REGISTERED NUMBER: 12253620 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

PEMBREE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P J Law

E I Law

REGISTERED OFFICE:

3 Discovery Way

Horam

Heathfield

East Sussex

TN21 0GE

REGISTERED NUMBER:

12253620 (England and Wales)

ACCOUNTANTS:

Plus Accounting

Chartered Accountants

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

FIXED ASSETS

Tangible assets

4

402,679

473,987

CURRENT ASSETS

Stocks

64,369

61,912

Debtors

5

4,821

94,897

Cash at bank

5,483

89,206

74,673

246,015

CREDITORS

Amounts falling due within one year

6

(621,111

)

(650,433

)

NET CURRENT LIABILITIES

(546,438

)

(404,418

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(143,759

)

69,569

CREDITORS

Amounts falling due after more than one year

7

(29,923

)

(39,691

)

NET (LIABILITIES)/ASSETS

(173,682

)

29,878

CAPITAL AND RESERVES

Called up share capital

8

600

600

Share premium

249,820

249,820

Retained earnings

(424,102

)

(220,542

)

SHAREHOLDERS' FUNDS

(173,682

)

29,878

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 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 Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by:

P J Law - Director

1.	STATUTORY INFORMATION

Pembree 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 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

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

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

Tooling and small tools

-

20% on cost

Plant and machinery

-

15% on reducing balance and 10% on cost

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

20% on cost

Impairment policy

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Stocks

Stocks consist of cycle parts and accessories.

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments

Financial assets, liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension plan for its employees. A defined contribution pension plan is a pension plan under which the company pays contributions into a separate entity. Once the contributions have been paid, the company has no further obligations.

The contributions are recognised as an expense in the income statement when they fall due. Amounts owed but not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Government assistance

Included in bank loans is a bounce back loan which is guaranteed by the government. As part of the bounce back loan scheme the government paid the first year of interest on the loan.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Tooling

Fixtures

and small

Plant and

and

Computer

tools

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2022

19,794

536,105

1,470

13,172

570,541

Additions

-

398

-

299

697

At 31 December 2022

19,794

536,503

1,470

13,471

571,238

DEPRECIATION

At 1 January 2022

5,309

86,617

394

4,234

96,554

Charge for year

3,959

65,137

215

2,694

72,005

At 31 December 2022

9,268

151,754

609

6,928

168,559

NET BOOK VALUE

At 31 December 2022

10,526

384,749

861

6,543

402,679

At 31 December 2021

14,485

449,488

1,076

8,938

473,987

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

385

76

Other debtors

4,436

94,821

4,821

94,897

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

9,768

9,526

Trade creditors

19,086

70,122

Taxation and social security

2,512

1,793

Other creditors

589,745

568,992

621,111

650,433

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

29,923

39,691

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

600

Ordinary

£1

600

600

9.	RELATED PARTY DISCLOSURES

Mrs S Atkinson

Mrs S Atkinson is the mother of Mrs Law, a director of the company. During the year interest of 1.5% was charged to the company, totalling £675 (2021: £675). At the balance sheet date the company owed Mrs S Atkinson £45,540 (2021: £45,540) with a further amount of £1,350 (2021: £675), reflecting the interest charged in the prior year and in the year under review, being included in accruals.

Guy Farrant

Guy Farrant is a shareholder of the company. During the year Guy Farrant loaned the company £30,000 and charged the company 3% interest totalling £9,436 (2021: £715). At the balance sheet date the company owed Guy Farrant £330,000 (2021: £300,000) with a further amount of £10,151, reflecting the interest charged in the prior year and in the year under review, being included in accruals.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is P J Law.