IRIS Accounts Production v23.3.0.418 13406927 Board of Directors 1.6.22 31.5.23 31.5.23 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh134069272022-05-31134069272023-05-31134069272022-06-012023-05-31134069272021-05-17134069272021-05-182022-05-31134069272022-05-3113406927ns10:Originalns15:EnglandWales2022-06-012023-05-3113406927ns14:PoundSterlingns10:Original2022-06-012023-05-3113406927ns10:Originalns10:Director12022-06-012023-05-3113406927ns10:Original2022-06-012023-05-3113406927ns10:Original2023-05-3113406927ns10:Originalns10:PrivateLimitedCompanyLtd2022-06-012023-05-3113406927ns10:Originalns10:SmallEntities2022-06-012023-05-3113406927ns10:Originalns10:AuditExemptWithAccountantsReport2022-06-012023-05-3113406927ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-06-012023-05-3113406927ns10:SmallCompaniesRegimeForAccountsns10:Original2022-06-012023-05-3113406927ns10:Originalns10:FullAccounts2022-06-012023-05-3113406927ns10:Original12022-06-012023-05-3113406927ns10:Originalns10:OrdinaryShareClass12022-06-012023-05-3113406927ns10:Originalns10:Director22022-06-012023-05-3113406927ns10:Originalns10:RegisteredOffice2022-06-012023-05-3113406927ns10:Original2022-05-3113406927ns10:Originalns5:CurrentFinancialInstruments2023-05-3113406927ns10:Originalns5:CurrentFinancialInstruments2022-05-3113406927ns10:Originalns5:Non-currentFinancialInstruments2023-05-3113406927ns10:Originalns5:Non-currentFinancialInstruments2022-05-3113406927ns5:ShareCapitalns10:Original2023-05-3113406927ns5:ShareCapitalns10:Original2022-05-3113406927ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-05-3113406927ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-05-3113406927ns10:Originalns5:NetGoodwill2022-06-012023-05-3113406927ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-06-012023-05-3113406927ns10:Originalns5:LeaseholdImprovements2022-06-012023-05-3113406927ns10:Originalns5:FurnitureFittings2022-06-012023-05-3113406927ns10:Originalns5:MotorVehicles2022-06-012023-05-3113406927ns10:Original2021-05-182022-05-3113406927ns10:Originalns5:NetGoodwill2022-05-3113406927ns10:Originalns5:NetGoodwill2023-05-3113406927ns10:Originalns5:NetGoodwill2022-05-3113406927ns10:Originalns5:LeaseholdImprovements2022-05-3113406927ns10:Originalns5:FurnitureFittings2022-05-3113406927ns10:Originalns5:MotorVehicles2022-05-3113406927ns10:Original2022-05-3113406927ns10:Originalns5:LeaseholdImprovements2023-05-3113406927ns10:Originalns5:FurnitureFittings2023-05-3113406927ns10:Originalns5:MotorVehicles2023-05-3113406927ns10:Originalns5:LeaseholdImprovements2022-05-3113406927ns10:Originalns5:FurnitureFittings2022-05-3113406927ns10:Originalns5:MotorVehicles2022-05-3113406927ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-06-012023-05-3113406927ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-05-3113406927ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3113406927ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-05-3113406927ns10:Originalns10:OrdinaryShareClass12023-05-31
REGISTERED NUMBER: 13406927 (England and Wales)












PENFOLDS SADDLERY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2023






PENFOLDS SADDLERY LIMITED (REGISTERED NUMBER: 13406927)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

PENFOLDS SADDLERY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2023







DIRECTORS: E V Reynolds
J Y Martin





REGISTERED OFFICE: Kings Hill
Spronketts Lane
Bolney
Haywards Heath
West Sussex
RH17 5SA





REGISTERED NUMBER: 13406927 (England and Wales)





ACCOUNTANTS: Clark Brownscombe
Chartered Accountants
2 St Andrews Place
Lewes
East Sussex
BN7 1UP

