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REGISTERED NUMBER: 11232493 (England and Wales)

















Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 31 December 2023

for

Penguin Holdings Ltd

Penguin Holdings Ltd (Registered number: 11232493)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


Penguin Holdings Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr A M Kemp





REGISTERED OFFICE: 1 Huntingtower Road
Sheffield
South Yorkshire
S11 8BQ





REGISTERED NUMBER: 11232493 (England and Wales)





AUDITORS: Sutton McGrath Hartley
5 Westbrook Court
Sharrowvale Road
Sheffield
South Yorkshire
S11 8YZ

Penguin Holdings Ltd (Registered number: 11232493)

Group Strategic Report
for the Year Ended 31 December 2023

The director presents his strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The group did not acquire any more businesses or sites in this financial year but continued to integrate 2022's acquisitions to the group model. Audiology continued to grow offering clinics in more north and south optical sites, increasing staff members by 50% to support this nationwide growth.

The group has increased investment in staff during the 2023 year, including training and development with spend on employee courses increasing by 150% on 2022, with 11 members of staff being put through professional courses and exams across 10 companies. This shows the dedication the group has in terms of supporting and growing professionals in house, by investing in their future career and service which the group hopes to maintain and receive the benefit of not only as a company in terms of conversion but importantly for our clients to receive the best care and experience.

For the first time the group conducted it's annual training and development day which was a key part in encouraging staff from different companies and sites to work together and further develop not only their skills in the workplace and knowledge of various processes and products, but also develop relationships and an understanding and feel of the bigger group and business in general. Two events were conducted for north and south sites in which staff could participate in CPD qualifying training for those applicable, and alternative training courses for other roles within the company.

Training wasn't the only large investment made in the year, with high quality refraction equipment implemented in two sites, and new cutting-edge technology implemented in one north and one south site for the treatment of dry AMD and other ocular diseases and disorders. This demonstrates that the group priorities quality care for our customers in a variety of ways from diagnosis to prevention to treatment, and further increases our wide range of services, focusing on several optical health aspects. Several staff members from various sites were put through training to better understand this equipment, how to use it and the benefits in order to assess when it may need to be recommended. The group recognises the need to keep up to date with the latest innovative technology and recognises a duty of care to its clientèle to offer these services to maintain or improve one's optical health.

Further to these investments, another London site moved premises, along with the other London move which commenced in 2022 completing in the 2023 accounts year. Both underwent costly shop fits, including fitting lifts in the new sites so that access was available for all, considering the needs of our patients and to avoid any exclusion for people with health conditions or impairments. Both sites in London have been heavily invested in and specifically, professionally designed to improve the customer process and overall experience of quality care and attention. This along with the new equipment contributed to fixed asset value in the accounts increasing by 4.6% from 2022.
Adjacent to growing the business, recovery from previous years' economic crisis lingers debt from borrowing during these times. The group's total liabilities reduced by 15% from 2022, despite the investments made which reflects in the liquidity current ratio which improved 11.4%, increasing from 3.27 in 2022 to 3.64 in 2023. The quick ratio also reflects an increase albeit smaller; 6.8% from 2.7 to 2.88.

The group continued to support local charities, including sponsoring a 10k running charity event in which employees are also encouraged to participate in raising money, enjoy the physical challenge as well as staying after for a social event for an opportunity to spend time with colleagues and family members. Other, smaller local charity donations are also made throughout the year specific to local sites. Considering the environment, research into rolling out an electric car scheme commenced in 2023 in which meetings were conducted with several scheme providers.


Penguin Holdings Ltd (Registered number: 11232493)

Group Strategic Report
for the Year Ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The group continues to pride and promote itself as being local family run businesses rather than being one larger, corporate business. However, as the brand identity develops it is a risk that this increases clients to perceive this as larger less independent company, and affiliate it with a more corporate structure. The group hopes that the welcoming, professional service provided by its employees and wide variety of services and products will continue to make clients feel cared for, valued and as though their needs and preferences are catered for and offered. Further, the group hopes continuing to keep up to date with the newest technologies, replenishing equipment to maintain quality and range shows how committed the group is to provide the most comprehensive optical assessments and treatments it can.

Staff retention has improved somewhat, however it could still be improved a lot further which the group continues to work on, as previously mentioned by investing in staff training, development and overall employment package. Our external HR department continues to tighten up policies and procedures, including presenting a dignity at work training session for the office. A quarterly bonus scheme was also introduced towards the end of the year to incentivise employees to increase profitability.

Each acquisition presents a risk of failure if the business model is unable to blend with and transition into the groups' current business model. Further, if employees of a company's predecessor are resistant to a takeover and change, this can further create problems with integration, including moving onto our management software system which can have mixed reviews. In 2023, the management software's reporting system began to move to cloud based software. However, whilst in transition of systems being developed and transferred, there is always a risk of data loss or misrepresentation, which is why we continued to use the old system following the providers advice in this transition process.

GOING CONCERN
With a full financial year including the 2022 acquisitions, net profit increased by 16% in 2023, despite economic challenges continuing with the base rate hitting its highest level of late since 2008. Net profit margin (excluding 2022's landlord termination compensation payment) increased from 11% in 2022 to 12% in 2023 contributing a 1% profitability improvement which is extremely positive considering the heavy investment in training, equipment and shop fits. The group also increased wages in the annual review in line with inflation at 5% for another year running. Numerically, the increase in total costs (cost of sales and administrative expenses) increased by 3.9%, and the turnover by 3%.

The overall gross profit increased by 9.3% on 2022 and percentage wise increased 4% from 61% in 2022 to 65% in 2023 which is extremely positive eluding to the fact the work we have done on tightening up on stock ordering and management procedures, pushing suppliers for the best deals and smarter purchasing in general has paid off.

ON BEHALF OF THE BOARD:





Mr A M Kemp - Director


24 September 2024

Penguin Holdings Ltd (Registered number: 11232493)

Report of the Director
for the Year Ended 31 December 2023

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of retail sale by opticians and retail sale of hearing aids.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £ 350,000 .

An interim dividend of £1,600 per ordinary A share was paid on 31 December 2023, and interim dividend of £190,000 per ordinary B share was paid on 31 December 2023. The director recommended that no final dividend would be paid.

DIRECTOR
Mr A M Kemp held office during the whole of the period from 1 January 2023 to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
The Company has chosen in accordance with section 414c(11) of the Companies Act 2006, and as noted in this Directors' report, to include certain additional matters in its strategic report, that would otherwise be required to be disclosed in this Directors report. These are as follows;
- a summary of the Company's trading activities;
- principal risks and uncertainties;
- future prospects; and
- review of the business and future prospects.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Penguin Holdings Ltd (Registered number: 11232493)

Report of the Director
for the Year Ended 31 December 2023


AUDITORS
The auditors, Sutton McGrath Hartley, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr A M Kemp - Director


24 September 2024

Report of the Independent Auditors to the Members of
Penguin Holdings Ltd

Opinion
We have audited the financial statements of Penguin Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Penguin Holdings Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our assessment of the susceptibility to material misstatement, whether by fraud or error, is made in a risk based
approach.

In this approach, laws and regulations applicable to the entity, such as the Companies Act 2006, United Kingdom
Generally Accepted Accounting Practice including Financial Reporting Standard 102, the relevant tax compliance
regulations within the UK, employment law, and Health and Safety law is considered, and the policies and controls the entity has in place to comply with these laws are reviewed, by discussion, reviews of correspondence and registrations monitored by external bodies. The engagement team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Policies and controls relating to the risk of material misstatement as a result of fraud are also considered. These are
assessed by obtaining an understanding of the company's operations and control environment. The policies and
controls have been reviewed by discussion, review and sample testing of accounting entries, challenging assumptions and judgements, reviewing and evaluating related parties transactions, and wider background searches.Testing of value of stock and cut off, and consolidation adjustments is also completed.

We have ensured that the engagement team have appropriate levels of competence and experience to effectively
monitor these risks and carry out work relevant to our assessment of each risk, including consideration of the industry the company operates in and its size and complexity.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Penguin Holdings Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Jonathon Dickens FCA (Senior Statutory Auditor)
for and on behalf of Sutton McGrath Hartley
5 Westbrook Court
Sharrowvale Road
Sheffield
South Yorkshire
S11 8YZ

24 September 2024

Penguin Holdings Ltd (Registered number: 11232493)

Consolidated
Income Statement
for the Year Ended 31 December 2023

Period
31/12/21
Year Ended to
31/12/23 31/12/22
Notes £    £   

TURNOVER 3 10,383,537 10,079,997

Cost of sales 3,651,036 3,920,000
GROSS PROFIT 6,732,501 6,159,997

Administrative expenses 5,692,450 5,070,653
1,040,051 1,089,344

Other operating income 280,784 411,231
OPERATING PROFIT 5 1,320,835 1,500,575

Interest receivable and similar income 17,280 3,919
1,338,115 1,504,494

Interest payable and similar expenses 6 77,511 65,447
PROFIT BEFORE TAXATION 1,260,604 1,439,047

Tax on profit 7 367,453 369,320
PROFIT FOR THE FINANCIAL YEAR 893,151 1,069,727
Profit attributable to:
Owners of the parent 774,168 886,572
Non-controlling interests 118,983 183,155
893,151 1,069,727

Penguin Holdings Ltd (Registered number: 11232493)

Consolidated
Other Comprehensive Income
for the Year Ended 31 December 2023

Period
31/12/21
Year Ended to
31/12/23 31/12/22
Notes £    £   

PROFIT FOR THE YEAR 893,151 1,069,727


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

893,151

1,069,727

Total comprehensive income attributable to:
Owners of the parent 774,168 886,572
Non-controlling interests 118,983 183,155
893,151 1,069,727

Penguin Holdings Ltd (Registered number: 11232493)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 1,638,297 1,955,932
Tangible assets 11 1,762,658 1,296,487
Investments 12 - -
3,400,955 3,252,419

CURRENT ASSETS
Stocks 13 1,012,030 861,217
Debtors 14 1,487,723 1,637,886
Cash at bank and in hand 2,309,834 2,392,361
4,809,587 4,891,464
CREDITORS
Amounts falling due within one year 15 1,319,545 1,495,199
NET CURRENT ASSETS 3,490,042 3,396,265
TOTAL ASSETS LESS CURRENT LIABILITIES 6,890,997 6,648,684

CREDITORS
Amounts falling due after more than one
year

16

(724,110

)

(1,031,338

)

PROVISIONS FOR LIABILITIES 21 (254,786 ) (177,104 )
NET ASSETS 5,912,101 5,440,242

CAPITAL AND RESERVES
Called up share capital 22 101 101
Share premium 441,735 441,735
Other reserves 2,650,637 2,650,637
Retained earnings 2,332,180 1,908,012
SHAREHOLDERS' FUNDS 5,424,653 5,000,485

NON-CONTROLLING INTERESTS 23 487,448 439,757
TOTAL EQUITY 5,912,101 5,440,242

The financial statements were approved by the director and authorised for issue on 24 September 2024 and were signed by:





Mr A M Kemp - Director


Penguin Holdings Ltd (Registered number: 11232493)

Company Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 2,650,687 2,663,053
2,650,687 2,663,053

CURRENT ASSETS
Debtors 14 2,117,553 1,680,252
Cash at bank 56,734 58,470
2,174,287 1,738,722
CREDITORS
Amounts falling due within one year 15 2,479,296 2,671,518
NET CURRENT LIABILITIES (305,009 ) (932,796 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,345,678 1,730,257

CAPITAL AND RESERVES
Called up share capital 22 101 101
Retained earnings 2,345,577 1,730,156
SHAREHOLDERS' FUNDS 2,345,678 1,730,257

Company's profit for the financial year 965,421 1,383,060

The financial statements were approved by the director and authorised for issue on 24 September 2024 and were signed by:





Mr A M Kemp - Director


Penguin Holdings Ltd (Registered number: 11232493)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 31 December 2021 101 1,371,440 441,735

Changes in equity
Dividends - (350,000 ) -
Total comprehensive income - 886,572 -
Balance at 31 December 2022 101 1,908,012 441,735

Changes in equity
Dividends - (350,000 ) -
Total comprehensive income - 774,168 -
101 2,332,180 441,735
Acquisition of non-controlling
interest

-

-

-
Balance at 31 December 2023 101 2,332,180 441,735
Other Non-controlling Total
reserves Total interests equity
£    £    £    £   
Balance at 31 December 2021 2,650,637 4,463,913 297,602 4,761,515

Changes in equity
Dividends - (350,000 ) (41,000 ) (391,000 )
Total comprehensive income - 886,572 183,155 1,069,727
Balance at 31 December 2022 2,650,637 5,000,485 439,757 5,440,242

