Station House

Powburn

Alnwick

Northumberland

NE66 4HU

REGISTERED NUMBER:

14386283 (England and Wales)

ACCOUNTANTS:

K J Pittalis and Partners LLP

Chartered Certified Accountants

Global House

303 Ballards Lane

London

N12 8NP

FIXED ASSETS

Intangible assets

4

34,500

39,000

Tangible assets

5

1,776,979

1,810,166

1,811,479

1,849,166

CURRENT ASSETS

Debtors

6

3,938

4,828

Cash at bank and in hand

127,414

32,683

131,352

37,511

CREDITORS

Amounts falling due within one year

7

(1,319,742

)

(1,838,097

)

NET CURRENT LIABILITIES

(1,188,390

)

(1,800,586

)

TOTAL ASSETS LESS CURRENT LIABILITIES

623,089

48,580

CREDITORS

Amounts falling due after more than one year

8

(550,000

)

-

PROVISIONS FOR LIABILITIES

10

(9,273

)

(8,594

)

NET ASSETS

63,816

39,986

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

63,716

39,886

SHAREHOLDERS' FUNDS

63,816

39,986

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2025 and were signed on its behalf by:

D S Penny - Director

1.	STATUTORY INFORMATION

Penny Hotels Uk 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover represents amounts received from rooms let out. Income is recognised to the year end date.

Turnover represents sales of services net of VAT and trade discounts. Turnover is recognised when the services are provided to the customer.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

Straight line over 50 years on building

Fixtures and fittings

-

25% on reducing balance

Freehold property held for the company's trade are carried at their revalued amounts, being fair value at the date of valuation less subsequent depreciation and impairment losses. Revaluations are performed by professional qualified valuers with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Any revaluation increase in the carrying amount of land and buildings is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously expended. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against revaluation reserve in equity; decreases exceeding the balance in revaluation reserve relating to an asset are recognised in profit or loss. Each year the difference between depreciation based on the revalued carrying amount of the asset recognised in profit or loss and depreciation based on the asset's original cost is transferred from revaluation reserve to retained earnings. Freehold property were revalued for the first time during the previous financial year, whilst they were carried at cost less accumulated depreciation and impairment in previous periods. The use of a policy of revaluation provides more relevant and reliable information about the value of the property owned by the company.

Land is not depreciated.

All other tangible fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses. Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over their estimated useful lives as detailed above.

On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss and included in other operating income.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2024 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2024

and 28 February 2025

45,000

AMORTISATION

At 1 March 2024

6,000

Charge for year

4,500

At 28 February 2025

10,500

NET BOOK VALUE

At 28 February 2025

34,500

At 29 February 2024

39,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST

At 1 March 2024

1,795,232

50,000

1,845,232

Additions

-

14,598

14,598

At 28 February 2025

1,795,232

64,598

1,859,830

DEPRECIATION

At 1 March 2024

19,441

15,625

35,066

Charge for year

35,904

11,881

47,785

At 28 February 2025

55,345

27,506

82,851

NET BOOK VALUE

At 28 February 2025

1,739,887

37,092

1,776,979

At 29 February 2024

1,775,791

34,375

1,810,166

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/2/25

29/2/24

£

£

Trade debtors

3,938

4,828

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/2/25

29/2/24

£

£

Trade creditors

648

329

Amounts owed to participating interests

1,288,372

1,818,372

Taxation and social security

24,872

15,896

Other creditors

5,850

3,500

1,319,742

1,838,097

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28/2/25

29/2/24

£

£

Bank loans

550,000

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

28/2/25

29/2/24

£

£

Bank loans

550,000

-

During the year, the company obtained two bank loans totalling £550,000, funds were used for the acquisition of freehold and leasehold properties.

The loans are secured by a debenture and fixed charges over all present freehold property and associated assets of the company.

10.	PROVISIONS FOR LIABILITIES

28/2/25

29/2/24

£

£

Deferred tax

9,273

8,594

Deferred

tax

£

Balance at 1 March 2024

8,594

Utilised during year

679

Balance at 28 February 2025

9,273

11.	RELATED PARTY DISCLOSURES

The company is related to the following entities by virtue of common directors, shareholders and/or control:

Penny Petroleum Partnership, Penny Petroleum Partnership 2, Penny Petroleum (Management) Limited, Penny Petroleum (Scotland) Limited, Penny Petroleum (St Helens) Limited, Penny Petroleum (Scarborough) Limited, Topspot Services Limited, Alistair Wallace Investments Ltd and Penny Petroleum (North East) Limited.

Following amount included within creditors amount due within one year due to related entities:

Related entity

2025

2024

Penny Petroleum (North East) Limited

£374,460

£904,460

Penny Petroleum (Scotland) Limited

£60,000

£60,000

Penny Petroleum Partnership 1

£851,412

£851,412

Penny Petroleum Management

£2,500

£2,500

The above amount are unsecured, interest free and repayable on demand.

All entities are the under common control of the directors.