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Company registration number: 01166132







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


PENNINE IMPORT & EXPORT LIMITED






































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PENNINE IMPORT & EXPORT LIMITED
 


 
COMPANY INFORMATION


Directors
J. G. Fattal 
E. R. Fattal 




Company secretary
J. G. Fattal



Registered number
01166132



Registered office
3 - 5 Fashion Street

London

E1 6PX




Accountants
Menzies LLP
Chartered Accountants

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


PENNINE IMPORT & EXPORT LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 8


 


PENNINE IMPORT & EXPORT LIMITED
REGISTERED NUMBER:01166132



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
11,008
311

Investments
 5 
901
2,187,111

Investment property
 6 
1,001,660
995,000

  
1,013,569
3,182,422

Current assets
  

Debtors: amounts falling due within one year
 7 
2,457,406
265,000

Cash at bank and in hand
  
50,666
23,585

  
2,508,072
288,585

Creditors: amounts falling due within one year
 8 
(112,334)
(85,318)

Net current assets
  
 
 
2,395,738
 
 
203,267

Total assets less current liabilities
  
3,409,307
3,385,689

Provisions for liabilities
  

Deferred tax
  
-
(2,479)

  
 
 
-
 
 
(2,479)

Net assets
  
3,409,307
3,383,210

Page 1

 


PENNINE IMPORT & EXPORT LIMITED
REGISTERED NUMBER:01166132


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
£
£

Capital and reserves
  

Called up, allotted and fully paid share capital
  
800
800

Capital redemption reserve
  
200
200

Profit and loss account
  
3,408,307
3,382,210

  
3,409,307
3,383,210


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J. G. Fattal
Director

Date: 14 November 2024

The notes from 4-6  form part of these financial statements.

Page 2

 


PENNINE IMPORT & EXPORT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The company is limited by shares and incorporated in England. The address of the registered office is disclosed on the company information page of these financial statements.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as below.

Depreciation is provided on the following basis:

Office equipment
-
10%
reducing balance
Computer equipment
-
25%
reducing balance

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.

Page 3

 


PENNINE IMPORT & EXPORT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Valuation of investments

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.5

Financial instruments

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.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.8

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 4

 


PENNINE IMPORT & EXPORT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting 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 reporting 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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees




The average monthly number of employees, including directors (who received no remuneration), during the year was 2 (2023 - 2).

Page 5

 


PENNINE IMPORT & EXPORT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
29,978
-
29,978


Additions
7,907
3,077
10,984



At 31 March 2024

37,885
3,077
40,962



Depreciation


At 1 April 2023
29,667
-
29,667


Charge for the year on owned assets
31
256
287



At 31 March 2024

29,698
256
29,954



Net book value



At 31 March 2024
8,187
2,821
11,008



At 31 March 2023
311
-
311


5.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 April 2023
2,187,111


Additions
1,000,000


Disposals
(3,171,287)


Revaluations
(14,923)



At 31 March 2024
901




Page 6

 


PENNINE IMPORT & EXPORT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
995,000


Additions at cost
6,660



At 31 March 2024
1,001,660

The 2024 valuations were made by the directors, on an open market value for existing use basis. If the property had been accounted for under the historical cost accounting rules, the property would have been measured at £995,000 (2023: £995,000) with no depreciation charged.





7.


Debtors

2024
2023
£
£


Other debtors
2,457,406
265,000

2,457,406
265,000



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
20,463
3,297

Other creditors
88,541
65,371

Accruals and deferred income
3,330
16,650

112,334
85,318



9.


Related party transactions

The directors are also directors and shareholders of Monbell Limited. At the year end, Monbell Limited owed the company £265,013 (2023 - £265,000), as disclosed in note 7. There are no fixed repayment terms and no interest charged on this loan.
The Company entered into interest free loans with Fashion Street London LLP and Ridgeway Property (Erith) LLP, which the directors had significant influence over. At the year end, Fashion Street London LLP owed the company £27,326 
(2023 - £Nil) and Ridgeway Property (Erith) LLP owed £2,158,490 (2023 - £Nil), as disclosed by note 7. There are no fixed repayment terms on these loans.

Page 7

 


PENNINE IMPORT & EXPORT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Transactions with directors

Included within other creditors, in note 8 above, is a balance of £75,034 (2023 - £58,441) which is due to the directors, this represents an interest free loan to the company.

Page 8