0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 367,757 367,757 367,757 xbrli:pure xbrli:shares iso4217:GBP SC454883 2023-02-01 2024-01-31 SC454883 2024-01-31 SC454883 2023-01-31 SC454883 2022-02-01 2023-01-31 SC454883 2023-01-31 SC454883 2022-01-31 SC454883 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 SC454883 bus:Director2 2023-02-01 2024-01-31 SC454883 core:WithinOneYear 2024-01-31 SC454883 core:WithinOneYear 2023-01-31 SC454883 core:ShareCapital 2024-01-31 SC454883 core:ShareCapital 2023-01-31 SC454883 core:SharePremium 2024-01-31 SC454883 core:SharePremium 2023-01-31 SC454883 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC454883 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC454883 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-31 SC454883 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-31 SC454883 bus:SmallEntities 2023-02-01 2024-01-31 SC454883 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC454883 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 SC454883 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC454883 bus:FullAccounts 2023-02-01 2024-01-31 SC454883 bus:OrdinaryShareClass1 2024-01-31 SC454883 bus:OrdinaryShareClass1 2023-01-31
COMPANY REGISTRATION NUMBER: SC454883
Pennsutt Limited
Filleted Unaudited Financial Statements
For the year ended
31 January 2024
Pennsutt Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
6
367,757
367,757
Current assets
Debtors
7
66
350
Cash at bank and in hand
1,539
3,650
-------
-------
1,605
4,000
Creditors: amounts falling due within one year
8
( 296,572)
( 280,938)
---------
---------
Net current liabilities
( 294,967)
( 276,938)
---------
---------
Total assets less current liabilities
72,790
90,819
--------
--------
Net assets
72,790
90,819
--------
--------
Capital and reserves
Called up share capital
9
140
140
Share premium account
219,930
219,930
Profit and loss account
( 147,280)
( 129,251)
---------
---------
Shareholders funds
72,790
90,819
---------
---------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 July 2024 , and are signed on behalf of the board by:
J Suttie
Director
Company registration number: SC454883
Pennsutt Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 323 Lanark Road, Edinburgh, EH14 2LQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. Included in creditors due within one year are directors' loans of £211,434. The directors intend to continue to support the company for the foreseeable future and believe 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 these financial statements.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include other debtors and cash and bank balances, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument. Basic financial liabilities, which include other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year, including directors, amounted to 2 (2023: 2).
5. Tax on loss
The company has an unrecognised deferred tax asset of £23,249 (2023: £21,323). This has arisen from fixed asset timing differences and losses carried forward. Its recoverability is dependent upon future taxable trading profits arising, the likelihood of which cannot at this stage be determined with reasonable certainty.
6. Intangible assets
Research & Development
£
Cost
At 1 February 2023 and 31 January 2024
367,757
---------
Amortisation
At 1 February 2023 and 31 January 2024
---------
Carrying amount
At 31 January 2024
367,757
---------
At 31 January 2023
367,757
---------
The directors are satisfied that the development costs are in respect of a clearly defined project, that the project is both technically and commercially viable and that adequate resources exist to complete the project. On this basis, development costs have been capitalised.
7. Debtors
2024
2023
£
£
Other debtors
66
350
----
----
8. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
296,572
280,938
---------
---------
Included within other creditors, is a deferred government grant of £82,764 (2023: £82,764). The grant is in respect of the development project, which has been capitalised.
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
140
140
140
140
----
----
----
----
10. Related party transactions
Included in creditors due within one year are directors' loans of £211,434 (2023: £196,000). The loans are interest free and repayable on demand, although the directors are not seeking immediate repayment.