Registration number:
Pendennis Ltd
for the Year Ended 31 October 2023
Pages for filing with Registrar
Pendennis Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Pendennis Ltd
Company Information
Directors |
R P Jupp J J Jupp |
Registered office |
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Registered number |
05249881 |
Accountants |
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Pendennis Ltd
(Registration number: 05249881)
Balance Sheet as at 31 October 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
1,048,146 |
1,007,219 |
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Total equity |
1,048,246 |
1,007,319 |
Pendennis Ltd
(Registration number: 05249881)
Balance Sheet as at 31 October 2023 (continued)
For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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.
Approved and authorised for issue by the
.........................................
Director
Pendennis Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.
Statement of compliance
These financial statements have been 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 financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
Pendennis Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)
2 |
Accounting policies (continued) |
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 income 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.
Deferred tax
Deferred income 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 fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets, other than freehold land, over their estimated useful lives, as follows:
Freehold land and buildings |
2% on cost |
Improvements to property |
25% on reducing balance |
Equipment |
25% on cost and 25% on reducing balance |
Furnishings and fixtures |
2% on cost |
Goodwill and amortisation
Goodwill arising on the acquisition of a business in 2004 represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill has been amortised over its useful life of 5 years and now has nil value.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Pendennis Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)
2 |
Accounting policies (continued) |
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less any provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are recognised at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Pendennis Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)
2 |
Accounting policies (continued) |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Pendennis Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)
Taxation |
Deferred tax
Deferred tax assets and liabilities
2023 |
Liability |
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2022 |
Liability |
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Pendennis Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)
Tangible fixed assets |
Freehold land & buildings |
Furnishings & fixtures |
Equipment |
Total |
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Cost |
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At 1 November 2022 |
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Additions |
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- |
- |
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At 31 October 2023 |
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Depreciation |
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At 1 November 2022 |
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Charge for the year |
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- |
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At 31 October 2023 |
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Carrying amount |
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At 31 October 2023 |
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- |
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At 31 October 2022 |
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- |
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Debtors: amounts falling due within one year |
2023 |
2022 |
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Trade debtors |
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- |
Amounts owed by group undertakings |
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Prepayments and accrued income |
- |
19,573 |
Directors' loan accounts |
397 |
- |
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Less non-current portion |
( |
( |
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Details of non-current trade and other debtors
£343,525 (2022 - £340,051) of amounts owed to group undertakings is classified as non current.
Pendennis Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)
Creditors |
Note |
2023 |
2022 |
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HP and finance lease |
2,477 |
2,477 |
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Loans and borrowings |
448,085 |
50,948 |
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Trade creditors |
4,766 |
27,804 |
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Corporation tax |
46,506 |
12,787 |
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Social security and other taxes |
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Directors' current accounts |
- |
1,535 |
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Accruals and deferred income |
10,714 |
52,912 |
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Due after one year |
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Hire purchase |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Pendennis Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)
Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Hire purchase liabilities |
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Shareholder loans |
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Directors' current accounts |
- |
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2023 |
2022 |
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Non-current loans and borrowings |
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Hire purchase liabilities |
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Shareholder loans
Shareholder loans have no fixed repayment term and interest is chargeable on these loans at 4% above base rate.
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Not later than one year |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £