PENNINE COMPONENTS (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
PENNINE COMPONENTS (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
Mr T G Barrow
Mrs M J Dewhitt
Secretary
Mrs G Barrow
Company number
05817495 (England and Wales)
Registered office
5 Pennine View
Blackshaw Head
Hebden Bridge
HX7 7JS
Accountants
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
PENNINE COMPONENTS (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PENNINE COMPONENTS (HOLDINGS) LIMITED
BALANCE SHEET
AS AT
30 JUNE 2022
30 June 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
3
3,630,000
3,242,000
Investments
4
7,054
7,054
3,637,054
3,249,054
Current assets
Debtors
5
5,307
4,792
Cash at bank and in hand
266,239
432,683
271,546
437,475
Creditors: amounts falling due within one year
6
(109,838)
(40,499)
Net current assets
161,708
396,976
Total assets less current liabilities
3,798,762
3,646,030
Creditors: amounts falling due after more than one year
7
(109,998)
(125,777)
Provisions for liabilities
Deferred tax liability
249,162
205,299
(249,162)
(205,299)
Net assets
3,439,602
3,314,954
Capital and reserves
Called up share capital
8
4
4
Other reserves
623,880
482,159
Profit and loss reserves
2,815,718
2,832,791
Total equity
3,439,602
3,314,954
The notes on pages 3 - 7 form an integral part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
PENNINE COMPONENTS (HOLDINGS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2022
30 June 2022
- 2 -
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 4 November 2022 and are signed on its behalf by:
Mr T G Barrow
Director
Company Registration No. 05817495
PENNINE COMPONENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 3 -
1
Accounting policies
Company information
Pennine Components (Holdings) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
5 Pennine View, Blackshaw Head, Hebden Bridge, HX7 7JS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for rental, service charges and rechargeable expenses.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
PENNINE COMPONENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).
Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.
All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.
Amortised cost:
the original transaction value, less amounts settled, less any adjustment for impairment.
Effective interest method:
where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.
Derecognition of financial assets
Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.
Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
D
eferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to
reserves
, in which case the deferred tax is also dealt with in
reserves.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
PENNINE COMPONENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
3
Investment property
2022
£
Fair value
At 1 July 2021
3,242,000
Additions
202,416
Revaluations
185,584
At 30 June 2022
3,630,000
The directors have valued the company's investment properties at 30 June 2022 on an open market value basis by reference to market information and data available in respect of domestic properties in the UK.
4
Fixed asset investments
2022
2021
Notes
£
£
Investments in subsidiaries
7,054
7,054
PENNINE COMPONENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2021
10,398
Disposals
(3,344)
At 30 June 2022
7,054
Impairment
At 1 July 2021
3,344
Disposals
(3,344)
At 30 June 2022
-
Carrying amount
At 30 June 2022
7,054
At 30 June 2021
7,054
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
19
Prepayments and accrued income
5,307
4,773
5,307
4,792
6
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Bank loans
15,266
14,753
Other borrowings
74,000
4,000
Trade creditors
155
564
Amounts owed to group undertakings
246
346
Corporation tax
12,342
14,538
Accruals and deferred income
7,829
6,298
109,838
40,499
PENNINE COMPONENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 7 -
7
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
109,998
125,777
The bank loans are secured on the properties to which they relate.
Amounts included above which fall due after five years are as follows:
Payable by instalments
51,919
66,765
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
200
200
2
2
Ordinary 'A' of 1p each
200
200
2
2
400
400
4
4