Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-3122022-01-01truefalseNo description of principal activity2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01161624 2022-01-01 2022-12-31 01161624 2021-01-01 2021-12-31 01161624 2022-12-31 01161624 2021-12-31 01161624 2021-01-01 01161624 c:Director1 2022-01-01 2022-12-31 01161624 c:Director2 2022-01-01 2022-12-31 01161624 c:RegisteredOffice 2022-01-01 2022-12-31 01161624 d:Buildings 2022-12-31 01161624 d:Buildings 2021-12-31 01161624 d:CurrentFinancialInstruments 2022-12-31 01161624 d:CurrentFinancialInstruments 2021-12-31 01161624 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 01161624 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 01161624 d:ShareCapital 2022-12-31 01161624 d:ShareCapital 2021-12-31 01161624 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 01161624 d:RetainedEarningsAccumulatedLosses 2022-12-31 01161624 d:RetainedEarningsAccumulatedLosses 2021-12-31 01161624 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 01161624 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 01161624 c:FRS102 2022-01-01 2022-12-31 01161624 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 01161624 c:FullAccounts 2022-01-01 2022-12-31 01161624 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure
Registered number: 01161624








PENN FABRICATION LIMITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
PENN FABRICATION LIMITED
 

COMPANY INFORMATION


Directors
P. Stratford 
R. Willems 




Registered number
01161624



Registered office
Phillips House Ponswood Industrial Estate
Drury Lane

St Leonards On Sea

East Sussex

TN38 9BA





 
PENN FABRICATION LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 6


 
PENN FABRICATION LIMITED
REGISTERED NUMBER: 01161624

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
5,000,000
5,000,000

CURRENT ASSETS
  

Debtors
 5 
117,244
40,703

Cash at bank and in hand
  
8,315
7,429

  
125,559
48,132

Creditors: amounts falling due within one year
 6 
(13,235)
(17,293)

NET CURRENT ASSETS
  
 
 
112,324
 
 
30,839

TOTAL ASSETS LESS CURRENT  LIABILITIES
  
5,112,324
5,030,839

Deferred taxation
 7 
(921,085)
(921,085)

NET ASSETS
  
4,191,239
4,109,754


CAPITAL AND RESERVES
  

Allotted, called up and fully paid share capital
  
10,000
10,000

Profit and loss account
 8 
4,181,239
4,099,754

EQUITY SHAREHOLDER'S FUNDS
  
4,191,239
4,109,754


Page 1

 
PENN FABRICATION LIMITED
REGISTERED NUMBER: 01161624

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, under section 444 of the Companies Act 2006. 

The Company has opted not to file the Directors' Report and the Statement of Income and Retained Earnings in accordance with provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on
14 November 2023




R. Willems
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
PENN FABRICATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


GENERAL INFORMATION

Penn Fabrication Limited (registered number: 01161624), having its trading and registered office at Philips House, Ponswood Industrial Estate, Drury Lane, St Leonards on Sea, East Susex, TN38 9BA, is a private limited company incorporated in England and Wales.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

STATEMENT OF CASH FLOWS

The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7 from the requirement to produce a Statement of Cash Flows on the grounds that it is a small company.

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.

 
2.5

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. 

 
2.6

CASH

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

Page 3

 
PENN FABRICATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.ACCOUNTING POLICIES (continued)

 
2.7

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

 
2.8

CREDITORS

Short-term creditors are measured at the transaction price. 

 
2.9

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).


4.


INVESTMENT PROPERTY





Freehold property

£



VALUATION


At 1 January 2022 and 31 December 2022
5,000,000






NET BOOK VALUE



At 31 December 2022
5,000,000



At 31 December 2021
5,000,000

Page 4

 
PENN FABRICATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


DEBTORS

2022
2021
£
£

Due within one year

Trade debtors
-
2,809

Amounts owed by group undertakings
117,244
37,894

117,244
40,703



6.


CREDITORS: Amounts falling due within one year

2022
2021
£
£

Corporation tax
5,556
13,914

Accruals and deferred income
7,679
3,379

13,235
17,293



7.


DEFERRED TAXATION




2022
2021


£

£






At beginning and end of year
(921,085)
(642,660)


Charged to profit or loss
-
(278,425)



AT END OF YEAR
(921,085)
(921,085)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Arising on the revaluation of investment property
921,085
921,085


8.


RESERVES

Profit and loss account

Included within the profit and loss account are non-distributable reserves of £2,961,335 (2021: £2,961,335) arising from the revaluation of investment property.

Page 5

 
PENN FABRICATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


RELATED PARTY TRANSACTIONS

The Company has taken advantage of Section 33.1A of FRS 102 in not disclosing transactions between wholly-owned members of a group.


10.


IMMEDIATE AND ULTIMATE PARENT UNDERTAKING

At 31 December 2022 and 31 December 2021 the Company's immediate and ultimate parent undertaking was Offerfair Limited, a company incorporated in England and Wales.


Page 6