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REGISTERED NUMBER: 02749547 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

PENN CONTRACTING LIMITED

PENN CONTRACTING LIMITED (Registered number: 02749547)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PENN CONTRACTING LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P Naylor
S Bayton





REGISTERED OFFICE: The Dairy
Redhill Road
Cobham
Surrey
KT11 1EF





REGISTERED NUMBER: 02749547 (England and Wales)





ACCOUNTANTS: Ark Accountancy Limited
Chartered Certified Accountant
31 Cheam Road
Epsom
Surrey
KT17 1QX

PENN CONTRACTING LIMITED (Registered number: 02749547)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 23,839 1,452

CURRENT ASSETS
Debtors 5 151,062 141,184
Cash at bank and in hand 20,944 16,133
172,006 157,317
CREDITORS
Amounts falling due within one year 6 193,082 106,028
NET CURRENT (LIABILITIES)/ASSETS (21,076 ) 51,289
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,763

52,741

CAPITAL AND RESERVES
Called up share capital 10 10
Share premium 29,892 29,892
Capital redemption reserve 208 208
Retained earnings (27,347 ) 22,631
SHAREHOLDERS' FUNDS 2,763 52,741

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.

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 11 September 2024 and were signed on its behalf by:




P Naylor - Director


PENN CONTRACTING LIMITED (Registered number: 02749547)

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

1. STATUTORY INFORMATION

PENN CONTRACTING LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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

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 - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings

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.

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.

PENN CONTRACTING LIMITED (Registered number: 02749547)

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

2. ACCOUNTING POLICIES - continued

Going concern
In their assessment of going concern the directors have considered the current impact on the business as a result of the COVID19 virus. This has not had a significant, immediate impact on the company's operations because the furlough payments mitigated the losses and enabled them to retain staff but the Directors are aware that if the current situation deteriorates again then this may change.

Having regard to the above, the directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Debtors
Short-term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors
Short-term creditors are measured at the transaction price.

Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Interest income
Interest income is recognised in profit or loss using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 7 ) .

PENN CONTRACTING LIMITED (Registered number: 02749547)

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 91,582
Additions 29,099
Disposals (88,997 )
At 31 December 2023 31,684
DEPRECIATION
At 1 January 2023 90,130
Charge for year 6,712
Eliminated on disposal (88,997 )
At 31 December 2023 7,845
NET BOOK VALUE
At 31 December 2023 23,839
At 31 December 2022 1,452

5. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 145,847 115,387
Other debtors 4,160 500
Directors' loan accounts - 5,158
Prepayments 1,055 1,228
151,062 122,273

Amounts falling due after more than one year:
Directors' loan accounts - 18,911

Aggregate amounts 151,062 141,184

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 7,484 5,220
Trade creditors 60,401 58,657
Tax (301 ) 16
Social security and other taxes 19,552 12,307
VAT 51,764 14,448
Other creditors 15,182 12,010
Directors' current accounts 39,000 -
Accrued expenses - 3,370
193,082 106,028

PENN CONTRACTING LIMITED (Registered number: 02749547)

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

7. PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £6,194 (2022 £6,973). They are included in other creditors.

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
P Naylor
Balance outstanding at start of year - 15,712
Amounts repaid - (15,712 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

S Bayton
Balance outstanding at start of year 24,069 -
Amounts advanced - 25,788
Amounts repaid (24,069 ) (1,719 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 24,069

No interest was charged on Simon Bayton's loan to purchase a car.The balance was repaid on 28.8.23