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REGISTERED NUMBER: 07963457 (England and Wales)















Penn Design Limited

Unaudited Financial Statements for the Year Ended 31 March 2024






Penn Design Limited (Registered number: 07963457)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Balance Sheet 1

Notes to the Financial Statements 2 to 5


Penn Design Limited (Registered number: 07963457)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 29,316 35,417
29,316 35,417

CURRENT ASSETS
Debtors 6 116,007 88,659
Cash at bank 5,398 6,581
121,405 95,240
CREDITORS
Amounts falling due within one year 7 243,474 234,161
NET CURRENT LIABILITIES (122,069 ) (138,921 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(92,753

)

(103,504

)

CREDITORS
Amounts falling due after more than one year 8 (14,235 ) (29,488 )

PROVISIONS FOR LIABILITIES (5,579 ) (5,795 )
NET LIABILITIES (112,567 ) (138,787 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (112,667 ) (138,887 )
SHAREHOLDERS' FUNDS (112,567 ) (138,787 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 4 October 2024 and were signed by:




L G Cannings - Director


Penn Design Limited (Registered number: 07963457)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Penn Design Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07963457

Registered office: Bathurst House
50 Bathurst Walk
Iver
Buckinghamshire
SL0 9BH

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 2012, is being amortised evenly over its estimated useful life of ten 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance and 10% on cost

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.

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.

Penn Design Limited (Registered number: 07963457)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

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.

Going concern
The company sustained a loss in the year to 31 March 2022 and despite the profits in the 2023 Accounts and also in these Accounts, it has an insolvent Balance Sheet as at the year end. The Director nevertheless believes that it is appropriate to have prepared these Accounts on the going concern basis as bank finance has been secured that is expected to be sufficient to allow the company to continue to meet it's commitments in the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 60,000
AMORTISATION
At 1 April 2023
and 31 March 2024 60,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 115,734
Additions 648
At 31 March 2024 116,382
DEPRECIATION
At 1 April 2023 80,317
Charge for year 6,749
At 31 March 2024 87,066
NET BOOK VALUE
At 31 March 2024 29,316
At 31 March 2023 35,417

Penn Design Limited (Registered number: 07963457)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 19,500
DEPRECIATION
At 1 April 2023 5,850
Charge for year 1,950
At 31 March 2024 7,800
NET BOOK VALUE
At 31 March 2024 11,700
At 31 March 2023 13,650

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors - 4,819
Other debtors 116,007 72,023
116,007 76,842

Amounts falling due after more than one year:
Other debtors - 11,817

Aggregate amounts 116,007 88,659

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,157 23,141
Hire purchase contracts 5,253 5,476
Trade creditors 147,493 78,579
Taxation and social security 74,078 88,548
Other creditors 6,493 38,417
243,474 234,161

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 14,235 24,235
Hire purchase contracts - 5,253
14,235 29,488

Penn Design Limited (Registered number: 07963457)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
L G Cannings
Balance outstanding at start of year - 36,361
Amounts advanced 24,218 -
Amounts repaid - (36,361 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 24,218 -

No interest is payable on these amounts

During an earlier period the company acquired the goodwill and assets of Penn Design Partnership from its Partners who, at the time, were also the only Directors and shareholders of Penn Design Limited.
Goodwill was purchased on an arms length basis for £60,000. Plant and equipment was purchased at the net book value in the closing Balance Sheet of the Partnership.

10. RELATED PARTY DISCLOSURES

As at the comparative Balance Sheet date the company owed £29,860 to its Director. This amount was repaid in this period.

No interest was payable on this amount.