Changes in equity
Dividends - (350,000 ) (92,818 ) (442,818 )
Total comprehensive income - 774,168 118,983 893,151
2,650,637 5,424,653 465,922 5,890,575
Acquisition of non-controlling
interest

-

-

21,526

21,526
Balance at 31 December 2023 2,650,637 5,424,653 487,448 5,912,101

Penguin Holdings Ltd (Registered number: 11232493)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 31 December 2021 101 697,096 697,197

Changes in equity
Dividends - (350,000 ) (350,000 )
Total comprehensive income - 1,383,060 1,383,060
Balance at 31 December 2022 101 1,730,156 1,730,257

Changes in equity
Dividends - (350,000 ) (350,000 )
Total comprehensive income - 965,421 965,421
Balance at 31 December 2023 101 2,345,577 2,345,678

Penguin Holdings Ltd (Registered number: 11232493)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

Period
31/12/21
Year Ended to
31/12/23 31/12/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,752,188 2,238,288
Interest paid (58,819 ) (57,207 )
Interest element of hire purchase payments
paid

(18,692

)

(8,240

)
Tax paid (239,817 ) (419,954 )
Net cash from operating activities 1,434,860 1,752,887

Cash flows from investing activities
Purchase of intangible fixed assets - (581,469 )
Purchase of tangible fixed assets (861,185 ) (793,075 )
Sale of intangible fixed assets 12,365 -
Sale of tangible fixed assets 68,885 117,905
Sale of fixed asset investments (12,365 ) -
Interest received 17,280 3,919
Net cash from investing activities (775,020 ) (1,252,720 )

Cash flows from financing activities
New loans in year 85,768 304,964
Loan repayments in year (350,453 ) (399,577 )
Capital repayments in year (137,844 ) (95,050 )
Amount withdrawn by directors 81,454 38,026
Equity dividends paid (350,000 ) (350,000 )
Dividends paid to minority interests (92,818 ) (41,000 )
Acquisitions by minority interests 21,526 -
Net cash from financing activities (742,367 ) (542,637 )

Decrease in cash and cash equivalents (82,527 ) (42,470 )
Cash and cash equivalents at beginning of
year

2

2,392,361

2,434,831

Cash and cash equivalents at end of year 2 2,309,834 2,392,361

Penguin Holdings Ltd (Registered number: 11232493)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
Period
31/12/21
Year Ended to
31/12/23 31/12/22
£    £   
Profit before taxation 1,260,604 1,439,047
Depreciation charges 632,084 624,820
Loss/(profit) on disposal of fixed assets 11,679 (76,040 )
Finance costs 77,511 65,447
Finance income (17,280 ) (3,919 )
1,964,598 2,049,355
(Increase)/decrease in stocks (150,813 ) 71,410
Decrease in trade and other debtors 308,047 148,382
Decrease in trade and other creditors (369,644 ) (30,859 )
Cash generated from operations 1,752,188 2,238,288

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 2,309,834 2,392,361
Period ended 31 December 2022
31/12/22 31/12/21
£    £   
Cash and cash equivalents 2,392,361 2,434,831


Penguin Holdings Ltd (Registered number: 11232493)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank and in hand 2,392,361 (82,527 ) 2,309,834
2,392,361 (82,527 ) 2,309,834
Debt
Finance leases (322,234 ) 52,076 (270,158 )
Debts falling due within 1 year (421,923 ) 61,517 (360,406 )
Debts falling due after 1 year (833,615 ) 288,936 (544,679 )
(1,577,772 ) 402,529 (1,175,243 )
Total 814,589 320,002 1,134,591

Penguin Holdings Ltd (Registered number: 11232493)

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

1. STATUTORY INFORMATION

Penguin Holdings Ltd 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The financial statements incorporate the financial statements of the company and all group undertakings made up to 30 December 2023.

A subsidiary is an entity controlled by the company. Control exists where the company has power, directly or indirectly to govern the operating policies of the entity so as to derive benefits from its activities.

The consolidation of the subsidiary companies has been accounted for using the merger method of accounting following a group reorganisation in previous years as permitted by FRS 102. Assets and liabilities of the parties to the combination were not required to be adjusted to fair value.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the subsidiary businesses since 2018, is being amortised evenly over their estimated useful lives of 10 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.

