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Registration number: 13999861

Pennington Williams Limited

Annual Report and Unaudited Financial Statements

for the Period from 24 March 2022 to 31 March 2023

 

Pennington Williams Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Pennington Williams Limited

Company Information

Director

Mrs LJ Taylor

Registered office

Stanhope House
Mark Rake
Wirral
Merseyside, United Kingdom
Merseyside
CH62 2DN

 

Accountants

Pennington Williams Limited
Chartered Certified Accountants
Stanhope House
Mark Rake
Bromborough
Wirral
Merseyside
CH62 2DN

 

Pennington Williams Limited

(Registration number: 13999861)
Balance Sheet as at 31 March 2023

Note

2023
£

Fixed assets

 

Intangible assets

4

760,907

Tangible assets

5

26,840

 

787,747

Current assets

 

Debtors

6

53,991

Cash at bank and in hand

 

15,763

 

69,754

Creditors: Amounts falling due within one year

7

(272,627)

Net current liabilities

 

(202,873)

Total assets less current liabilities

 

584,874

Creditors: Amounts falling due after more than one year

7

(502,791)

Net assets

 

82,083

Capital and reserves

 

Called up share capital

8

100

Retained earnings

81,983

Shareholders' funds

 

82,083

For the financial period ending 31 March 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 accounts for the period in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Pennington Williams Limited

(Registration number: 13999861)
Balance Sheet as at 31 March 2023

Approved and authorised by the director on 2 November 2023
 

.........................................

Mrs LJ Taylor
Director

 

Pennington Williams Limited

Notes to the Unaudited Financial Statements for the Period from 24 March 2022 to 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Stanhope House
Mark Rake
Wirral
Merseyside, United Kingdom
Merseyside
CH62 2DN
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Pennington Williams Limited

Notes to the Unaudited Financial Statements for the Period from 24 March 2022 to 31 March 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33.33% straight line

Fixtures and fittings

20% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Pennington Williams Limited

Notes to the Unaudited Financial Statements for the Period from 24 March 2022 to 31 March 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Pennington Williams Limited

Notes to the Unaudited Financial Statements for the Period from 24 March 2022 to 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 11.

 

Pennington Williams Limited

Notes to the Unaudited Financial Statements for the Period from 24 March 2022 to 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost

Additions acquired separately

808,043

808,043

At 31 March 2023

808,043

808,043

Amortisation

Amortisation charge

47,136

47,136

At 31 March 2023

47,136

47,136

Carrying amount

At 31 March 2023

760,907

760,907

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost

Additions

174

28,862

29,036

At 31 March 2023

174

28,862

29,036

Depreciation

Charge for the period

71

2,125

2,196

At 31 March 2023

71

2,125

2,196

Carrying amount

At 31 March 2023

103

26,737

26,840

6

Debtors

Current

2023
£

Trade debtors

42,665

Prepayments

11,326

 

53,991

 

Pennington Williams Limited

Notes to the Unaudited Financial Statements for the Period from 24 March 2022 to 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Loans and borrowings

9

150,841

Trade creditors

 

17,783

Taxation and social security

 

58,441

Accruals and deferred income

 

19,692

Other creditors

 

25,870

 

272,627

Creditors: amounts falling due after more than one year

Note

2023
£

Due after one year

 

Loans and borrowings

9

502,791

8

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary of £1 each

100

100

     

9

Loans and borrowings

2023
£

Non-current loans and borrowings

Bank borrowings

72,291

Other borrowings

430,500

502,791

 

Pennington Williams Limited

Notes to the Unaudited Financial Statements for the Period from 24 March 2022 to 31 March 2023

2023
£

Current loans and borrowings

Bank borrowings

15,674

Other borrowings

135,167

150,841

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £133,840.