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REGISTERED NUMBER: 11668244 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st March 2024

for

Penfold Savings Limited

Penfold Savings Limited (Registered number: 11668244)






Contents of the Financial Statements
for the Year Ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Penfold Savings Limited

Company Information
for the Year Ended 31st March 2024







DIRECTORS: C J Eastwood
P J Hykin





REGISTERED OFFICE: Purpose Building Unit 4
215 - 221 Borough High Street
London
SE1 1JA





REGISTERED NUMBER: 11668244 (England and Wales)





ACCOUNTANTS: Sampson Fielding Ltd
34 - 35 Clarges Street
Mayfair
London
W1J 7EJ

Penfold Savings Limited (Registered number: 11668244)

Balance Sheet
31st March 2024

31/3/24 31/3/23
as restated
Notes £    £   
CURRENT ASSETS
Debtors 4 791,426 331,367
Cash at bank 515,640 403,615
1,307,066 734,982
CREDITORS
Amounts falling due within one year 5 226,702 115,544
NET CURRENT ASSETS 1,080,364 619,438
TOTAL ASSETS LESS CURRENT LIABILITIES 1,080,364 619,438

CREDITORS
Amounts falling due after more than one year 6 - 165,949
NET ASSETS 1,080,364 453,489

CAPITAL AND RESERVES
Called up share capital 2,800,001 2,800,001
Retained earnings (1,719,637 ) (2,346,512 )
1,080,364 453,489

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1st August 2024 and were signed on its behalf by:





C J Eastwood - Director


Penfold Savings Limited (Registered number: 11668244)

Notes to the Financial Statements
for the Year Ended 31st March 2024

1. STATUTORY INFORMATION

Penfold Savings 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Going concern
The Directors consider that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

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

Financial instruments
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other amounts receivable and payable, are initially measured at the present value of future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivable, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not market rate or in case of an outright short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evident of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.


Penfold Savings Limited (Registered number: 11668244)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

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

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months form the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Trade and other debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. DEBTORS
31/3/24 31/3/23
as restated
£    £   
Amounts falling due within one year:
VAT 64,595 222,809
Deferred tax asset 295,642 -
Accrued income 190,076 85,615
Prepayments 3,900 22,943
554,213 331,367

Amounts falling due after more than one year:
Amounts owed by group undertakings 237,213 -

Aggregate amounts 791,426 331,367

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
as restated
£    £   
Trade creditors 5,209 86,252
Accrued expenses 221,493 29,292
226,702 115,544

Penfold Savings Limited (Registered number: 11668244)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/3/24 31/3/23
as restated
£    £   
Amounts owed to group undertakings - 165,949

7. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.