Patents and licences are being amortised evenly over their estimated useful life of 25 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 10% on cost and Straight line over the remaining period
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance and 20% on reducing balance
Fixtures and fittings - 25% on reducing balance and 20% on reducing balance
Motor vehicles - 20% on cost
Computer equipment - 25% on reducing balance and 20% on reducing balance

Penguin Holdings Ltd (Registered number: 11232493)

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

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
slow moving items. A write down policy of 95% has been used against stock 2 years or older, and 50% for stock up to 1 year.

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Penguin Holdings Ltd (Registered number: 11232493)

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

2. ACCOUNTING POLICIES - continued

Classification of financial liabilities
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 company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


Penguin Holdings Ltd (Registered number: 11232493)

Notes to the Consolidated 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

Period
31/12/21
Year Ended to
31/12/23 31/12/22
£    £   
Retail sale by opticians 9,999,885 9,773,861
Retail sale by audiologists 383,652 306,136
10,383,537 10,079,997

An analysis of turnover by geographical market is given below:

Period
31/12/21
Year Ended to
31/12/23 31/12/22
£    £   
United Kingdom 10,383,537 10,079,997
10,383,537 10,079,997

Penguin Holdings Ltd (Registered number: 11232493)

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

4. EMPLOYEES AND DIRECTORS
Period
31/12/21
Year Ended to
31/12/23 31/12/22
£    £   
Wages and salaries 2,942,635 2,681,416
Social security costs 287,899 269,136
Other pension costs 131,624 124,808
3,362,158 3,075,360

The average number of employees during the year was as follows:
Period
31/12/21
Year Ended to
31/12/23 31/12/22

Managerial 17 17
Administration 16 18
Opticians 64 64
Audiologists 3 1
100 100

The average number of employees by undertakings that were proportionately consolidated during the year was 1 (2022 - 1 ) .

Period
31/12/21
Year Ended to
31/12/23 31/12/22
£    £   
Director's remuneration 9,100 11,260
Director's pension contributions to money purchase schemes 50,000 16,528

Penguin Holdings Ltd (Registered number: 11232493)

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

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
31/12/21
Year Ended to
31/12/23 31/12/22
£    £   
Hire of plant and machinery 142,926 134,347
Other operating leases 497,700 481,004
Depreciation - owned assets 277,272 180,072
Depreciation - assets on hire purchase contracts 49,543 22,635
Loss on disposal of fixed assets 8,454 41,865
Goodwill amortisation 304,746 421,588
Patents and licences amortisation 524 523
Auditors' remuneration 30,000 35,000
Foreign exchange differences 2,770 (80 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
31/12/21
Year Ended to
31/12/23 31/12/22
£    £   
Bank interest - 5
Bank loan interest 58,819 56,089
Corporation tax interest - 1,113
Hire purchase 18,692 8,240
77,511 65,447

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
31/12/21
Year Ended to
31/12/23 31/12/22
£    £   
Current tax:
UK corporation tax 289,771 284,124
Under/Over provision of tax - 4,911
Total current tax 289,771 289,035

Deferred tax 77,682 80,285
Tax on profit 367,453 369,320

Penguin Holdings Ltd (Registered number: 11232493)

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

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
31/12/21
Year Ended to
31/12/23 31/12/22
£    £   
Profit before tax 1,260,604 1,439,047
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

315,151

273,419

Effects of:
Expenses not deductible for tax purposes 566 (2,898 )
Depreciation in excess of capital allowances 72,497 92,640
Utilisation of tax losses (2,371 ) 721
Adjustments to tax charge in respect of previous periods - 5,438
Difference in tax rates (18,390 ) -
Total tax charge 367,453 369,320

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS

2022 2021
£ £

Ordinary A shares of £1 each 160,000 160,000
Interim

Ordinary B shares of £1 each 190,000 190,000
Interim
350,000 350,000

Penguin Holdings Ltd (Registered number: 11232493)

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

10. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2023 4,168,113 13,080 4,181,193
Disposals (12,365 ) - (12,365 )
At 31 December 2023 4,155,748 13,080 4,168,828
AMORTISATION
At 1 January 2023 2,220,521 4,740 2,225,261
Amortisation for year 304,746 524 305,270
At 31 December 2023 2,525,267 5,264 2,530,531
NET BOOK VALUE
At 31 December 2023 1,630,481 7,816 1,638,297
At 31 December 2022 1,947,592 8,340 1,955,932

