Penning Power & Water Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04163109 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

PENNING POWER & WATER LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Lord A J Margadale of Islay

SECRETARY:

S N Fowler

REGISTERED OFFICE:

The Estate Office

Fonthill Bishop

Salisbury

Wiltshire

SP3 5SH

REGISTERED NUMBER:

04163109 (England and Wales)

ACCOUNTANTS:

Martin and Company

25 St Thomas Street

Winchester

Hampshire

SO23 9HJ

FIXED ASSETS

Tangible assets

4

942,351

1,079,766

CURRENT ASSETS

Stocks

46,400

18,400

Debtors

5

406,971

274,938

Cash at bank

1,717

1,852

455,088

295,190

CREDITORS

Amounts falling due within one year

6

102,519

102,370

NET CURRENT ASSETS

352,569

192,820

TOTAL ASSETS LESS CURRENT LIABILITIES

1,294,920

1,272,586

CAPITAL AND RESERVES

Called up share capital

2,095,000

2,095,000

Share premium

70,000

70,000

Retained earnings

(870,080

)

(892,414

)

SHAREHOLDERS' FUNDS

1,294,920

1,272,586

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 director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 December 2020 and were signed by:

Lord A J Margadale of Islay - Director

1.	STATUTORY INFORMATION

Penning Power & Water 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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Land and buildings

-

5% on cost

Plant and machinery etc

-

15-25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2019

and 31 March 2020

395,206

2,180,272

2,575,478

DEPRECIATION

At 1 April 2019

108,073

1,387,639

1,495,712

Charge for year

16,679

120,736

137,415

At 31 March 2020

124,752

1,508,375

1,633,127

NET BOOK VALUE

At 31 March 2020

270,454

671,897

942,351

At 31 March 2019

287,133

792,633

1,079,766

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

148,876

210,938

Other debtors

249,400

64,000

VAT

8,695

-

406,971

274,938

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade creditors

96,116

99,558

VAT

-

268

Accruals

3,000

2,500

Deferred income

3,403

44

102,519

102,370