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Company Registration No. 08891591 (England and Wales)
PENNING'S (MILTON KEYNES) LIMITED
Financial Statements
for the Period from 01 May 2023 to 30 April 2024

PENNING'S (MILTON KEYNES) LIMITED

Financial Statements for the period ending 30 April 2024

PENNING'S (MILTON KEYNES) LIMITED

Financial Statements for the period ending 30 April 2024

Notes to the Accounts

1. Statutory Information
PENNING'S (MILTON KEYNES) LIMITED is a private company, limited by shares, registered in England and Wales, registration number 08891591.
2. Accounting Policies
Basis of preparing the Financial Statements
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities.
Presentation Currency
The accounts are presented in £ sterling.
Turnover
Turnover represents the amount earned for work carried out during the year. It is measured at fair value of the receivables for goods supplied and services rendered, stated net of discounts and of Value Added Tax, and takes account of the stage of completion of the work. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

PENNING'S (MILTON KEYNES) LIMITED

Financial Statements for the period ending 30 April 2024

Notes to the Accounts

Current Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible Fixed Asset Policy
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.DepreciationDepreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:Freehold property - Evenly over 125 yearsComputers – 30% straight lineEquipment – 25% reducing balance

PENNING'S (MILTON KEYNES) LIMITED

Financial Statements for the period ending 30 April 2024

Notes to the Accounts

Stock
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs to purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Deferred Tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.Financial InstrumentsFinancial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance Costs are calculated so as to produce a constant rate of return on the outstanding liability.

PENNING'S (MILTON KEYNES) LIMITED

Financial Statements for the period ending 30 April 2024

Notes to the Accounts

3. Employees
Average number of employees, including directors, during the year was as follows:
2024 17
2023 19
4. Principal Activity
Accident repair centre

PENNING'S (MILTON KEYNES) LIMITED

Financial Statements for the period ending 30 April 2024

Notes to the Accounts

5. Fixed Assets
Land and buildings Plant and Machinery Computer Equipment Total
Cost or valuation £ £ £ £
At 01/05/2023 2,142,566 323,571 43,538 2,509,675
Additions 38,422 41,407 6,566 86,395
At 30/04/2024 2,180,988 364,978 50,104 2,596,070
Depreciation
At 01/05/2023 117,338 206,448 14,685 338,471
Charge for the year 18,740 27,924 9,968 56,632
At 30/04/2024 136,078 234,372 24,653 395,103
Net Book Value
At 30/04/2024 2,044,910 130,606 25,451 2,200,967
At 30/04/2023 2,025,228 117,123 28,853 2,171,204