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COMPANY REGISTRATION NUMBER: 11764429
Pennant Plant Limited
Filleted Unaudited Financial Statements
For the year ended
31 January 2023
Pennant Plant Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
124,594
126,191
Current assets
Stocks
220
200
Debtors
5
1,330
Investments
6
8,000
8,000
Cash at bank and in hand
22,524
21,136
--------
--------
32,074
29,336
Creditors: amounts falling due within one year
7
17,153
15,661
--------
--------
Net current assets
14,921
13,675
---------
---------
Total assets less current liabilities
139,515
139,866
Creditors: amounts falling due after more than one year
8
575
Provisions
Taxation including deferred tax
8,680
8,984
---------
---------
Net assets
130,260
130,882
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
130,259
130,881
---------
---------
Shareholders funds
130,260
130,882
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Pennant Plant Limited
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 25 October 2023 , and are signed on behalf of the board by:
Mr R A Jones
Director
Company registration number: 11764429
Pennant Plant Limited
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 92-94 High Street, Porthmadog, Gwynedd, LL49 9NW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Trailers
-
15% reducing balance
Equipment
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tangible assets
Freehold property
Plant and machinery
Trailers
Equipment
Total
£
£
£
£
£
Cost
At 1 February 2022
78,909
61,633
8,078
3,331
151,951
Additions
6,451
195
6,646
--------
--------
-------
-------
---------
At 31 January 2023
78,909
68,084
8,078
3,526
158,597
--------
--------
-------
-------
---------
Depreciation
At 1 February 2022
21,094
3,118
1,548
25,760
Charge for the year
7,103
744
396
8,243
--------
--------
-------
-------
---------
At 31 January 2023
28,197
3,862
1,944
34,003
--------
--------
-------
-------
---------
Carrying amount
At 31 January 2023
78,909
39,887
4,216
1,582
124,594
--------
--------
-------
-------
---------
At 31 January 2022
78,909
40,539
4,960
1,783
126,191
--------
--------
-------
-------
---------
5. Debtors
2023
2022
£
£
Other debtors
1,330
-------
----
6. Investments
2023
2022
£
£
Other investments
8,000
8,000
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7,471
6,462
Corporation tax
1,038
Social security and other taxes
4,018
4,089
Other creditors
5,664
4,072
--------
--------
17,153
15,661
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
575
----
----
9. Director's advances, credits and guarantees
There were no director's advances, credits or guarantees during the year.