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Registered number: 11236048
Penguin Wealth Planners Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Xeinadin South Wales & West Limited
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11236048
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 57,502 70,300
57,502 70,300
CURRENT ASSETS
Debtors 5 256,309 270,318
Investments 6 150,000 -
Cash at bank and in hand 233,625 190,251
639,934 460,569
Creditors: Amounts Falling Due Within One Year 7 (199,757 ) (184,674 )
NET CURRENT ASSETS (LIABILITIES) 440,177 275,895
TOTAL ASSETS LESS CURRENT LIABILITIES 497,679 346,195
Creditors: Amounts Falling Due After More Than One Year 8 (57,741 ) (96,017 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,375 ) (13,357 )
NET ASSETS 425,563 236,821
CAPITAL AND RESERVES
Called up share capital 9 113 113
Profit and Loss Account 425,450 236,708
SHAREHOLDERS' FUNDS 425,563 236,821
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Craig Palfrey
Director
09/07/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Penguin Wealth Planners Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11236048 . The registered office is Celtic House, Caxton Place, Pentwyn, Cardiff, South Glamorgan, CF23 8HA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% Reducing Balance Basis
Computer Equipment 33% Straight Line Basis
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 14 13
14 13
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 89,384 29,076 118,460
Additions 3,385 5,258 8,643
As at 31 December 2023 92,769 34,334 127,103
Depreciation
As at 1 January 2023 28,810 19,350 48,160
Provided during the period 15,848 5,593 21,441
As at 31 December 2023 44,658 24,943 69,601
Net Book Value
As at 31 December 2023 48,111 9,391 57,502
As at 1 January 2023 60,574 9,726 70,300
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 3,385 2,788
Prepayments and accrued income 48,436 58,476
Other debtors 204,488 209,054
256,309 270,318
6. Current Asset Investments
2023 2022
£ £
Unlisted investments 150,000 -
150,000 -
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 53,682 81,662
Bank loans and overdrafts 44,254 44,254
Corporation tax 77,411 32,069
Other taxes and social security 4,506 4,329
Penguin Wealth LLP Creditor 15,004 15,004
Pensions Creditor 4,379 -
Accrued expenses 521 7,356
199,757 184,674
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 57,741 96,017
57,741 96,017
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 113 113
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 4,231 7,700
Later than one year and not later than five years - 4,707
4,231 12,407
11. Related Party Transactions
During the year, dividends of £40,978 were paid (2022: £32,027).
At the reporting date, the company made a loan to Penguin Legal Services Limited of £204,484 (2022: £204,484), a company under common control.
12. Ultimate Controlling Party
The company's ultimate controlling party is Mr C Palfrey by virtue of his 65% ownership of the issued share capital in the company.
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