IRIS Accounts Production v23.4.0.336 11340982 director 1.6.22 31.5.23 31.5.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh113409822022-05-31113409822023-05-31113409822022-06-012023-05-31113409822021-05-31113409822021-06-012022-05-31113409822022-05-3111340982ns15:EnglandWales2022-06-012023-05-3111340982ns14:PoundSterling2022-06-012023-05-3111340982ns10:Director12022-06-012023-05-3111340982ns10:PrivateLimitedCompanyLtd2022-06-012023-05-3111340982ns10:SmallEntities2022-06-012023-05-3111340982ns10:AuditExempt-NoAccountantsReport2022-06-012023-05-3111340982ns10:SmallCompaniesRegimeForDirectorsReport2022-06-012023-05-3111340982ns10:SmallCompaniesRegimeForAccounts2022-06-012023-05-3111340982ns10:FullAccounts2022-06-012023-05-3111340982ns10:RegisteredOffice2022-06-012023-05-3111340982ns5:CurrentFinancialInstruments2023-05-3111340982ns5:CurrentFinancialInstruments2022-05-3111340982ns5:Non-currentFinancialInstruments2023-05-3111340982ns5:Non-currentFinancialInstruments2022-05-3111340982ns5:ShareCapital2023-05-3111340982ns5:ShareCapital2022-05-3111340982ns5:SharePremium2023-05-3111340982ns5:SharePremium2022-05-3111340982ns5:RetainedEarningsAccumulatedLosses2023-05-3111340982ns5:RetainedEarningsAccumulatedLosses2022-05-3111340982ns5:PlantMachinery2022-06-012023-05-3111340982ns5:MotorVehicles2022-06-012023-05-3111340982ns5:ComputerEquipment2022-06-012023-05-3111340982ns5:PlantMachinery2022-05-3111340982ns5:PlantMachinery2023-05-3111340982ns5:PlantMachinery2022-05-3111340982ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3111340982ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-05-31
REGISTERED NUMBER: 11340982 (England and Wales)


















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

PENNS G M LIMITED

PENNS G M LIMITED (REGISTERED NUMBER: 11340982)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PENNS G M LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: Mr N S J Penn





REGISTERED OFFICE: Fulford House
Newbold Terrace
Leamington Spa
Warwickshire
CV32 4EA





REGISTERED NUMBER: 11340982 (England and Wales)





ACCOUNTANTS: TGFP
Chartered Accountants
Fulford House
Newbold Terrace
Leamington Spa
Warwickshire
CV32 4EA

PENNS G M LIMITED (REGISTERED NUMBER: 11340982)

STATEMENT OF FINANCIAL POSITION
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 172,504 146,561

CURRENT ASSETS
Stocks 31,032 56,500
Debtors 5 68,762 44,836
Cash at bank 25,357 19,265
125,151 120,601
CREDITORS
Amounts falling due within one year 6 94,408 60,923
NET CURRENT ASSETS 30,743 59,678
TOTAL ASSETS LESS CURRENT
LIABILITIES

203,247

206,239

CREDITORS
Amounts falling due after more than one
year

7

(62,399

)

(51,865

)

PROVISIONS FOR LIABILITIES (22,172 ) (5,242 )
NET ASSETS 118,676 149,132

CAPITAL AND RESERVES
Called up and paid share capital 200 200
Share premium 50,390 50,390
Retained earnings 68,086 98,542
118,676 149,132

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PENNS G M LIMITED (REGISTERED NUMBER: 11340982)

STATEMENT OF FINANCIAL POSITION - continued
31 MAY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 November 2023 and were signed by:





Mr N S J Penn - Director


PENNS G M LIMITED (REGISTERED NUMBER: 11340982)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. STATUTORY INFORMATION

Penns G M Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


PENNS G M LIMITED (REGISTERED NUMBER: 11340982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022 263,612
Additions 99,506
Disposals (7,442 )
At 31 May 2023 355,676
DEPRECIATION
At 1 June 2022 117,051
Charge for year 70,586
Eliminated on disposal (4,465 )
At 31 May 2023 183,172
NET BOOK VALUE
At 31 May 2023 172,504
At 31 May 2022 146,561

PENNS G M LIMITED (REGISTERED NUMBER: 11340982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 66,479 30,553
Other debtors 2,283 14,283
68,762 44,836

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,000 6,417
Hire purchase contracts 11,466 8,466
Taxation and social security 26,967 3,592
Other creditors 50,975 42,448
94,408 60,923

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 14,001 18,001
Hire purchase contracts 28,398 33,864
Other creditors 20,000 -
62,399 51,865