PENNON_PROPERTIES_LIMITED - Accounts

PENNON PROPERTIES LIMITED - Company Information

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Company Registration No. 03496680 (England and Wales)

PENNON PROPERTIES LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2015

PENNON PROPERTIES LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

PENNON PROPERTIES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 JANUARY 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

2,406,298

2,406,348

Current assets

Debtors

59,780

31,402

Cash at bank and in hand

41,863

7,799

101,643

39,201

Creditors: amounts falling due within one year

(927,449)

(897,726)

Net current liabilities

(825,806)

(858,525)

Total assets less current liabilities

1,580,492

1,547,823

Creditors: amounts falling due after more than one year

(487,019)

(538,751)

1,093,473

1,009,072

Capital and reserves

Called up share capital

Profit and loss account

1,093,471

1,009,070

Shareholders' funds

1,093,473

1,009,072

For the financial year ended 31 January 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 12 August 2015

Mr M Singh

Director

Company Registration No. 03496680

PENNON PROPERTIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JANUARY 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents rents receivable in respect of investment properties net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer Equipment

25% Reduced Balance

No depreciation is provided in respect of investment properties.

1.5

Deferred taxation

Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the director, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.

Fixed assets

Tangible assets

Cost

At 1 February 2014 & at 31 January 2015

2,407,427

Depreciation

At 1 February 2014

1,079

Charge for the year

At 31 January 2015

1,129

Net book value

At 31 January 2015

2,406,298

At 31 January 2014

2,406,348

PENNON PROPERTIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2015

- 3 -

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £52,148 (2014 - £50,416).

Creditors: amounts falling due after more than one year

2015

2014

Analysis of loans repayable in more than five years

Total not repayable by instalments and due in more than five years

259,729

319,009

The aggregate amount of creditors for which security has been given amounted to £487,019 (2014 - £538,751).

Share capital

2015

2014

Allotted, called up and fully paid

2 Ordinary shares of £1 each