REGISTERED NUMBER: 03698404 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Penco Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P C Gorin

M Gorin

REGISTERED OFFICE:

3 - 5 College Street

Nottingham

Nottinghamshire

NG1 5AQ

REGISTERED NUMBER:

03698404 (England and Wales)

FIXED ASSETS

Tangible assets

4

463

735

Investment property

5

1,528,000

1,713,765

1,528,463

1,714,500

CURRENT ASSETS

Stocks

668,829

-

Debtors

6

622,957

623,992

Cash at bank

27,891

197,788

1,319,677

821,780

CREDITORS

Amounts falling due within one year

7

1,133,848

944,859

NET CURRENT ASSETS/(LIABILITIES)

185,829

(123,079

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,714,292

1,591,421

CREDITORS

Amounts falling due after more than one year

8

(325,163

)

(338,433

)

PROVISIONS FOR LIABILITIES

(91,217

)

(71,583

)

NET ASSETS

1,297,912

1,181,405

CAPITAL AND RESERVES

Called up share capital

10

2

2

Revaluation reserve

11

614,449

431,151

Retained earnings

683,461

750,252

SHAREHOLDERS' FUNDS

1,297,912

1,181,405

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2025 and were signed on its behalf by:

M Gorin - Director

1.	STATUTORY INFORMATION

Penco Developments 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.

Turnover

Turnover represents net rental income receivable, excluding value added tax.

Tangible fixed assets

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

Computer equipment

-

20% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2024

10,823

Additions

579

Disposals

(10,823

)

At 31 March 2025

579

DEPRECIATION

At 1 April 2024

10,088

Charge for year

116

Eliminated on disposal

(10,088

)

At 31 March 2025

116

NET BOOK VALUE

At 31 March 2025

463

At 31 March 2024

735

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

1,713,765

Revaluations

203,000

Reclassification/transfer

(388,765

)

At 31 March 2025

1,528,000

NET BOOK VALUE

At 31 March 2025

1,528,000

At 31 March 2024

1,713,765

Fair value at 31 March 2025 is represented by:

£

Valuation in 2025

705,550

Cost

822,450

1,528,000

The directors have provided an estimate of the change in fair value of the investment property.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed by group undertakings

622,187

623,187

Prepayments and accrued income

770

805

622,957

623,992

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

13,856

12,781

Trade creditors

360

982

Taxation and social security

7,865

9,067

Other creditors

1,111,767

922,029

1,133,848

944,859

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

325,163

338,433

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

282,250

281,664

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

339,019

351,214

The bank loan is secured by way of a fixed charge over the assets to which it relates. The charge was satisfied on 9 September 2025.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

2

Ordinary

£1

2

2

11.

RESERVES

Revaluation

reserve

£

At 1 April 2024

431,151

Deferred tax

(19,702

)

Revaluation

203,000

At 31 March 2025

614,449

12.	RELATED PARTY DISCLOSURES

At the balance sheet date, there was an amount of £622,187 (2024 - £623,187) owed from the parent company.