11. TANGIBLE FIXED ASSETS

Group
Improvements
Short Long to Plant and
leasehold leasehold property machinery
£    £    £    £   
COST
At 1 January 2023 30,000 24,162 450,341 910,250
Additions 154,175 - 77,500 251,390
Disposals - - (68,630 ) -
At 31 December 2023 184,175 24,162 459,211 1,161,640
DEPRECIATION
At 1 January 2023 30,000 772 133,263 520,023
Charge for year 2,485 2,386 33,161 136,398
Eliminated on disposal - - (562 ) -
At 31 December 2023 32,485 3,158 165,862 656,421
NET BOOK VALUE
At 31 December 2023 151,690 21,004 293,349 505,219
At 31 December 2022 - 23,390 317,078 390,227

Penguin Holdings Ltd (Registered number: 11232493)

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

11. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 597,624 195,971 324,810 2,533,158
Additions 327,052 43,539 7,529 861,185
Disposals - - (255 ) (68,885 )
At 31 December 2023 924,676 239,510 332,084 3,325,458
DEPRECIATION
At 1 January 2023 302,107 7,774 242,732 1,236,671
Charge for year 89,514 47,238 15,633 326,815
Eliminated on disposal - - (124 ) (686 )
At 31 December 2023 391,621 55,012 258,241 1,562,800
NET BOOK VALUE
At 31 December 2023 533,055 184,498 73,843 1,762,658
At 31 December 2022 295,517 188,197 82,078 1,296,487

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 233,999 42,864 70,260 347,123
Additions 40,279 43,539 - 83,818
At 31 December 2023 274,278 86,403 70,260 430,941
DEPRECIATION
At 1 January 2023 69,210 4,286 24,162 97,658
Charge for year 32,988 16,555 - 49,543
At 31 December 2023 102,198 20,841 24,162 147,201
NET BOOK VALUE
At 31 December 2023 172,080 65,562 46,098 283,740
At 31 December 2022 164,789 38,578 46,098 249,465

Penguin Holdings Ltd (Registered number: 11232493)

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

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023 2,663,053
Disposals (12,366 )
At 31 December 2023 2,650,687
NET BOOK VALUE
At 31 December 2023 2,650,687
At 31 December 2022 2,663,053


Penguin Holdings Ltd (Registered number: 11232493)

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

12. FIXED ASSET INVESTMENTS - continued


The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Almatt (City Road) Limited
Registered office: Penguin Optical Ltd, 1 Huntingtower Road, Sheffield, United Kingdom, S11 8BQ
Nature of business: Opticians

Class of shares: % holding
Ordinary 50.00

The entity is exempt from the requirements of the Companies Act 2006 relating to the audit of the individual accounts by virtue of s479A of the Act.

Almatt (Derbyshire) Ltd
Registered office: 1 Huntingtower Road, Sheffield, England, S11 8BQ
Nature of business: Opticians

Class of shares: % holding
Ordinary 60.00

The entity is exempt from the requirements of the Companies Act 2006 relating to the audit of the individual accounts by virtue of s479A of the Act.

Almatt Optical Limited
Registered office: Penguin Optical Ltd, 1 Huntingtower Road, Sheffield, United Kingdom, S11 8BQ
Nature of business: Opticians

Class of shares: % holding
Ordinary 60.00

The entity is exempt from the requirements of the Companies Act 2006 relating to the audit of the individual accounts by virtue of s479A of the Act.

Bush The Opticians Ltd
Registered office: Penguin Optical Ltd, 1 Huntingtower Road, Sheffield, England, S11 8BQ
Nature of business: Opticians

Class of shares: % holding
Ordinary 60.00

The entity is exempt from the requirements of the Companies Act 2006 relating to the audit of the individual accounts by virtue of s479A of the Act.

Penguin Holdings Ltd (Registered number: 11232493)

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

12. FIXED ASSET INVESTMENTS - continued


EAR Place Limited
Registered office: 1 C/O Penguin Optical, Huntingtower Road, Sheffield, England, S11 8BQ
Nature of business: Opticians

Class of shares: % holding
Ordinary 70.00

The entity is exempt from the requirements of the Companies Act 2006 relating to the audit of the individual accounts by virtue of s479A of the Act.

