Penge Ltd
Registered number: 05379626
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 79,788 113,252
Current assets
Stocks 16,440 16,378
Debtors 5 125,752 99,258
Cash at bank and in hand 425,657 239,477
567,849 355,113
Creditors: amounts falling due within one year 6 (356,254) (156,636)
Net current assets 211,595 198,477
Total assets less current liabilities 291,383 311,729
Creditors: amounts falling due after more than one year 7 (23,155) (33,046)
Provisions for liabilities (31,660) (31,660)
Net assets 236,568 247,023
Capital and reserves
Called up share capital 120 120
Profit and loss account 236,448 246,903
Shareholders' funds 236,568 247,023
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P Patel
Director
Approved by the board on 17 October 2024
Penge Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% straight line
Motor vehicles 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 215,000
At 29 February 2024 215,000
Amortisation
At 1 March 2023 215,000
At 29 February 2024 215,000
Net book value
At 29 February 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 347,649
Additions 9,876
Disposals (37,233)
At 29 February 2024 320,292
Depreciation
At 1 March 2023 234,397
Charge for the year 43,339
On disposals (37,232)
At 29 February 2024 240,504
Net book value
At 29 February 2024 79,788
At 28 February 2023 113,252
5 Debtors 2024 2023
£ £
Trade debtors 16,822 16,102
Amounts owed by Associated undertakings 59,660 59,000
Other debtors 49,270 24,156
125,752 99,258
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 175,787 28,274
Trade creditors 43,831 58,743
Corporation tax 44,335 29,152
Other taxes and social security costs 2,398 6,885
Other creditors 89,903 33,582
356,254 156,636
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 23,155 33,046
8 Related party transactions
Debtors include £59,000 owed by a company under common ownership
9 Other information
Penge Ltd is a private company limited by shares and incorporated in England. Its registered office is:
191 High Street
Penge SE20 7PF
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