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Filleted

Registration number: 05918668

Penfro Consultancy Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Penfro Consultancy Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Penfro Consultancy Limited

Company Information

Directors

Mrs A J Davies

Mr G R Alderdice

Mr R W Davies

Company secretary

Mrs A J Davies

Registered office

32 Meyrick Street
Pembroke Dock
Pembrokeshire
SA72 6UT

 

Penfro Consultancy Limited

(Registration number: 05918668)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

71,704

28,773

Current assets

 

Stocks

6

5,000

8,000

Debtors

7

169,900

202,540

Cash at bank and in hand

 

86,018

67,940

 

260,918

278,480

Creditors: Amounts falling due within one year

8

(68,384)

(100,305)

Net current assets

 

192,534

178,175

Total assets less current liabilities

 

264,238

206,948

Creditors: Amounts falling due after more than one year

8

(15,323)

(23,923)

Net assets

 

248,915

183,025

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

248,913

183,023

Total equity

 

248,915

183,025

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Penfro Consultancy Limited

(Registration number: 05918668)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 25 November 2024 and signed on its behalf by:
 

.........................................
Mr R W Davies
Director

   
     
 

Penfro Consultancy Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Wales.

The address of its registered office is:
32 Meyrick Street
Pembroke Dock
Pembrokeshire
SA72 6UT

The principal place of business is:
32 Meyrick Street
Pembroke Dock
SA72 6UT

These financial statements were authorised for issue by the Board on 25 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Penfro Consultancy Limited

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

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% reducing balance

Plant and machinery

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Penfro Consultancy Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 6).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

14,512

6,074

 

Penfro Consultancy Limited

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

5

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

24,651

35,504

60,155

Additions

45,249

12,194

57,443

At 31 March 2024

69,900

47,698

117,598

Depreciation

At 1 April 2023

11,058

20,324

31,382

Charge for the year

10,381

4,131

14,512

At 31 March 2024

21,439

24,455

45,894

Carrying amount

At 31 March 2024

48,461

23,243

71,704

At 31 March 2023

13,593

15,180

28,773

6

Stocks

2024
£

2023
£

Other inventories

5,000

8,000

7

Debtors

2024
£

2023
£

Trade debtors

44,166

64,840

Prepayments

675

675

Other debtors

125,059

137,025

169,900

202,540

 

Penfro Consultancy Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

15,891

19,324

Trade creditors

 

24,545

44,731

Taxation and social security

 

17,897

18,679

Corporation tax liability

 

8,809

16,389

Other creditors

 

1,242

1,182

 

68,384

100,305

Due after one year

 

Loans and borrowings

10

15,323

23,923

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

15,323

23,923

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         
 

Penfro Consultancy Limited

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

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

15,323

23,923

2024
£

2023
£

Current loans and borrowings

Bank borrowings

15,891

19,324

11

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

Mr R W Davies

Interest free loan repayable on demand

9,588

34

9,623

       
     

 

2023

At 1 April 2022
£

Repayments by director
£

At 31 March 2023
£

Mr R W Davies

Interest free loan repayable on demand

9,663

(75)

9,588

       
     

 

Summary of transactions with entities with joint control or significant interest

Meyrick Developments Ltd, Penfro Retail Limited and Pembrokeshire P & M Ltd are related by virtue of a common director. At the balance sheet date Meyrick Developments Ltd owed the company an amount of £80,550 (2023: £95,550), Penfro Retail Limited owed the company an amount of £33,500 (2023: £30,500) and Pembrokeshire P & M Ltd owed the company an amount of £1,000 (2023:£1000).


 The loans are interest free and repayable on demand.