Eye Place (Bakewell) Ltd
Registered office: Penguin Optical Ltd, 1 Huntingtower Road, Sheffield, United Kingdom, S11 8BQ
Nature of business: Opticians

Class of shares: % holding
Ordinary 100.00

The entity is exempt from the requirements of the Companies Act 2006 relating to the audit of the individual accounts by virtue of s479A of the Act.

Eye Place (Belsize) Ltd
Registered office: Penguin Optical Ltd, 1 Huntingtower Road, Sheffield, United Kingdom, S11 8BQ
Nature of business: Opticians

Class of shares: % holding
Ordinary 100.00

The entity is exempt from the requirements of the Companies Act 2006 relating to the audit of the individual accounts by virtue of s479A of the Act.

Eye Place (Dore) Ltd
Registered office: 1 Huntingtower Road, Sheffield, England, S11 8BQ
Nature of business: Opticians

Class of shares: % holding
Ordinary 100.00

The entity is exempt from the requirements of the Companies Act 2006 relating to the audit of the individual accounts by virtue of s479A of the Act.

Eye Place (Fitzrovia) Ltd
Registered office: Penguin Optical Ltd, 1 Huntingtower Road, Sheffield, United Kingdom, S11 8BQ
Nature of business: Opticians

Class of shares: % holding
Ordinary 100.00

The entity is exempt from the requirements of the Companies Act 2006 relating to the audit of the individual accounts by virtue of s479A of the Act.

Penguin Holdings Ltd (Registered number: 11232493)

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

12. FIXED ASSET INVESTMENTS - continued


Eye Place (Fleet Street) Ltd
Registered office: Penguin Optical Ltd, 1 Huntingtower Road, Sheffield, United Kingdom, S11 8BQ
Nature of business: Opticians

Class of shares: % holding
Ordinary 100.00

The entity is exempt from the requirements of the Companies Act 2006 relating to the audit of the individual accounts by virtue of s479A of the Act.

Eye Place (Shoreditch) Ltd
Registered office: Penguin Holdings, 1 Huntingtower Road, Sheffield, United Kingdom, S11 8BQ
Nature of business: Opticians

Class of shares: % holding
Ordinary 100.00

The entity is exempt from the requirements of the Companies Act 2006 relating to the audit of the individual accounts by virtue of s479A of the Act.

Gerry Cowley Limited
Registered office: 1 Huntingtower Road, Sheffield, England, S11 8BQ
Nature of business: Opticians

Class of shares: % holding
Ordinary 45.00

The entity is exempt from the requirements of the Companies Act 2006 relating to the audit of the individual accounts by virtue of s479A of the Act.

JRG Carrington Limited
Registered office: C/O Penguin Holdings Ltd, 1 Huntingtower Road, Sheffield, England, S11 8BQ
Nature of business: Opticians

Class of shares: % holding
Ordinary 100.00

The entity is exempt from the requirements of the Companies Act 2006 relating to the audit of the individual accounts by virtue of s479A of the Act.

MKO (S5) Ltd
Registered office: Penguin Optical Ltd, 1 Huntingtower Road, Sheffield, United Kingdom, S11 8BQ
Nature of business: Opticians

Class of shares: % holding
Ordinary 100.00

The entity is exempt from the requirements of the Companies Act 2006 relating to the audit of the individual accounts by virtue of s479A of the Act.

Penguin Holdings Ltd (Registered number: 11232493)

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

12. FIXED ASSET INVESTMENTS - continued


Penguin Optical Ltd
Registered office: Penguin Optical Ltd, 1 Huntingtower Road, Sheffield, United Kingdom, S11 8BQ
Nature of business: Opticians

Class of shares: % holding
Ordinary 100.00

The entity is exempt from the requirements of the Companies Act 2006 relating to the audit of the individual accounts by virtue of s479A of the Act.

Specs of Kensington Limited
Registered office: 1 Huntingtower Road, Sheffield, England, S11 8BQ
Nature of business: Opticians

Class of shares: % holding
Ordinary 100.00

The entity is exempt from the requirements of the Companies Act 2006 relating to the audit of the individual accounts by virtue of s479A of the Act.

