Registered number
05992580
Pennita Ltd
Filleted Accounts
30 November 2023
Pennita Ltd
Registered number: 05992580
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 35,912 44,888
Current assets
Stocks 44,169 39,587
Debtors 5 1,683 3,058
Cash at bank and in hand 49,474 79,652
95,326 122,297
Creditors: amounts falling due within one year 6 (46,712) (53,539)
Net current assets 48,614 68,758
Total assets less current liabilities 84,526 113,646
Creditors: amounts falling due after more than one year 7 (68,958) (114,377)
Net assets/(liabilities) 15,568 (731)
Capital and reserves
Called up share capital 20 20
Profit and loss account 15,548 (751)
Shareholder's funds 15,568 (731)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Miss P M Wilshire
Director
Approved by the board on 30 August 2024
Pennita Ltd
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings In accordance with the property
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 102,712
At 30 November 2023 102,712
Amortisation
At 1 December 2022 102,712
At 30 November 2023 102,712
Net book value
At 30 November 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 December 2022 179,522 23,988 203,510
At 30 November 2023 179,522 23,988 203,510
Depreciation
At 1 December 2022 134,634 23,988 158,622
Charge for the year 8,976 - 8,976
At 30 November 2023 143,610 23,988 167,598
Net book value
At 30 November 2023 35,912 - 35,912
At 30 November 2022 44,888 - 44,888
5 Debtors 2023 2022
£ £
Other debtors 1,683 3,058
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 18,109 30,727
Taxation and social security costs 16,619 10,905
Other creditors 11,984 11,907
46,712 53,539
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,661 25,780
Other creditors 53,297 88,597
68,958 114,377
8 Other information
Pennita Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1 Castlegate
Helmsley
York
North Yorkshire
YO62 5AB
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