Pennamed Limited 06109475 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the sale of medical equipment. Digita Accounts Production Advanced 6.30.9574.0 true true true 06109475 2023-04-01 2024-03-31 06109475 2024-03-31 06109475 core:CurrentFinancialInstruments 2024-03-31 06109475 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06109475 core:FurnitureFittingsToolsEquipment 2024-03-31 06109475 core:LandBuildings 2024-03-31 06109475 bus:SmallEntities 2023-04-01 2024-03-31 06109475 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06109475 bus:FilletedAccounts 2023-04-01 2024-03-31 06109475 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06109475 bus:RegisteredOffice 2023-04-01 2024-03-31 06109475 bus:CompanySecretary1 2023-04-01 2024-03-31 06109475 bus:Director2 2023-04-01 2024-03-31 06109475 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06109475 core:ComputerEquipment 2023-04-01 2024-03-31 06109475 core:FurnitureFittings 2023-04-01 2024-03-31 06109475 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 06109475 core:LandBuildings 2023-04-01 2024-03-31 06109475 core:MotorVehicles 2023-04-01 2024-03-31 06109475 1 2023-04-01 2024-03-31 06109475 countries:England 2023-04-01 2024-03-31 06109475 2023-03-31 06109475 core:FurnitureFittingsToolsEquipment 2023-03-31 06109475 core:LandBuildings 2023-03-31 06109475 2022-04-01 2023-03-31 06109475 2023-03-31 06109475 core:CurrentFinancialInstruments 2023-03-31 06109475 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06109475 core:FurnitureFittingsToolsEquipment 2023-03-31 06109475 core:LandBuildings 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 06109475

Pennamed Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Pennamed Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Pennamed Limited

Company Information

Director

Mr I D Penna

Company secretary

Mrs K E A Penna

Registered office

30 Redcliff Road
Melton Industrial Park
MELTON
East Yorkshire
HU14 3RS

 

Pennamed Limited

(Registration number: 06109475)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

357,138

354,079

 

357,138

354,079

Current assets

 

Stocks

5

792,067

799,397

Debtors

6

1,325,745

869,443

Cash at bank and in hand

 

1,909,452

1,169,669

 

4,027,264

2,838,509

Creditors: Amounts falling due within one year

7

(755,353)

(455,807)

Net current assets

 

3,271,911

2,382,702

Total assets less current liabilities

 

3,629,049

2,736,781

Provisions for liabilities

(10,118)

(7,364)

Net assets

 

3,618,931

2,729,417

Capital and reserves

 

Called up share capital

2

2

Retained earnings

3,618,929

2,729,415

Shareholders' funds

 

3,618,931

2,729,417

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Pennamed Limited

(Registration number: 06109475)
Balance Sheet as at 31 March 2024

Approved and authorised for issue by the director on 2 September 2024
 

.........................................

Mr I D Penna

Director

 

Pennamed Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
30 Redcliff Road
Melton Industrial Park
MELTON
East Yorkshire
HU14 3RS

These financial statements were authorised for issue by the director on 2 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Pennamed Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold

2% on cost

Fixtures and fittings

33% on reducing balance

Computer equipment

33% on reducing balance

Motor vehicles

33% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Pennamed Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 17 (2023 - 16).

 

Pennamed Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

404,488

19,278

423,766

Additions

11,319

-

11,319

At 31 March 2024

415,807

19,278

435,085

Depreciation

At 1 April 2023

51,494

18,193

69,687

Charge for the year

7,903

357

8,260

At 31 March 2024

59,397

18,550

77,947

Carrying amount

At 31 March 2024

356,410

728

357,138

At 31 March 2023

352,994

1,085

354,079

5

Stocks

2024
£

2023
£

Other inventories

792,067

799,397

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

879,396

686,500

Amounts owed by related parties

46,734

55,887

Prepayments

 

31,490

40,029

Other debtors

 

368,125

87,027

   

1,325,745

869,443

 

Pennamed Limited

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

136,093

41,943

Taxation and social security

595,400

394,875

Accruals and deferred income

17,627

12,635

Other creditors

6,233

6,354

755,353

455,807

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £8,209 (2023 - £14,948).

9

Parent and ultimate parent undertaking

The company's immediate parent is IKP 2004 Limited, incorporated in England & Wales.