PENFOLDS SADDLERY LIMITED (REGISTERED NUMBER: 13406927)

BALANCE SHEET
31ST MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 9,000 12,000
Tangible assets 5 84,634 25,469
93,634 37,469

CURRENT ASSETS
Stocks 6 49,248 44,935
Debtors 7 13,020 2,936
Cash at bank 3,040 27,061
65,308 74,932
CREDITORS
Amounts falling due within one year 8 106,119 79,079
NET CURRENT LIABILITIES (40,811 ) (4,147 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

52,823

33,322

CREDITORS
Amounts falling due after more than one
year

9

31,925

20,000
NET ASSETS 20,898 13,322

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 20,798 13,222
SHAREHOLDERS' FUNDS 20,898 13,322

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 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.

PENFOLDS SADDLERY LIMITED (REGISTERED NUMBER: 13406927)

BALANCE SHEET - continued
31ST MAY 2023


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 2nd October 2023 and were signed on its behalf by:





E V Reynolds - Director


PENFOLDS SADDLERY LIMITED (REGISTERED NUMBER: 13406927)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023


1. STATUTORY INFORMATION

Penfolds Saddlery 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.

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements - 10% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

PENFOLDS SADDLERY LIMITED (REGISTERED NUMBER: 13406927)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Going concern
The financial statements have been prepared on the basis that the company is a going concern as the directors have confirmed that they will support the company for a period of at least twelve months from the date that the balance sheet is signed.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st June 2022
and 31st May 2023 15,000
AMORTISATION
At 1st June 2022 3,000
Charge for year 3,000
At 31st May 2023 6,000
NET BOOK VALUE
At 31st May 2023 9,000
At 31st May 2022 12,000

PENFOLDS SADDLERY LIMITED (REGISTERED NUMBER: 13406927)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
Improvements fittings vehicles Totals
£    £    £    £   
COST
At 1st June 2022 16,118 14,617 - 30,735
Additions - - 84,690 84,690
At 31st May 2023 16,118 14,617 84,690 115,425
DEPRECIATION
At 1st June 2022 1,612 3,654 - 5,266
Charge for year 1,612 2,741 21,172 25,525
At 31st May 2023 3,224 6,395 21,172 30,791
NET BOOK VALUE
At 31st May 2023 12,894 8,222 63,518 84,634
At 31st May 2022 14,506 10,963 - 25,469

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:
Motor
vehicles
£   
COST
Additions 28,106
At 31st May 2023 28,106
DEPRECIATION
Charge for year 7,026
At 31st May 2023 7,026
NET BOOK VALUE
At 31st May 2023 21,080

6. STOCKS
2023 2022
£    £   
Stocks 49,248 44,935

PENFOLDS SADDLERY LIMITED (REGISTERED NUMBER: 13406927)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,143 2,936
Other debtors 207 -
VAT 10,670 -
13,020 2,936

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts and finance leases 7,950 -
Trade creditors 23,498 36,238
Tax - 908
Social security and other taxes - 424
VAT - 9,944
Other creditors 113 76
Directors' current accounts 72,073 28,489
Accruals and deferred income 2,485 3,000
106,119 79,079

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts and finance leases 11,925 -
Directors' loan accounts 20,000 20,000
31,925 20,000

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts and finance leases 19,875 -

The hire purchase agreement is secured on the asset concerned.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1.00 100 100

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PENFOLDS SADDLERY LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Penfolds Saddlery Limited for the year ended 31st May 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Penfolds Saddlery Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Penfolds Saddlery Limited and state those matters that we have agreed to state to the Board of Directors of Penfolds Saddlery Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Penfolds Saddlery Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Penfolds Saddlery Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Penfolds Saddlery Limited. You consider that Penfolds Saddlery Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Penfolds Saddlery Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Clark Brownscombe
Chartered Accountants
2 St Andrews Place
Lewes
East Sussex
BN7 1UP


9th October 2023