Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investment property | 3 |
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| 887,755 | 887,755 | |||
| Current assets | ||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| 8,874 | 9,034 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current liabilities | (447,782) | (447,172) | ||
| Total assets less current liabilities | 439,973 | 440,583 | ||
| Creditors: amounts falling due after more than one year | 6 | (
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| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital | 7 |
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| Share premium account |
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| Profit and loss account | (
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| Total shareholder's deficit | (
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Directors' responsibilities:
The financial statements of Penlee Point Properties Limited (registered number:
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Mr P Bailey
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Penlee Point Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
No depreciation is provided on the investment property which is a departure from the requirements of the Companies Act 2006. In the opinion of the directors the property is held primarily for its investment potential and so its current value is of more significance than any measure of consumption and to depreciate it would not give a true and fair view. If this departure from the Act had not been made, the profit for the year would have been reduced by depreciation.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Investment property | |
| £ | |
| Valuation | |
| As at 01 December 2024 |
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| As at 30 November 2025 |
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The investment properties were valued on 30 November 2025 by the director who is internal to the company. The basis of this valuation was open market value.
There has been no valuation of investment property by an independent valuer.
There has been no deemed change from the original cost of the properties.
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| £ | £ | ||
| Amounts owed by directors |
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| Prepayments |
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| Other debtors |
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| £ | £ | ||
| Bank loans |
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| Trade creditors |
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| Amounts owed to Group undertakings |
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| Accruals |
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| £ | £ | ||
| Bank loans |
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| Other loans (secured) |
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| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Other related party transactions
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed to Group undertakings | 447,092 | 445,892 |
During the current year, a loan existed between Gunwharf Holdings Limited and Penlee Point Properties Limited. The balance is repayable on demand and no interest was charged during the year. At the balance sheet date, the amount due to Gunwharf Holdings Limited was £447,092 (2024: £445,892).