| Penny's Estate Agents Limited |
| Registered number: |
03805508 |
| Balance Sheet |
| as at 31 December 2023 |
|
| Notes |
|
|
2023 |
|
|
2022 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
5,519 |
|
|
8,596 |
| Investments |
4 |
|
|
- |
|
|
22,767 |
|
|
|
|
5,519 |
|
|
31,363 |
|
| Current assets |
| Debtors |
5 |
|
46,016 |
|
|
45,106 |
| Cash at bank and in hand |
|
|
45,058 |
|
|
107,155 |
|
|
|
91,074 |
|
|
152,261 |
|
| Creditors: amounts falling due within one year |
6 |
|
(46,729) |
|
|
(55,697) |
|
| Net current assets |
|
|
|
44,345 |
|
|
96,564 |
|
| Total assets less current liabilities |
|
|
|
49,864 |
|
|
127,927 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(9,962) |
|
|
(16,660) |
|
| Provisions for liabilities |
|
|
|
(788) |
|
|
(5,749) |
|
|
| Net assets |
|
|
|
39,114 |
|
|
105,518 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
200 |
|
|
200 |
| Fair value reserve |
8 |
|
|
- |
|
|
18,441 |
| Profit and loss account |
|
|
|
38,914 |
|
|
86,877 |
|
| Shareholders' funds |
|
|
|
39,114 |
|
|
105,518 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
| Mr B Penny |
Approved by the board on 12 January 2024 |
| Director |
|
| Penny's Estate Agents Limited |
| Notes to the Accounts |
| for the year ended 31 December 2023 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services and is recognised by reference to the exchange date of client conveyancing contracts. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Leasehold land and buildings |
over the lease term |
|
Plant and machinery |
over 4 or 5 years |
|
|
Investments |
|
Listed investments are measured at fair value. Changes in fair value are included in the profit and loss account. As changes in the value of the investment are unrealised, any gain or loss, net of the effect of deferred tax, is transferred from the retained profit and loss account to the fair value reserve. |
|
|
Debtors/creditors |
|
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2023 |
|
2022 |
| Number |
Number |
|
|
Average number of persons employed by the company |
12 |
|
15 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 January 2023 |
49,018 |
|
42,453 |
|
4,000 |
|
95,471 |
|
Additions |
- |
|
349 |
|
- |
|
349 |
|
At 31 December 2023 |
49,018 |
|
42,802 |
|
4,000 |
|
95,820 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2023 |
49,018 |
|
35,857 |
|
2,000 |
|
86,875 |
|
Charge for the year |
- |
|
2,426 |
|
1,000 |
|
3,426 |
|
At 31 December 2023 |
49,018 |
|
38,283 |
|
3,000 |
|
90,301 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2023 |
- |
|
4,519 |
|
1,000 |
|
5,519 |
|
At 31 December 2022 |
- |
|
6,596 |
|
2,000 |
|
8,596 |
|
|
| 4 |
Investments |
|
| Other |
| investments |
| £ |
|
Fair value |
|
At 1 January 2023 |
22,767 |
|
Disposals |
(22,767) |
|
|
At 31 December 2023 |
- |
|
|
The "Other investments" are shares in a listed company which were allocated to Penny's Estate Agents Limited at £Nil cost. The value of the shares is calculated using the price at the year end on the London Stock Exchange. |
|
|
| 5 |
Debtors |
2023 |
|
2022 |
| £ |
£ |
|
|
Trade debtors |
26,958 |
|
24,275 |
|
Other debtors |
19,058 |
|
20,831 |
|
|
|
|
|
|
46,016 |
|
45,106 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
| £ |
£ |
|
|
Bank loans and overdrafts |
6,698 |
|
6,595 |
|
Trade creditors |
939 |
|
3,043 |
|
Taxation and social security costs |
30,667 |
|
33,454 |
|
Other creditors |
8,425 |
|
12,605 |
|
|
|
|
|
|
46,729 |
|
55,697 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
| £ |
£ |
|
|
Bank loans |
9,962 |
|
16,660 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Fair value reserve |
2023 |
|
2022 |
| £ |
£ |
|
|
At 1 January 2023 |
18,441 |
|
35,345 |
|
(Loss)/Gain on revaluation of investments |
- |
|
(20,870) |
|
Deferred taxation arising on the revaluation of investments |
- |
|
3,966 |
|
Gross revaluation transferred to profit and loss reserves |
(22,767) |
|
- |
|
Deferred taxation transferred to profit and loss reserves |
4,326 |
|
- |
|
|
At 31 December 2023 |
- |
|
18,441 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Other financial commitments |
2023 |
|
2022 |
| £ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
83,439 |
|
79,773 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Loans to/(from) directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
|
Director A |
|
Interest charged at 2.25% per annum if balance exceeds £10,000 and repayable on demand |
3,246 |
|
12,430 |
|
(14,190) |
|
1,486 |
|
|
Director B |
|
Interest charged at 2.25% per annum if balance exceeds £10,000 and repayable on demand |
10,874 |
|
2,628 |
|
(2,377) |
|
11,125 |
|
|
|
14,120 |
|
15,058 |
|
(16,567) |
|
12,611 |
|
|
|
|
|
|
|
|
|
|
| 11 |
Other information |
|
|
Penny's Estate Agents Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
2 Rolle House |
|
Rolle Street |
|
Exmouth |
|
Devon |
|
EX8 2SN |
