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REGISTERED NUMBER: 06034991 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

PENN LAWNMOWERS LIMITED

PENN LAWNMOWERS LIMITED (REGISTERED NUMBER: 06034991)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PENN LAWNMOWERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr R Smith
Mrs D Smith





SECRETARY: Mrs D Smith





REGISTERED OFFICE: Unit 19-21 Parkside
Ringwood
Hampshire
BH24 3SG





REGISTERED NUMBER: 06034991 (England and Wales)





ACCOUNTANTS: BK Plus Limited
Chartered Accountants
Murrills House
48 East Street
Portchester
Fareham
Hampshire
PO16 9XS

PENN LAWNMOWERS LIMITED (REGISTERED NUMBER: 06034991)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 21,761 28,683
21,761 28,683

CURRENT ASSETS
Stocks 63,037 52,365
Debtors 6 6,145 4,421
69,182 56,786
CREDITORS
Amounts falling due within one year 7 58,239 102,606
NET CURRENT ASSETS/(LIABILITIES) 10,943 (45,820 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

32,704

(17,137

)

CREDITORS
Amounts falling due after more than one
year

8

73,784

10,050
NET LIABILITIES (41,080 ) (27,187 )

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings (42,080 ) (28,187 )
SHAREHOLDERS' FUNDS (41,080 ) (27,187 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PENN LAWNMOWERS LIMITED (REGISTERED NUMBER: 06034991)

BALANCE SHEET - continued
31 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 November 2024 and were signed on its behalf by:





Mrs D Smith - Director


PENN LAWNMOWERS LIMITED (REGISTERED NUMBER: 06034991)

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


1. STATUTORY INFORMATION

Penn Lawnmowers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

At the year end the company had an overdrawn balance sheet. The directors have agreed to provide ongoing financial support to the company for at least one year from the date of signing the accounts and therefore the accounts have been prepared on the going concern basis.

Turnover
Turnover represents amounts received for lawnmower sales and repairs.

Goodwill
Goodwill purchased in 2008, has now been fully amortised over its expected useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PENN LAWNMOWERS LIMITED (REGISTERED NUMBER: 06034991)

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


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 64,000
AMORTISATION
At 1 April 2023
and 31 March 2024 64,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

PENN LAWNMOWERS LIMITED (REGISTERED NUMBER: 06034991)

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


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 18,059 1,084 27,000 46,143
Additions - 332 - 332
At 31 March 2024 18,059 1,416 27,000 46,475
DEPRECIATION
At 1 April 2023 16,576 884 - 17,460
Charge for year 371 133 6,750 7,254
At 31 March 2024 16,947 1,017 6,750 24,714
NET BOOK VALUE
At 31 March 2024 1,112 399 20,250 21,761
At 31 March 2023 1,483 200 27,000 28,683

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,944 3,188
Other debtors 4,201 1,233
6,145 4,421

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 30,305 24,171
Hire purchase contracts (see note 9) 3,350 3,350
Trade creditors 11,733 12,487
Taxation and social security 11,352 9,541
Other creditors 1,499 53,057
58,239 102,606

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 9) 6,700 10,050
Other creditors 67,084 -
73,784 10,050

PENN LAWNMOWERS LIMITED (REGISTERED NUMBER: 06034991)

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


9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 3,350 3,350
Between one and five years 6,700 10,050
10,050 13,400

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 30,305 24,171
Hire purchase contracts 10,050 13,400
40,355 37,571

The bank overdraft is secured on personal guarantees by the directors. Hire purchase liabilities are secured on the assets to which they relate.