Penrose Estates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08328660 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2020

for

Penrose Estates Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

6

DIRECTORS:

I A Ambrose

D J Pennington

REGISTERED OFFICE:

Seymour Chambers

92 London Road

Liverpool

Merseyside

L3 5NW

REGISTERED NUMBER:

08328660 (England and Wales)

ACCOUNTANTS:

Douglas Fairless Partnership

Seymour Chambers

92 London Road

Liverpool

Merseyside

L3 5NW

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

137,278

139,701

137,278

139,701

CURRENT ASSETS

Stocks

20,000

24,000

Debtors

16,146

8,623

Cash at bank

20,951

13,988

57,097

46,611

CREDITORS

Amounts falling due within one year

131,808

121,123

NET CURRENT LIABILITIES

(74,711

)

(74,512

)

TOTAL ASSETS LESS CURRENT LIABILITIES

62,567

65,189

CREDITORS

Amounts falling due after more than one year

6

(54,814

)

(63,373

)

PROVISIONS FOR LIABILITIES

(754

)

(1,214

)

NET ASSETS

6,999

602

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

6,997

600

SHAREHOLDERS' FUNDS

6,999

602

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 25 September 2020 and were signed on its behalf by:

D J Pennington - Director

1.	STATUTORY INFORMATION

Penrose Estates 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.

Turnover

The turnover in the profit & loss account represents revenue recognised on services fully delivered during the

period on a cash or credit basis during the period exclusive of value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of five 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.

Freehold property

-

not provided

Improvements to property

-

not provided

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on cost

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2019 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2019

and 31 March 2020

25,000

AMORTISATION

At 1 April 2019

and 31 March 2020

25,000

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2019

and 31 March 2020

158,716

DEPRECIATION

At 1 April 2019

19,015

Charge for year

2,423

At 31 March 2020

21,438

NET BOOK VALUE

At 31 March 2020

137,278

At 31 March 2019

139,701

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

31.3.20

31.3.19

£

£

Repayable by instalments

Bank loans more 5 yr by instal

20,793

24,906

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.20

31.3.19

£

£

Bank loans

67,025

75,584

Barclays bank have a charge over crown buildings liverpool road crosby.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary

statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Penrose Estates Limited for the year ended 31 March 2020 which comprise the Abridged Income

Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from information

and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Penrose Estates Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Penrose Estates Limited and state those matters that we have agreed to state to the Board of Directors of Penrose Estates Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Penrose Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Penrose Estates Limited. You consider that Penrose Estates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Penrose Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Douglas Fairless Partnership

Seymour Chambers

92 London Road

Liverpool

Merseyside

L3 5NW

Date: .............................................