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REGISTERED NUMBER: 13406927 (England and Wales)












PENFOLDS SADDLERY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2024






PENFOLDS SADDLERY LIMITED (REGISTERED NUMBER: 13406927)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

PENFOLDS SADDLERY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2024







DIRECTORS: E V Reynolds
J Y Martin





REGISTERED OFFICE: Kings Hill
Spronketts Lane
Bolney
Haywards Heath
West Sussex
RH17 5SA





REGISTERED NUMBER: 13406927 (England and Wales)





ACCOUNTANTS: Clark Brownscombe
Chartered Accountants
2 St Andrews Place
Lewes
East Sussex
BN7 1UP

PENFOLDS SADDLERY LIMITED (REGISTERED NUMBER: 13406927)

BALANCE SHEET
31ST MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 6,000 9,000
Tangible assets 5 65,088 84,634
71,088 93,634

CURRENT ASSETS
Stocks 6 45,520 49,248
Debtors 7 3,544 13,020
Cash at bank 11,303 3,040
60,367 65,308
CREDITORS
Amounts falling due within one year 8 66,368 106,119
NET CURRENT LIABILITIES (6,001 ) (40,811 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

65,087

52,823

CREDITORS
Amounts falling due after more than one
year

9

6,395

31,925
NET ASSETS 58,692 20,898

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 58,592 20,798
SHAREHOLDERS' FUNDS 58,692 20,898

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 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.

PENFOLDS SADDLERY LIMITED (REGISTERED NUMBER: 13406927)

BALANCE SHEET - continued
31ST MAY 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26th November 2024 and were signed on its behalf by:





E V Reynolds - Director


PENFOLDS SADDLERY LIMITED (REGISTERED NUMBER: 13406927)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024


1. STATUTORY INFORMATION

Penfolds Saddlery 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements - 10% on cost
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 Income Statement, 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.

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.

PENFOLDS SADDLERY LIMITED (REGISTERED NUMBER: 13406927)

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


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Going concern
The financial statements have been prepared on the basis that the company is a going concern as the directors have confirmed that they will support the company for a period of at least twelve months from the date that the balance sheet is signed.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st June 2023
and 31st May 2024 15,000
AMORTISATION
At 1st June 2023 6,000
Charge for year 3,000
At 31st May 2024 9,000
NET BOOK VALUE
At 31st May 2024 6,000
At 31st May 2023 9,000

PENFOLDS SADDLERY LIMITED (REGISTERED NUMBER: 13406927)

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


5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
Improvements fittings vehicles Totals
£    £    £    £   
COST
At 1st June 2023
and 31st May 2024 16,118 14,617 84,690 115,425
DEPRECIATION
At 1st June 2023 3,224 6,395 21,172 30,791
Charge for year 1,611 2,055 15,880 19,546
At 31st May 2024 4,835 8,450 37,052 50,337
NET BOOK VALUE
At 31st May 2024 11,283 6,167 47,638 65,088
At 31st May 2023 12,894 8,222 63,518 84,634

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:
Motor
vehicles
£   
COST
At 1st June 2023
and 31st May 2024 28,106
DEPRECIATION
At 1st June 2023 7,026
Charge for year 5,270
At 31st May 2024 12,296
NET BOOK VALUE
At 31st May 2024 15,810
At 31st May 2023 21,080

6. STOCKS
2024 2023
£    £   
Stocks 45,520 49,248

PENFOLDS SADDLERY LIMITED (REGISTERED NUMBER: 13406927)

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


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 382 2,143
Other debtors 3,162 207
VAT - 10,670
3,544 13,020

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts and finance leases 6,855 7,950
Trade creditors 10,051 23,498
Tax 636 -
VAT 2,232 -
Other creditors - 113
Directors' current accounts 44,009 72,073
Accruals and deferred income 2,585 2,485
66,368 106,119

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts and finance leases 6,395 11,925
Directors' loan accounts - 20,000
6,395 31,925

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts and finance leases 13,250 19,875

The hire purchase agreement is secured on the asset concerned.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1.00 100 100

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PENFOLDS SADDLERY LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Penfolds Saddlery Limited for the year ended 31st May 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Penfolds Saddlery Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Penfolds Saddlery Limited and state those matters that we have agreed to state to the Board of Directors of Penfolds Saddlery Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Penfolds Saddlery Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Penfolds Saddlery Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Penfolds Saddlery Limited. You consider that Penfolds Saddlery Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Penfolds Saddlery Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Clark Brownscombe
Chartered Accountants
2 St Andrews Place
Lewes
East Sussex
BN7 1UP


26th November 2024