PENYARD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
PENYARD LIMITED
COMPANY INFORMATION
Directors
J.W. Stott
Mrs. K.M.Stott
A. Stott
Secretary
Mrs K. M. Stott
Company number
01543301 (England and Wales)
Registered office
Lodge Holme
Skipton Road
Trawden
Colne
Lancashire
BB8 8RA
Accountants
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
Bankers
HSBC Bank plc
12 Manchester Road
Burnley
Lancashire
BB11 1JH
PENYARD LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PENYARD LIMITED
BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
95,157
100,855
Current assets
Stocks
22,924
25,660
Debtors
4
601,277
391,803
Cash at bank and in hand
291,043
420,659
915,244
838,122
Creditors: amounts falling due within one year
5
(376,776)
(362,881)
Net current assets
538,468
475,241
Total assets less current liabilities
633,625
576,096
Creditors: amounts falling due after more than one year
6
(13,506)
(39,533)
Provisions for liabilities
(22,150)
(22,662)
Net assets
597,969
513,901
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
597,869
513,801
Total equity
597,969
513,901
The notes on pages 3 - 6 form an integral part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

PENYARD LIMITED
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024
29 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 August 2024 and are signed on its behalf by:
J.W. Stott
Director
Company registration number 01543301 (England and Wales)
PENYARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Penyard Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lodge Holme, Skipton Road, Trawden, Colne, Lancashire, BB8 8RA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover
Turnover represents amounts receivable for providing services as building contractors, joinery contractors and joinery manufacturers net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly labour rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Freehold Land & Buildings
2% straight line basis
Plant & Machinery
20% straight line basis
Fixtures & Fittings
20% straight line basis
Motor Vehicles
25% reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

PENYARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).

 

Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.

 

All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.

 

Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.

 

Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred taxation is provided in full at appropriate rates on all timing differences using the liability method.
1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

PENYARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
20
21
3
Tangible fixed assets
Freehold Land & Buildings
Plant & Machinery
Fixtures & Fittings
Motor Vehicles
Total
£
£
£
£
£
Cost
At 1 March 2023
157,619
195,265
56,052
110,010
518,946
Additions
-
0
-
0
-
0
8,300
8,300
Disposals
-
0
-
0
-
0
(5,400)
(5,400)
At 29 February 2024
157,619
195,265
56,052
112,910
521,846
Depreciation and impairment
At 1 March 2023
90,567
193,938
53,879
79,707
418,091
Depreciation charged in the year
3,152
1,144
603
8,908
13,807
Eliminated in respect of disposals
-
0
-
0
-
0
(5,209)
(5,209)
At 29 February 2024
93,719
195,082
54,482
83,406
426,689
Carrying amount
At 29 February 2024
63,900
183
1,570
29,504
95,157
At 28 February 2023
67,052
1,327
2,173
30,303
100,855
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
251,718
111,255
Gross amounts owed by contract customers
315,699
264,674
Prepayments and accrued income
33,860
15,874
601,277
391,803
PENYARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
43,074
68,723
Payments received on account
65,239
-
0
Trade creditors
65,317
80,436
Corporation tax
37,022
48,857
Other taxation and social security
99,494
92,857
Other creditors
56,188
59,908
Accruals and deferred income
10,442
12,100
376,776
362,881
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
13,506
39,533

The aggregate amount of the company's secured borrowing is £34,432 (2023, £77,002), which are secured by a fixed charge on the property and book debts and a floating charge on all other assets.

 

Bank loans and overdrafts also include an unsecured bank loan of £22,148 (2023, £31,254).

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
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