Pencarrow Properties Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Statement of Changes in Equity	4
Notes to the Unaudited Financial Statements	5 to 11

Pencarrow Properties Limited

Company Information

Directors

J A Greenhalgh L Parsons J Greenhalgh C R Parsons

Company secretary

C R Parsons

Registered office

Lowin House Tregolls Road Truro Cornwall TR1 2NA

Bankers

National Westminster Bank plc 1 Church Street St Austell PL25 4AW

Accountants

Francis Clark LLP Chartered AccountantsLowin House Tregolls Road Truro Cornwall TR1 2NA

Pencarrow Properties Limited

Balance Sheet

31 December 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	-	108,000
Other financial assets	7	630,556	577,630
		630,556	685,630
Current assets
Debtors	8	3,655	4,216
Cash at bank and in hand		128,978	222,793
		132,633	227,009
Creditors: Amounts falling due within one year	9	(5,514)	(5,820)
Net current assets		127,119	221,189
Total assets less current liabilities		757,675	906,819
Provisions for liabilities		-	1,296
Net assets		757,675	908,115
Capital and reserves
Called up share capital	10	80	80
Profit and loss account		757,595	908,035
Total equity		757,675	908,115

Profit and loss account includes non-distributable reserves of £85,821 (2024 - £53,146).

Pencarrow Properties Limited

Balance Sheet

31 December 2025

For the financial year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 17 September 2026 and signed on its behalf by:
 

......................................... J Greenhalgh Director

Company Registration Number: 03974347

Pencarrow Properties Limited

Statement of Changes in Equity

Year Ended 31 December 2025

	Share capital £	Profit and loss account £	Total £
At 1 January 2025	80	908,035	908,115
Profit for the year	-	11,560	11,560
Dividends	-	(162,000)	(162,000)
At 31 December 2025	80	757,595	757,675

	Share capital £	Profit and loss account £	Total £
At 1 January 2024	80	1,026,912	1,026,992
Loss for the year	-	(10,877)	(10,877)
Dividends	-	(108,000)	(108,000)
At 31 December 2024	80	908,035	908,115

Pencarrow Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2025

1	General information

The address of its registered office is:
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

The financial statements are presented in sterling which is the functional currency of the company.

The company is a private company limited by share capital, incorporated in England and Wales.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Pencarrow Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2025

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and Buildings	2% Straight Line

Investment property

Investment properties are carried at fair value, with revaluation gains and losses being processed through the profit and loss account.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	5% Straight Line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicy traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Pencarrow Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2025

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2024 - 1).

Pencarrow Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2025

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2025	80,001	80,001
At 31 December 2025	80,001	80,001
Amortisation
At 1 January 2025	80,001	80,001
At 31 December 2025	80,001	80,001
Carrying amount
At 31 December 2025	-	-
At 31 December 2024	-	-

5	Tangible assets

	Freehold land and buildings £	Total £
Cost or valuation
At 1 January 2025	120,000	120,000
Disposals	(120,000)	(120,000)
At 31 December 2025	-	-
Depreciation
At 1 January 2025	12,000	12,000
Eliminated on disposal	(12,000)	(12,000)
At 31 December 2025	-	-
Carrying amount
At 31 December 2025	-	-
At 31 December 2024	108,000	108,000

Prior to disposal the freehold property was included at deemed cost following the transfer from investment property during the year ended 31 December 2020. The historic cost of the freehold property was £79,266.
 

Pencarrow Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2025

6	Investment properties

	2025 £	2024 £
At 1 January	-	305,000
Disposals	-	(305,000)
At 31 December	-	-

7	Other financial assets

	Financial assets at fair value through profit and loss £	Total £
Listed investments
Valuation
At 1 January 2025	577,630	577,630
Additions	323,036	323,036
Disposals	(316,769)	(316,769)
At 31 December 2025	583,897	583,897
Revaluation
Adjustment to market value	46,659	46,659
At 31 December 2025	46,659	46,659
Carrying amount
At 31 December 2025	630,556	630,556

The historic cost of listed investments at the year end was £544,674 (2024 - £524,484).

Pencarrow Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2025

8

Debtors

	2025 £	2024 £
Trade debtors	1,536	1,741
Other debtors	1,013	1,188
Accrued income	1,106	1,287
	3,655	4,216

9

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Accruals and deferred income	5,431	5,780
Other creditors	83	40
	5,514	5,820

10	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	80	80	80	80

Pencarrow Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2025

11	Related party transactions

Transactions with directors

2025	At 1 January 2025 £	Advances to director £	Repayments by director £	At 31 December 2025 £
Mr & Mrs Greenhalgh
Interest free loan	155	802	(1,000)	(43)
Mr & Mrs Parsons
Interest free loan	661	866	(1,000)	527

2024	At 1 January 2024 £	Advances to director £	Repayments by director £	At 31 December 2024 £
Mr & Mrs Greenhalgh
Interest free loan	409	746	(1,000)	155
Mr & Mrs Parsons
Interest free loan	909	752	(1,000)	661