Registration number: 02146183

Pencilhead Limited

Statement of Financial Position as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Investment property	4	1,650,000	1,650,000
Current assets
Debtors	5	4,222	5,357
Cash at bank and in hand		19,896	26,315
		24,118	31,672
Creditors: Amounts falling due within one year	6	(19,522)	(22,673)
Net current assets		4,596	8,999
Total assets less current liabilities		1,654,596	1,658,999
Provisions for liabilities		(260,939)	(260,939)
Net assets		1,393,657	1,398,060
Capital and reserves
Called up share capital		100	100
Profit and loss account		1,393,557	1,397,960
Total equity		1,393,657	1,398,060

For the financial year ending 31 March 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 in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The directors of Pencilhead Limited have elected not to include a copy of the profit and loss account within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, s444.

Pencilhead Limited

Statement of Financial Position as at 31 March 2025

Approved and authorised by the Board on 15 October 2025 and signed on its behalf by:
 

.........................................

Mr Samuel Robert Torrance OBE

Director

Company registration number: 02146183

Pencilhead Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

1	General information

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

The address of its registered office is:
c/o Brebners
First Floor
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

The principal activity of the company is that of property investment.

2	Accounting policies

Statement of compliance

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' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a profit for the year ended 31 March 2025 and had net assets of £1,393,657 at that date.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.

Revenue recognition

Turnover comprises the fair value of rental income received or receivable in the ordinary course of the company's activities. Turnover is shown net of value added tax.

The company recognises rental income evenly over the period of the lease or licence.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Pencilhead Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

The current income 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. Observable market prices are used, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

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

4	Investment properties

	2025 £
Fair value At 1 April 2024 and 31 March 2025	1,650,000

The investment properties are included at fair value as estimated by the directors at 31 March 2025 at an amount of £1,650,000.

5

Debtors

	2025 £	2024 £
Other debtors	4,222	5,357

Pencilhead Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

6

Creditors

Creditors: amounts falling due within one year

		2025 £	2024 £
Trade creditors		940	-
Other creditors		18,582	22,673
		19,522	22,673

7

Reserves

Included within the profit and loss account is an amount of £1,010,325 (2024: £1,010,325) which is non-distributable.