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Registration number: 13239488

Pengelly Weddings Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2023

 

Pengelly Weddings Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 5

 

Pengelly Weddings Limited

(Registration number: 13239488)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

596,795

430,335

Current assets

 

Stocks

3,300

-

Debtors

11,775

71,664

Cash at bank and in hand

 

28,553

82,506

 

43,628

154,170

Creditors: Amounts falling due within one year

(26,694)

(23,579)

Net current assets

 

16,934

130,591

Total assets less current liabilities

 

613,729

560,926

Creditors: Amounts falling due after more than one year

5

(661,876)

(607,056)

Provisions for liabilities

13,119

-

Net liabilities

 

(35,028)

(46,130)

Capital and reserves

 

Called up share capital

104

104

Profit and loss account

(35,132)

(46,234)

Total equity

 

(35,028)

(46,130)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

 

Pengelly Weddings Limited

(Registration number: 13239488)
Abridged Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 10 November 2023 and signed on its behalf by:
 

Mr Paul Jonathan Hicks

Director

Mrs Susan Elizabeth Hicks

Director

Miss Philippa Tressa Hicks

Director

Miss Morwenna Hicks

Director

 

Pengelly Weddings Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 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:
Pengelly Lowry
Pengelly Farm
Trispen
Truro
Cornwall
TR4 9BG

These financial statements were authorised for issue by the Board on 10 November 2023.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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.

Going concern

The financial statements have been prepared on a going concern basis. Of the company's liabilities at 31 March 2023, £19,508 is owed to the directors. They have agreed not to demand repayment of this amount for at least one year after the date of the approval of these accounts to the extent that any such repayment would jeopardise the future of the company. The directors have also agreed that they will continue to provide financial support for at least 12 months from the date of approval of these accounts.

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 the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Tax

The tax expense for the period comprises current and deferred 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.

The current 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.

 

Pengelly Weddings Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Land and buildings

2% Straight Line

Plant and machinery

20% Reducing Balance

Office equipment

33% Reducing Balance

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 4).

4

Tangible assets

Total
£

Cost or valuation

At 1 April 2022

451,664

Additions

200,894

At 31 March 2023

652,558

Depreciation

At 1 April 2022

21,329

Charge for the period

34,434

At 31 March 2023

55,763

Carrying amount

At 31 March 2023

596,795

At 31 March 2022

430,335

5

Non-current creditors

Bank borrowings

The carrying amount at the year end is £423,818 (2022 - £450,000).

Bank borrowings are loans which are secured on assets held outside of the company.

 

Pengelly Weddings Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

6

Related party transactions

Advances to directors


Miss Philippa Tressa Hicks

During the period Miss Philippa Tressa Hicks went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £10,000 (2022 - £Nil). At the year end the amount outstanding from Miss Philippa Tressa Hicks was £10,000 (2022 - £). Interest has been charged at the commercial rate.