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REGISTERED NUMBER: 10213592 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

FOR

PENDERSONS PRODUCTS LIMITED

PENDERSONS PRODUCTS LIMITED (REGISTERED NUMBER: 10213592)

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










Page

Statement of Financial Position 1

Notes to the Financial Statements 2 to 5


PENDERSONS PRODUCTS LIMITED (REGISTERED NUMBER: 10213592)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2023

31.8.23 31.8.22
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 3,294 4,076

CURRENT ASSETS
Inventories 47,737 39,994
Debtors 5 109,604 63,585
Cash at bank 1,682 4,500
159,023 108,079
CREDITORS
Amounts falling due within one year 6 (293,504 ) (153,339 )
NET CURRENT LIABILITIES (134,481 ) (45,260 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(131,187

)

(41,184

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (131,287 ) (41,284 )
(131,187 ) (41,184 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

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 21 August 2024 and were signed by:




M Pender - Director


PENDERSONS PRODUCTS LIMITED (REGISTERED NUMBER: 10213592)

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


1. STATUTORY INFORMATION

PENDERSONS PRODUCTS LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 10213592

Registered office: Cobam House
Pleasant Street
Burslem
Stoke-on-Trent
Staffordshire
ST6 3DL

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.

The financial statements are prepared in sterling, which is the functional currency of the entity,

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

(i) Estimated useful lives and residual values of fixed assets

Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods

GOING CONCERN
The accounts have been prepared on the going concern basis which assumes that the company will continue to trade for the foreseeable future.

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

PENDERSONS PRODUCTS LIMITED (REGISTERED NUMBER: 10213592)

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


2. ACCOUNTING POLICIES - continued

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 etc - straight line over 3 years and 15% reducing balance

STOCKS
Inventories 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 inventories to their present location and condition.

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 instruments 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 payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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.


PENDERSONS PRODUCTS LIMITED (REGISTERED NUMBER: 10213592)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 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 10 (2022 - 5 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and Website
fittings costs Totals
£    £    £   
COST
At 1 September 2022
and 31 August 2023 4,038 800 4,838
DEPRECIATION
At 1 September 2022 606 156 762
Charge for year 515 267 782
At 31 August 2023 1,121 423 1,544
NET BOOK VALUE
At 31 August 2023 2,917 377 3,294
At 31 August 2022 3,432 644 4,076

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 106,253 47,077
Amounts owed by group undertakings 1,000 15,615
Other debtors 2,351 893
109,604 63,585

PENDERSONS PRODUCTS LIMITED (REGISTERED NUMBER: 10213592)

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


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade creditors 72,238 29,077
Amounts owed to group undertakings 58,826 -
Taxation and social security 31,596 32,523
Other creditors 130,844 91,739
293,504 153,339

7. SECURED DEBTS

The invoice finance liability is secured by a fixed and floating charge over all property and undertaking owned by the company

8. RELATED PARTY DISCLOSURES

All transactions undertaken with the directors are deemed to be conducted under normal market conditions and/or are not material.

The company has taken advantage of the exemption from the disclosures required by paragraph 33.1A of Financial Reporting Standard 102 regarding transactions between fellow group companies.

9. ULTIMATE CONTROLLING PARTY

Pendersons Group Limited is the company's ultimate parent undertaking. The parent undertaking's registered office is c/o DPC Accountants, Stone House, 55 Stone Road Business Park, Stoke on Trent, ST4 6SR. The address of the principal place of business is Pleasant Street, Burslem, Stoke on Trent, ST6 3DL.

10. GOING CONCERN

At 31st August 2023, the company had net liabilities of £131,187. A subsidiary, Pendersons Limited, has confirmed it will continue to support the company and the directors are confident that the company is profitable now that the initial set up costs have been accounted for. Accordingly the directors considers it appropriate to prepare the financial statements on a going concern basis.