REGISTERED NUMBER: 07020838 (England and Wales)

Unaudited Financial Statements

for the Period 1 March 2024 to 31 March 2025

for

PENNY PETROLEUM (SCARBOROUGH) 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:

Global House

303 Ballards Lane

London

N12 8NP

REGISTERED NUMBER:

07020838 (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

209,635

37,500

Tangible assets

5

3,647,557

663,142

Investments

6

171,678

171,678

4,028,870

872,320

CURRENT ASSETS

Stocks

7

629,480

508,612

Debtors

8

2,583,625

1,802,882

Cash at bank and in hand

885,703

362,490

4,098,808

2,673,984

CREDITORS

Amounts falling due within one year

9

(6,679,994

)

(1,949,728

)

NET CURRENT (LIABILITIES)/ASSETS

(2,581,186

)

724,256

TOTAL ASSETS LESS CURRENT LIABILITIES

1,447,684

1,596,576

CREDITORS

Amounts falling due after more than one year

10

(174,329

)

(268,573

)

PROVISIONS FOR LIABILITIES

13

(77,525

)

(74,325

)

NET ASSETS

1,195,830

1,253,678

CAPITAL AND RESERVES

Called up share capital

14

100

100

Retained earnings

15

1,195,730

1,253,578

SHAREHOLDERS' FUNDS

1,195,830

1,253,678

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

The members have not required the company to obtain an audit of its financial statements for the period 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

D S Penny - Director

1.	STATUTORY INFORMATION

Penny Petroleum (Scarborough) 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.

Preparation of consolidated financial statements

The financial statements contain information about Penny Petroleum (Scarborough) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Land and building held and used in the Company's own activities for production and supply of goods or for administration purposes are stated in the statement of financial position at their revalued amounts. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position.

Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve.

Depreciation on cost of buildings is charged to profit and loss. Depreciation on the revaluation amount on buildings is charged to the revaluation reserve, so as to write off their value less residual value, over their estimated useful life, using the straight line method.

Once the property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised.

Stocks

Stock is valued at the lower of cost and net realisable value. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Investments

Investments in the financial statements are stated at cost.

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.

Deferred grants

Grants received have been released in the Income statement over the period of five years.

Operating lease

Rental applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 47 (2024 - 46 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2024

50,000

Additions

250,000

At 31 March 2025

300,000

AMORTISATION

At 1 March 2024

12,500

Charge for period

77,865

At 31 March 2025

90,365

NET BOOK VALUE

At 31 March 2025

209,635

At 29 February 2024

37,500

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Long

Plant and

and

property

leasehold

machinery

fittings

Totals

£

£

£

£

£

COST

At 1 March 2024

358,920

12,427

600,079

6,507

977,933

Additions

2,847,314

-

87,469

282,618

3,217,401

At 31 March 2025

3,206,234

12,427

687,548

289,125

4,195,334

DEPRECIATION

At 1 March 2024

5,384

124

306,376

2,907

314,791

Charge for period

52,101

134

103,234

77,517

232,986

At 31 March 2025

57,485

258

409,610

80,424

547,777

NET BOOK VALUE

At 31 March 2025

3,148,749

12,169

277,938

208,701

3,647,557

At 29 February 2024

353,536

12,303

293,703

3,600

663,142

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakin

£

COST

At 1 March 2024

and 31 March 2025

171,678

NET BOOK VALUE

At 31 March 2025

171,678

At 29 February 2024

171,678

This represents the cost of acquiring the shares in Seamer Station Limited, Westend Station Limited and Newby Station Limited. It effectively represents the investment in three leasehold premises.

7.

STOCKS

31/3/25

29/2/24

£

£

Stocks

629,480

508,612

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

29/2/24

£

£

Trade debtors

263,483

214,647

Amounts owed by participating interests

2,316,279

1,586,279

Other debtors

3,863

1,956

2,583,625

1,802,882

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

29/2/24

£

£

Bank loans and overdrafts (see note 11)

45,951

41,282

Hire purchase contracts

50,240

38,619

Trade creditors

2,044,895

1,345,765

Amounts owed to participating interests

2,902,585

352,000

Taxation and social security

89,673

132,529

Other creditors

1,546,650

39,533

6,679,994

1,949,728

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/25

29/2/24

£

£

Bank loans (see note 11)

81,572

131,158

Hire purchase contracts

92,757

131,192

Other creditors

-

6,223

174,329

268,573

11.

LOANS

An analysis of the maturity of loans is given below:

31/3/25

29/2/24

£

£

Amounts falling due within one year or on demand:

Bank loans

45,951

41,282

Amounts falling due between one and two years:

Bank loans - 1-2 years

50,262

45,592

Amounts falling due between two and five years:

Bank loans - 2-5 years

31,310

85,566

12.	SECURED DEBTS

The security for the loan is a fixed charge over the freehold properties owned by the company and a debenture over the entire assets and undertaking. There are legal charges over other properties owned by related entities where the lender is involved, and debentures over those companies. There are also cross guarantees provided by the entities for each other's borrowings.

Security has also been taken by way of legal charges over properties owned by the directors/shareholder who have also provided personal guarantees.

13.	PROVISIONS FOR LIABILITIES

31/3/25

29/2/24

£

£

Deferred tax

Accelerated capital allowances

46,760

43,560

Deferred tax

30,765

30,765

77,525

74,325

Deferred

tax

£

Balance at 1 March 2024

74,325

Provided during period

3,200

Balance at 31 March 2025

77,525

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/3/25

29/2/24

value:

£

£

100

Ordinary

£1

100

100

15.

RESERVES

Retained

earnings

£

At 1 March 2024

1,253,578

Deficit for the period

(57,848

)

At 31 March 2025

1,195,730

16.	RELATED PARTY DISCLOSURES

The amount included in debtors amounts due within one year of £2,316,278.90 (2024: £1,586,278.90) is owed to the company by Penny Petroleum Partnership 2 £252,493 (2024 - £222,493), Penny Petroleum (Management) Limited £737,785.90 (2024 - £387,785.90), Penny Petroleum (St Helens) Limited £313,000 (2024 - £113,000), Penny Petroleum (North East) Limited £560,000 (2024 - £560,000) Penny Petroleum (Scotland) Limited £173,000 (2024 - £173,000), and Topspot Services Limited £280,000 (2024 - £130,000).

The amount included in creditors amount due within one year of £2,902,585 (2024: £352,000) is owed to Penny Petroleum Partnership 1 £2,902,585 (2024: £352,000 Debit) which is a related entity.

Management charges of £139,500 (2024: £140,802) are paid to Penny Petroleum (Management) Limited.

All entities are under the common control of the directors.

Amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.