Registered number
06045377
Pencilfront Limited
Filleted Accounts
31 July 2023
Pencilfront Limited
Registered number: 06045377
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 110,751 109,803
Current assets
Debtors 4 270 270
Cash at bank and in hand 28,455 36,281
28,725 36,551
Creditors: amounts falling due within one year 5 (122,083) (126,152)
Net current liabilities (93,358) (89,601)
Net assets 17,393 20,202
Capital and reserves
Called up share capital 1 1
Profit and loss account 17,392 20,201
Shareholders' funds 17,393 20,202
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G M Waite
Director
Approved by the board on 19 April 2024
Pencilfront Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery over 5 to 10 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery Total
£ £ £
Cost
At 1 August 2022 120,000 3,624 123,624
Additions - 3,636 3,636
At 31 July 2023 120,000 7,260 127,260
Depreciation
At 1 August 2022 11,700 2,121 13,821
Charge for the year 1,800 888 2,688
At 31 July 2023 13,500 3,009 16,509
Net book value
At 31 July 2023 106,500 4,251 110,751
At 31 July 2022 108,300 1,503 109,803
4 Debtors 2023 2022
£ £
Other debtors 270 270
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 1,432
Amounts owed to group undertakings and undertakings in which the company has a participating interest 120,013 119,818
Other creditors 2,070 4,902
122,083 126,152
6 Related party transactions 2023 2022
£ £
McKenzie Martin (Holdings) Limited
G M Waite is a common director
Amount due to the above company (120,000) (120,000)
McKenzie Martin Limited
G M Waite is a common director
Amount due to the above company (13) (13)
Twinwall Limited
G M Waite is a common director
Amount due to the above company - (17)
Ulpha Investments Limited
G M Waite is a common director
Amount due to the above company - 212
7 Controlling party
The ultimate holding company is McKenzie Martin (Holdings) Limited (03798963), a company incorporated in Great Britain.
8 Other information
Pencilfront Limited is a private company limited by shares and incorporated in England. Its registered office is:
Eton Hill Road
Eton Hill Road
Radcliffe
Manchester M26 2US
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