Sunhay Limited
Registered office: 1 Huntingtower Road, Sheffield, South Yorkshire, England, S11 8BQ
Nature of business: Opticians

Class of shares: % holding
Ordinary 100.00

The entity is exempt from the requirements of the Companies Act 2006 relating to the audit of the individual accounts by virtue of s479A of the Act.

13. STOCKS

Group
2023 2022
£    £   
Stocks 1,012,030 861,217

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 207,927 233,510 - -
Amounts owed by group undertakings - - 1,408,992 826,776
Other debtors 621,513 541,801 505,000 505,000
Directors' current accounts 202,379 283,833 203,561 285,014
Tax - 63,462 - 63,462
VAT 141,065 197,016 - -
Prepayments and accrued income 314,839 318,264 - -
1,487,723 1,637,886 2,117,553 1,680,252

Penguin Holdings Ltd (Registered number: 11232493)

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

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 17) 296,208 296,208 - -
Other loans (see note 17) 64,198 125,715 - -
Hire purchase contracts (see note 18) 90,727 124,511 - -
Trade creditors 405,789 351,729 - -
Amounts owed to group undertakings - - 2,479,296 2,603,506
Tax 289,747 303,255 - -
Other creditors 77,442 167,919 - 66,013
Accrued expenses 95,434 125,862 - 1,999
1,319,545 1,495,199 2,479,296 2,671,518

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2023 2022
£    £   
Bank loans (see note 17) 486,379 782,586
Other loans (see note 17) 58,300 51,029
Hire purchase contracts (see note 18) 179,431 197,723
724,110 1,031,338

Penguin Holdings Ltd (Registered number: 11232493)

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

17. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 296,208 296,208
Other loans 64,198 125,715
360,406 421,923
Amounts falling due between one and two years:
Bank loans - 1-2 years 296,208 296,208
Other loans - 1-2 years 44,633 51,029
340,841 347,237
Amounts falling due between two and five years:
Bank loans - 2-5 years 190,171 486,378
Other loans - 2-5 years 13,667 -
203,838 486,378

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 90,727 124,511
Between one and five years 179,431 197,723
270,158 322,234

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 414,821 435,926
Between one and five years 977,450 880,271
In more than five years 1,113,333 293,333
2,505,604 1,609,530

Penguin Holdings Ltd (Registered number: 11232493)

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

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank loans 782,587 1,078,794
Hire purchase contracts 270,158 322,234
1,052,745 1,401,028

Bank loans are secured by a fixed and floating charge over the assets of the company. Hire purchase obligations are secured against the asset to which they relate.

20. FINANCIAL INSTRUMENTS

The carrying amounts of the group's financial instruments are:
Financial assets - Debt instruments measured at amortised cost of £829,440 (2022: £775,311)
Financial assets - Debt instruments measured at fair value of £2,309,834 (2022: £2,392,361)
Financial liabilities - Measured at amortised cost of £1,948,928 (2022: £2,400,675)

21. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 254,786 177,104

Group
Deferred
tax
£   
Balance at 1 January 2023 177,104
Provided during year 77,682
Balance at 31 December 2023 254,786

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100
1 Ordinary B £1 1 1
101 101

Penguin Holdings Ltd (Registered number: 11232493)

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

23. NON-CONTROLLING INTERESTS

As at 31 December 2023 the % ownership and reserves attributable to holders outside the group were:

Entity % owned by the group NCI reserves
Almatt (City Road) Ltd 50% £82,052
Almatt (Derbyshire) Ltd 60% £40,579
Almatt Optical Ltd 60% £194,826
Bush the Opticians Ltd 60% £88,386
Ear Place Ltd 70% £22,076
Gerry Cowley Ltd 45% £59,528
£487,448

24. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 161,376

25. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 December 2023 and the period ended 31 December 2022:

2023 2022
£    £   
Mr A M Kemp
Balance outstanding at start of year 283,833 321,859
Amounts advanced 326,545 330,001
Amounts repaid (407,999 ) (368,027 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 202,379 283,833

26. RELATED PARTY DISCLOSURES

As at 31 December 2023, £505,000 was owed to the Penguin Holdings Group by a company outside of the group, but under the common control of the Director (2022: £505,000).

27. ULTIMATE CONTROLLING PARTY

The controlling party is Mr A M Kemp.