Penkenna Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02442970 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

PENKENNA LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

H J Cortis

Mrs C A Carroll

M P Cortis

SECRETARY:

M P Cortis

REGISTERED OFFICE:

Mobbs Miller House

Ardington Road

Northampton

Northamptonshire

NN1 5NE

REGISTERED NUMBER:

02442970 (England and Wales)

BANKERS:

HSBC

Northamptonshire Commercial Centre

St Clair House

5 Old Bedford Road

Northampton

Northamptonshire

NN4 7AA

FIXED ASSETS

Tangible assets

4

2,371,649

2,357,406

CURRENT ASSETS

Debtors

5

90,708

90,681

Cash at bank and in hand

108,832

92,952

199,540

183,633

CREDITORS

Amounts falling due within one year

6

278,621

261,516

NET CURRENT LIABILITIES

(79,081

)

(77,883

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,292,568

2,279,523

CREDITORS

Amounts falling due after more than one year

7

155,058

176,587

NET ASSETS

2,137,510

2,102,936

CAPITAL AND RESERVES

Called up share capital

9

134,111

134,111

Share premium

1,757,951

1,757,951

Retained earnings

245,448

210,874

SHAREHOLDERS' FUNDS

2,137,510

2,102,936

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 23 August 2018 and were signed on its behalf by:

H J Cortis - Director

M P Cortis - Director

1.	STATUTORY INFORMATION

Penkenna 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

No depreciation is provided on freehold property because it is the company's practice to maintain the property in

a continual state of sound repair, with the result that its expected useful life is so long, and its residual value so

high, that its depreciation is insignificant.

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.

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.

Rental income

Rental income is recognised on a straight-line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2016 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2017

2,355,802

26,969

51,420

2,434,191

Additions

-

-

18,990

18,990

Disposals

-

(15,590

)

(14,980

)

(30,570

)

At 31 December 2017

2,355,802

11,379

55,430

2,422,611

DEPRECIATION

At 1 January 2017

-

26,290

50,495

76,785

Charge for year

-

261

4,486

4,747

Eliminated on disposal

-

(15,590

)

(14,980

)

(30,570

)

At 31 December 2017

-

10,961

40,001

50,962

NET BOOK VALUE

At 31 December 2017

2,355,802

418

15,429

2,371,649

At 31 December 2016

2,355,802

679

925

2,357,406

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Rent and service charges receivable

59,506

62,145

Other debtors

31,202

28,536

90,708

90,681

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

21,530

21,530

Trade creditors

27,785

30,928

Tax

18,500

11,500

Social security and other taxes

35,709

32,178

Other creditors

89,930

86,161

Accruals and deferred income

85,167

79,219

278,621

261,516

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 1-2 years

21,530

21,530

Bank loans - 2-5 years

99,846

110,046

Bank loans due after more than

5 years

19,131

30,460

Preference shares

14,551

14,551

155,058

176,587

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Preference shares

14,551

14,551

Repayable by instalments

Bank loans due after more than

5 years

19,131

30,460

19,131

30,460

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

162,037

183,566

Amounts due to the company's bankers included in creditors are secured by first legal charges over each of the

company's freehold properties; a first fixed charge over all book and other debts; and a first floating charge over

all assets, goodwill, undertaking and uncalled capital, both present and future given by the company.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

134,111

Ordinary

£1

134,111

134,111

10.	RELATED PARTY DISCLOSURES