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REGISTERED NUMBER: 06059014 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Pentney House Gifts Limited

Pentney House Gifts Limited (Registered number: 06059014)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


Pentney House Gifts Limited (Registered number: 06059014)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 151,002 178,279
151,002 178,279

Current assets
Stocks 121,786 111,645
Debtors 7 9,387 8,456
Cash at bank 22,334 17,954
153,507 138,055
Creditors
Amounts falling due within one year 8 (137,589 ) (133,722 )
Net current assets 15,918 4,333
Total assets less current liabilities 166,920 182,612

Creditors
Amounts falling due after more than one
year

9

(26,396

)

(43,568

)

Provisions for liabilities - (715 )
Net assets 140,524 138,329

Capital and reserves
Called up share capital 1,000 1,000
Retained earnings 139,524 137,329
140,524 138,329

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

Pentney House Gifts Limited (Registered number: 06059014)

Balance Sheet - continued
31 December 2023


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 Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:





Mrs V C Graham-Wood - Director


Pentney House Gifts Limited (Registered number: 06059014)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. Statutory information

Pentney House Gifts 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: 06059014

Registered office: The Stables Barkers Lane
The Green
Burnham Market
Kings Lynn
Norfolk
PE31 8HD

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements in conformity with IFRS 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.

Given the straightforward operations and financial position of the company, there are not considered to be any key sources of judgement or estimation uncertainty within these 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.

Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill - 20% Straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Pentney House Gifts Limited (Registered number: 06059014)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Long leasehold - Straight line over 10 years
Fixtures and fittings - 15% p.a. reducing balance
Motor vehicles - 25% p.a. reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

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.


Pentney House Gifts Limited (Registered number: 06059014)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued
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 balance sheet date.

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.

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.

4. Employees and directors

The average number of employees during the year was 16 (2022 - 17 ) .

5. Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023
and 31 December 2023 60,000
Amortisation
At 1 January 2023
and 31 December 2023 60,000
Net book value
At 31 December 2023 -
At 31 December 2022 -

Pentney House Gifts Limited (Registered number: 06059014)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


6. Tangible fixed assets
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£ £ £ £ £
Cost
At 1 January 2023 312,668 10,843 76,257 72,387 472,155
Additions - - 4,685 - 4,685
At 31 December 2023 312,668 10,843 80,942 72,387 476,840
Depreciation
At 1 January 2023 203,163 8,633 66,245 15,835 293,876
Charge for year 15,633 331 1,860 14,138 31,962
At 31 December 2023 218,796 8,964 68,105 29,973 325,838
Net book value
At 31 December 2023 93,872 1,879 12,837 42,414 151,002
At 31 December 2022 109,505 2,210 10,012 56,552 178,279

7. Debtors: amounts falling due within one year
31.12.23 31.12.22
£ £
Other debtors 9,387 8,456

8. Creditors: amounts falling due within one year
31.12.23 31.12.22
£ £
Bank loans and overdrafts 10,141 9,891
Hire purchase contracts 7,037 7,037
Trade creditors 5,870 7,773
Tax 13,923 14,603
Social security and other taxes 1,650 944
Pension liability 77 240
Wages payable - 67
VAT liability 17,307 20,838
Directors' loan accounts 74,469 64,529
Accrued expenses 7,115 7,800
137,589 133,722

Pentney House Gifts Limited (Registered number: 06059014)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


9. Creditors: amounts falling due after more than one year
31.12.23 31.12.22
£ £
Bank loans - 2-5 years 14,770 24,905
Hire purchase contracts 11,626 18,663
26,396 43,568

10. Secured debts

The following secured debts are included within creditors:

31.12.23 31.12.22
£ £
Hire purchase contracts 18,663 25,700

11. Related party transactions

The company operates from premises owned by the directors rent free.