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Registered Number: 04120914
England and Wales

 

 

 

PENNEX LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2022

End date: 31 March 2023
Directors Kevin David Head
Karen Suzanne Plumb
Jane Simone Knights
Rita Doreen Head
Registered Number 04120914
Registered Office 14 Springfield Road
Springfield Industrial Estate
Burnham-On-Crouch
Essex
CM0 8UA
Accountants Ludlow Painter Limited
Produce House
1a Wickham Court Road
West Wickham
Kent
BR4 9LN
Secretary Jane Simone Knights
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 31 March 2023.
Principal activities
The principal activity of the company during the financial year was of storage, warehousing and export packing.
Directors
The directors who served the company throughout the year were as follows:
Kevin David Head
Karen Suzanne Plumb
Jane Simone Knights
Rita Doreen Head
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Kevin David Head
Director

Date approved: 29 November 2023
2
Report to the directors on the preparation of the unaudited statutory accounts of Pennex Limited for the year ended 31 March 2023.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pennex Limited for the year ended 31 March 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given to us.

As a practising member firm of the Institute of Financial Accountants (IFA), we are subject to its ethical and other professional requirements which are detailed at https://www.ifa.org.uk/about-us/acting-in-the-public-interest/memberregulations.

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

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

We have not been instructed to carry out an audit of the accounts of Pennex 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 financial statements 31 March 2023.



....................................................
Ludlow Painter Limited
Produce House
1a Wickham Court Road
West Wickham
Kent
BR4 9LN
29 November 2023
3
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 4 359,851    263,424 
359,851    263,424 
Current assets      
Stocks 5 15,665    56,284 
Debtors 6 341,156    451,147 
Cash at bank and in hand 648,493    388,918 
1,005,314    896,349 
Creditors: amount falling due within one year 7 (412,607)   (401,131)
Net current assets 592,707    495,218 
 
Total assets less current liabilities 952,558    758,642 
Creditors: amount falling due after more than one year 8 (24,000)   (34,000)
Net assets 928,558    724,642 
 

Capital and reserves
     
Called up share capital 9 100,000    100,000 
Profit and loss account 828,558    624,642 
Shareholder's funds 928,558    724,642 
 


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

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 29 November 2023 and were signed on its behalf by:


-------------------------------
Kevin David Head
Director
4
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 April 2021 100,000  503,942  603,942 
Profit for the year 120,700  120,700 
Total comprehensive income for the year 120,700  120,700 
Total investments by and distributions to owners
At 31 March 2022 100,000  624,642  724,642 
At 01 April 2022 100,000  624,642  724,642 
Profit for the year 203,916  203,916 
Total comprehensive income for the year 203,916  203,916 
Total investments by and distributions to owners
At 31 March 2023 100,000  828,558  928,558 
5
General Information
Pennex Limited is a private company, limited by shares, registered in England and Wales, registration number 04120914, registration address 14 Springfield Road, Springfield Industrial Estate, Burnham-On-Crouch, Essex, CM0 8UA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Website cost
Planning and operating costs for the company's website are charged to the profit and loss account as incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 2% Straight Line
Plant and Machinery 25% Straight Line
Motor Vehicles 25% Straight Line
Office Equipment 50% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Staff Costs

2023
£
  2022
£
Wages and salaries 260,659    211,489 
Pension costs, defined contribution plan 23,390    21,389 
Other staff costs 5,365    4,405 
289,414    237,283 

3.

Average number of employees

Average number of employees during the year was 7 (2022 : 7).
4.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Office Equipment   Total
  £   £   £   £   £
At 01 April 2022 309,000    13,481    61,195    1,250    384,926 
Additions   85,557    44,825      130,382 
Disposals        
At 31 March 2023 309,000    99,038    106,020    1,250    515,308 
Depreciation
At 01 April 2022 49,821    9,236    61,195    1,250    121,502 
Charge for year 7,203    15,544    11,208      33,955 
On disposals        
At 31 March 2023 57,024    24,780    72,403    1,250    155,457 
Net book values
Closing balance as at 31 March 2023 251,976    74,258    33,617      359,851 
Opening balance as at 01 April 2022 259,179    4,245        263,424 


5.

Stocks

2023
£
  2022
£
Stocks 15,665    56,284 
15,665    56,284 

6.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 316,752    422,964 
Prepayments & Accrued Income 22,395    8,383 
Other Debtors 2,009    19,800 
341,156    451,147 

7.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 134,106    123,151 
Bank Loans & Overdrafts 8,500    8,500 
PAYE & Social Security 6,823    6,094 
Accrued Expenses 220,239    214,647 
Other Creditors 1,424    1,985 
Pension Contributions Unpaid 1,237    1,158 
VAT 40,278    45,596 
412,607    401,131 

8.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 24,000    34,000 
24,000    34,000 

9.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100,000 Class A shares of £1.00 each 100,000    100,000 
100,000    100,000 

6