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REGISTERED NUMBER: 07079400 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Penrose Sailmakers Limited

Penrose Sailmakers Limited (Registered number: 07079400)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Penrose Sailmakers Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: G Watson





REGISTERED OFFICE: Maritime House
Discovery Quay
Falmouth
Cornwall
TR11 3XA





REGISTERED NUMBER: 07079400 (England and Wales)





ACCOUNTANTS: Briants Chartered Accountants
Maritime House
Discovery Quay
Falmouth
Cornwall
TR11 3XA

Penrose Sailmakers Limited (Registered number: 07079400)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 13,515 20,270
Tangible assets 5 61,453 54,159
74,968 74,429

CURRENT ASSETS
Stocks 43,773 47,608
Debtors 6 43,692 44,042
Cash at bank and in hand 86,950 132,371
174,415 224,021
CREDITORS
Amounts falling due within one year 7 155,756 206,447
NET CURRENT ASSETS 18,659 17,574
TOTAL ASSETS LESS CURRENT
LIABILITIES

93,627

92,003

CREDITORS
Amounts falling due after more than one
year

8

(13,377

)

(55,693

)

PROVISIONS FOR LIABILITIES (11,676 ) (10,291 )
NET ASSETS 68,574 26,019

Penrose Sailmakers Limited (Registered number: 07079400)

Balance Sheet - continued
31 December 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 11 11
Retained earnings 68,563 26,008
SHAREHOLDERS' FUNDS 68,574 26,019

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 director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 August 2024 and were signed by:





G Watson - Director


Penrose Sailmakers Limited (Registered number: 07079400)

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

1. STATUTORY INFORMATION

Penrose Sailmakers 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of seventeen years.

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 each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 20% on 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.

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


Penrose Sailmakers Limited (Registered number: 07079400)

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

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 106,229
AMORTISATION
At 1 January 2023 85,959
Charge for year 6,755
At 31 December 2023 92,714
NET BOOK VALUE
At 31 December 2023 13,515
At 31 December 2022 20,270

Penrose Sailmakers Limited (Registered number: 07079400)

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

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 135,047
Additions 24,559
Disposals (12,212 )
At 31 December 2023 147,394
DEPRECIATION
At 1 January 2023 80,888
Charge for year 16,310
Eliminated on disposal (11,257 )
At 31 December 2023 85,941
NET BOOK VALUE
At 31 December 2023 61,453
At 31 December 2022 54,159

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 34,889 37,257
Other debtors 8,803 6,785
43,692 44,042

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 43,088 67,055
Taxation and social security 32,217 31,579
Other creditors 80,451 107,813
155,756 206,447

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 13,377 55,693