Silverfin false false 31/12/2023 01/01/2023 31/12/2023 K Cunningham 02/08/2022 Sergey Georgiev 16/08/2024 07/06/2023 Stephan Seissl 18/01/2013 Hubert Zanier 28/06/2023 03/04/2017 Hubert Zanier 06/09/2023 31/07/2023 Hubert Zanier 01/10/2023 13/09/2023 08 October 2024 The principal activity of the Company is that of the operation of restaurants. 07445765 2023-12-31 07445765 bus:Director1 2023-12-31 07445765 bus:Director2 2023-12-31 07445765 bus:Director3 2023-12-31 07445765 bus:Director4 2023-12-31 07445765 bus:Director5 2023-12-31 07445765 bus:Director6 2023-12-31 07445765 2022-12-31 07445765 core:CurrentFinancialInstruments 2023-12-31 07445765 core:CurrentFinancialInstruments 2022-12-31 07445765 core:Non-currentFinancialInstruments 2023-12-31 07445765 core:Non-currentFinancialInstruments 2022-12-31 07445765 core:ShareCapital 2023-12-31 07445765 core:ShareCapital 2022-12-31 07445765 core:SharePremium 2023-12-31 07445765 core:SharePremium 2022-12-31 07445765 core:RetainedEarningsAccumulatedLosses 2023-12-31 07445765 core:RetainedEarningsAccumulatedLosses 2022-12-31 07445765 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2022-12-31 07445765 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-12-31 07445765 core:LeaseholdImprovements 2022-12-31 07445765 core:PlantMachinery 2022-12-31 07445765 core:Vehicles 2022-12-31 07445765 core:ComputerEquipment 2022-12-31 07445765 core:LeaseholdImprovements 2023-12-31 07445765 core:PlantMachinery 2023-12-31 07445765 core:Vehicles 2023-12-31 07445765 core:ComputerEquipment 2023-12-31 07445765 bus:OrdinaryShareClass1 2023-12-31 07445765 2023-01-01 2023-12-31 07445765 bus:FilletedAccounts 2023-01-01 2023-12-31 07445765 bus:SmallEntities 2023-01-01 2023-12-31 07445765 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07445765 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07445765 bus:Director1 2023-01-01 2023-12-31 07445765 bus:Director2 2023-01-01 2023-12-31 07445765 bus:Director3 2023-01-01 2023-12-31 07445765 bus:Director4 2023-01-01 2023-12-31 07445765 bus:Director5 2023-01-01 2023-12-31 07445765 bus:Director6 2023-01-01 2023-12-31 07445765 core:Goodwill 2023-01-01 2023-12-31 07445765 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 07445765 core:Vehicles core:TopRangeValue 2023-01-01 2023-12-31 07445765 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 07445765 2022-01-01 2022-12-31 07445765 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 07445765 core:LeaseholdImprovements 2023-01-01 2023-12-31 07445765 core:PlantMachinery 2023-01-01 2023-12-31 07445765 core:Vehicles 2023-01-01 2023-12-31 07445765 core:ComputerEquipment 2023-01-01 2023-12-31 07445765 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 07445765 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07445765 (England and Wales)

PEN AND BRUSH LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

PEN AND BRUSH LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

PEN AND BRUSH LIMITED

BALANCE SHEET

As at 31 December 2023
PEN AND BRUSH LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 8,289 0
Tangible assets 4 384,948 484,317
393,237 484,317
Current assets
Stocks 5 32,049 38,040
Debtors 6 215,049 207,407
Cash at bank and in hand 49,453 66,127
296,551 311,574
Creditors: amounts falling due within one year 7 ( 583,315) ( 422,127)
Net current liabilities (286,764) (110,553)
Total assets less current liabilities 106,473 373,764
Creditors: amounts falling due after more than one year 8 ( 140,250) ( 213,000)
Net (liabilities)/assets ( 33,777) 160,764
Capital and reserves
Called-up share capital 9 76,662 40,847
Share premium account 2,842,136 2,559,198
Profit and loss account ( 2,952,575 ) ( 2,439,281 )
Total shareholders' (deficit)/funds ( 33,777) 160,764

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 financial statements of Pen and Brush Limited (registered number: 07445765) were approved and authorised for issue by the Board of Directors on 08 October 2024. They were signed on its behalf by:

K Cunningham
Director
PEN AND BRUSH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
PEN AND BRUSH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Pen and Brush Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Nusa Kitchen, Unit 21 London Industrial Estate, Eastbury Road, London, E6 6LP, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Pen and Brush Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

Total liabilities exceed current assets at the balance sheet date. The directors consider, however that the company has sufficient liquid assets to meet its liabilities as and when they fall due and that the company has sufficient support from its directors, shareholders and creditors. Accordingly the director/s consider that it is appropriate to prepare the accounts on a going concern basis.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs
Goodwill

Goodwill arising on the acquisition of subsidiary undertakings and businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is 5 years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 5 years straight line
Vehicles 5 years straight line
Computer equipment 5 years straight line

Leasehold improvements are depreciated over the lower of the lease term and 5-10 years.

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

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

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 33 33

3. Intangible assets

Website costs Total
£ £
Cost
At 01 January 2023 0 0
Additions 8,750 8,750
At 31 December 2023 8,750 8,750
Accumulated amortisation
At 01 January 2023 0 0
Charge for the financial year 461 461
At 31 December 2023 461 461
Net book value
At 31 December 2023 8,289 8,289
At 31 December 2022 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Computer equipment Total
£ £ £ £ £
Cost
At 01 January 2023 1,203,788 322,459 25,000 16,327 1,567,574
Additions 15,535 13,241 0 2,691 31,467
At 31 December 2023 1,219,323 335,700 25,000 19,018 1,599,041
Accumulated depreciation
At 01 January 2023 746,985 311,811 18,781 5,680 1,083,257
Charge for the financial year 116,275 5,711 5,000 3,850 130,836
At 31 December 2023 863,260 317,522 23,781 9,530 1,214,093
Net book value
At 31 December 2023 356,063 18,178 1,219 9,488 384,948
At 31 December 2022 456,803 10,648 6,219 10,647 484,317

5. Stocks

2023 2022
£ £
Stocks 32,049 38,040

6. Debtors

2023 2022
£ £
Trade debtors 27,714 10,707
Other debtors 187,335 196,700
215,049 207,407

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 260,323 228,342
Other taxation and social security 125,055 138,091
Other creditors 197,937 55,694
583,315 422,127

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 140,250 213,000

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
76,662 A Ordinary shares of £ 1.00 each (2022: 40,847 shares of £ 1.00 each) 76,662 40,847

10. Related party transactions

Total directors' remuneration of £40,000 (2022: £80,548) was paid during the year.

At the year end the company owed £72,750 (PY - £54,000) to CVA creditors, payable within one year and £140,250 (PY - £213,000) payable after one year.