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Registration number: 11475448

Pen Cutting Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Pen Cutting Holdings Limited

(Registration number: 11475448)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

1,276,375

1,276,375

Current assets

 

Cash at bank and in hand

 

705

706

Creditors: Amounts falling due within one year

5

(403,748)

(403,748)

Net current liabilities

 

(403,043)

(403,042)

Total assets less current liabilities

 

873,332

873,333

Creditors: Amounts falling due after more than one year

5

(419,800)

(419,800)

Net assets

 

453,532

453,533

Capital and reserves

 

Called up share capital

6

3,300

3,300

Retained earnings

450,232

450,233

Shareholders' funds

 

453,532

453,533

For the financial 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.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................
Mr S J Ling
Director

 

Pen Cutting Holdings Limited

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

1

General information

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

The address of its registered office is:
Bold Street
Attercliffe
Sheffield
South Yorkshire
S9 2LR

These financial statements were authorised for issue by the Board on 25 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 abridged financial statements have been prepared using the historical cost convention.

The accounts are presented in £ sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Going concern

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

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.

 

Pen Cutting Holdings Limited

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Investments

2023
£

2022
£

Investments in subsidiaries

1,276,375

1,276,375

Subsidiaries

£

Cost or valuation

At 1 January 2023

1,276,375

Provision

Carrying amount

At 31 December 2023

1,276,375

At 31 December 2022

1,276,375

 

Pen Cutting Holdings Limited

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

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

7

398,373

398,373

Other creditors

 

5,375

5,375

 

403,748

403,748

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

419,800

419,800

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Share Capital of £1 each

3,300

3,300

3,300

3,300

       
 

Pen Cutting Holdings Limited

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

7

Related party transactions

Transactions with related parties

At the balance sheet date the company owed £398,373 (2022: £398,373) to Pen Cutting Tools Limited, a wholly-owned subsidiary.

At the balance sheet date the company owed £419,800 (2022: £419,800) to Threesixty Holdco 2 Limited, the ultimate parent undertaking.

 

Controlling party

The company's ultimate parent undertaking and sole shareholder is Threesixty Holdco 2 Limited, a company incorporated in the UK.