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Registered number: 06591869 (England & Wales)
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PENNINSULA PROJECTS LIMITED
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DIRECTOR'S REPORT AND UNAUDITED FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
31 MARCH 2025
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Pages for Filing with Registrar
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PENNINSULA PROJECTS LIMITED
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CONTENTS
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Notes to the Financial Statements
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PENNINSULA PROJECTS LIMITED
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COMPANY INFORMATION
- 1 -
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Registered number: 06591869 (England & Wales)
PENNINSULA PROJECTS LIMITED
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BALANCE SHEET
AS AT 31 MARCH 2025
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Creditors: amounts falling due within one year
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- 2 -
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Registered number: 06591869 (England & Wales)
PENNINSULA PROJECTS LIMITED
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BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and the member has not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the Director's Report and Profit and Loss Account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the Director:
The notes on pages 4 to 7 form part of these financial statements.
- 3 -
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PENNINSULA PROJECTS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Penninsula Projects Limited is a private company limited by share capital, incorporated in England & Wales, registered number 06591869. The address of the registered office is 40 Queen Anne Street, London, W1G 9EL.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A - small entities of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' ('FRS 102') and the Companies Act 2006.
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Exemption from preparing group financial statements
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The Company is the parent of a small group. The Company has taken advantage of the exemption provided by Section 399 of the Companies Act 2006 and has not prepared group financial statements.
Turnover represents amounts receivable in respect of rent, net of VAT.
Investment property is carried at fair value determined annually by the Director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss Account.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in listed company shares, unlisted company shares and non-government bonds held, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to know amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
- 4 -
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PENNINSULA PROJECTS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
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.
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Current and deferred taxation
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Tax is recognised in the Profit and Loss Account.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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The average monthly number of employees, including the Director, during the year was 1 (2024 - 1).
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- 5 -
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PENNINSULA PROJECTS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Investments in subsidiary companies
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Other fixed asset investments
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Reversal of impairment losses
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Freehold investment property
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The valuation of the investment property at the year end was considered by the Director. The Director is satisfied that the carrying amount of the investment property as at 31 March 2025 is not materially different to open market value.
- 6 -
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PENNINSULA PROJECTS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Prepayments and accrued income
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Creditors: amounts falling due within one year
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Credited to the Profit and Loss Account
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The provision for deferred taxation is made up as follows:
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Fair value movement on investments
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Related party transactions
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At the balance sheet date, the amount due to the Director and a shareholder was £11,338,392 (2024 - £12,338,392).
- 7 -
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