Registered number:
FOR THE YEAR ENDED 30 JUNE 2024
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
COMPANY INFORMATION
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
CONTENTS
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The Directors present their report and financial statements for the year ended 30th June 2024.
The Board remains cautious and maintains a strong financial position with investment focussed on efficiency, quality and sustainability.
On the 1st of May 2024, Penny Engineering Limited carried out a hive up of the assets and liabilities of its subsidiary Sidetracker Engineering Limited. These were transferred at their book value and Sidetracker has now become a strategic department within the main company. The Board will continue to grow this recognised brand with the re-organisation leading to efficiencies and substantial cost savings. Towards the end of the year the Group undertook a change of name to Penny Engineering Limited from Penny Hydraulics Limited. This was to better reflect the wide range of engineering disciplines now being undertaken compared to its hydraulic focus of earlier years. It was thought that some new customers had been disinclined to come to Penny Hydraulics Limited with more general engineering requirements when these were exactly the type of customer that the Group could help. This was purely a name change and there was no other change to the management or ownership of the business. Over the year a new insulated roof and walls has been fitted to three factory bays along with solar panels and four EV chargers. The investment will save on future repairs, heating costs and electricity bills whilst supporting the ongoing move to electric vehicles. The Group currently has nine EV’s. Investment in IT, staff training, R & D and marketing continued at the historic high levels that have been established. Turnover during the past financial year was at an excellent level considering the economic uncertainty. Total sales for the year amounted to £10,171,318 with export sales at record levels. Building new links with overseas customers and strengthening old links is a key priority.
The Board’s cautious approach and high levels of re-investment in the past has kept the Group at the forefront of technology with respected products, efficient systems and low overheads. The Group has no borrowing requirement. Most components are UK or EU sourced with little reliance on the Far East. The diverse customer base allows marketing resource to be redirected should any one sector suffer a down-turn.
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
The directors use a number KPls in measuring the performance of the business, as follows: -
• Trends in turnover year on year • Profit before tax as a percentage of turnover • Return on capital employed • Trends in cashflow • Debtor Days and Creditor Days • Trends in output by product • Health and safety statistics • Net promoter score and Trust pilot reviews • Monitoring of energy consumption Other key performance indicators The Group is committed to conducting its business in an ethically responsible manner and this commitment has been recognised in that the operating and management systems have been certified as meeting the standards required by ISO 45001 (Occupational Health and Safety Management), ISO 14001 (Environmental Management) as well as ISO 9001 (Quality Management). The topic of corporate, social and environmental governance continues to be greatly important to the business and during the last financial year the board and senior leadership team’s focus is to ensure sustainability, support our local community and protection of the environment.
The Group's operations expose it to a variety of financial risks that include the effects of credit risk and exchange rate risk. The company monitors and acts in each of these areas as follows:
Credit Risk The Group has implemented policies that require appropriate credit checks on potential customers before sales are made, in addition, credit checks are made on those customers who are deemed to be a significant credit risk to the Group. The Group also monitors all court judgements made against its customers and makes appropriate adjustments in the light of this information. Exchange Rate Risk The Group monitors its exposures in the foreign currencies in which it regularly transacts in order to protect against excessive fluctuations.
This report was approved by the board on 6 November 2024 and signed on its behalf.
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The directors present their report and the financial statements for the year ended 30 June 2024.
The directors who served during the year were:
The profit for the year, after taxation, amounted to £490,347 (2023 - £926,316).
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements 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 Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
There have been no significant events affecting the Group since the year end.
The auditors, Shorts, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
We have audited the financial statements of Penny Engineering Limited (formally Penny Hydraulics Limited) (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' 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 or 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 directors with respect to going concern are described in the relevant sections of this report.
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED) (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED) (CONTINUED)
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 an Auditors' Report 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙through discussions with the directors and other management and from our commercial knowledge and experience of the clients business, we identified the laws and regulations applicable to the Company; and
∙focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulation.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙reviewed journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED) (CONTINUED)
indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙reading the minutes of meetings of those charged with governance;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing and correspondence with HMRC, relevant regulators and the Company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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 Auditors' 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 an Auditors' Report 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
2 Ashgate Road
Derbyshire
S40 4AA
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
REGISTERED NUMBER: 01380206
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 November 2024.
The notes on pages 17 to 34 form part of these financial statements.
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
REGISTERED NUMBER: 01380206
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 34 form part of these financial statements.
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Penny Engineering Limited is a private company limited by shares, incorporated in England and Wales (registered number: 01380206). Its registered office is Station Road, Clowne, Chesterfield, Derbyshire, S43 4AB. The principal activity of the Group continued to be that of design, manufacture, installation and service of bespoke lifting equipment. Products include vehicle mounted cranes, goods lifts, winch systems for chandeliers, multi-directional fork-lift trucks and equipment for the nuclear decommissioning industry.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Functional and presentation currency
Transactions and balances
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:
The depreciation rates used are:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the greatest level of uncertainty are addressed below: (i) Stock provisioning When calculating the stock provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of stock. The carrying value of stock after making such a provision was £2,303,629 (2023: £2,291,021). (ii) Impairment of debtors The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. The amount of trade and other debtors after making such provision was £1,242,399 (2023: £1,570,820). (iii) Warranty provision Based upon previous experience and the particular profile of the sales at the time, the Group has made an estimate in respect of a warranty provision of £92,682 (2023: £86,428).
Analysis of turnover by country of destination:
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
There were no factors that may affect future tax charges.
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
12.Tangible fixed assets (continued)
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Subsidiary undertakings (continued)
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Share premium account
Capital redemption reserve
Profit and loss account
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £252,306 (2023: £237,912).
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PENNY ENGINEERING LIMITED (FORMALLY PENNY HYDRAULICS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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