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REGISTERED NUMBER: 06883228 (England and Wales)























Unaudited Financial Statements

for the Year Ended 30 April 2024

for

Penwortham Hill Limited

Penwortham Hill Limited (Registered number: 06883228)

Contents of the Financial Statements
for the Year Ended 30 April 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Penwortham Hill Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: Mr A P Gaunt
Mrs J M Gaunt





REGISTERED OFFICE: 65 Liverpool Road
Penwortham
Preston
PR1 0UN





REGISTERED NUMBER: 06883228 (England and Wales)





ACCOUNTANTS: McDade Roberts Accountants Limited
Chartered Accountants
316 Blackpool Road
Fulwood
Preston
Lancashire
PR2 3AE

Penwortham Hill Limited (Registered number: 06883228)

Statement of Financial Position
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,055 11,555
Tangible assets 5 51,743 62,367
54,798 73,922

CURRENT ASSETS
Stocks 96,228 79,710
Debtors 6 2,333 8,431
Cash at bank and in hand 18,250 21,913
116,811 110,054
CREDITORS
Amounts falling due within one year 7 68,003 68,932
NET CURRENT ASSETS 48,808 41,122
TOTAL ASSETS LESS CURRENT
LIABILITIES

103,606

115,044

CREDITORS
Amounts falling due after more than one
year

8

(120,818

)

(142,314

)

PROVISIONS FOR LIABILITIES (4,970 ) (5,213 )
NET LIABILITIES (22,182 ) (32,483 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (22,184 ) (32,485 )
SHAREHOLDERS' FUNDS (22,182 ) (32,483 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

Penwortham Hill Limited (Registered number: 06883228)

Statement of Financial Position - continued
30 April 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 13 January 2025 and were signed on its behalf by:





Mr A P Gaunt - Director


Penwortham Hill Limited (Registered number: 06883228)

Notes to the Financial Statements
for the Year Ended 30 April 2024


1. STATUTORY INFORMATION

Penwortham Hill 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 2009, is being amortised evenly over its estimated useful life of ten years.

During 2014 the company made another business acquisition. This is being written off on an equal basis over the life of the 10 year lease.

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.
Improvements to property - 5% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

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 statement of financial position date.


Penwortham Hill Limited (Registered number: 06883228)

Notes to the Financial Statements - continued
for the Year Ended 30 April 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 statement of financial position 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.

Going concern
These accounts have been prepared on a going concern basis, as despite the company showing an insolvent balance sheet, the directors believe that the company will continue to trade for the foreseeable future.
The directors will continue to monitor and assess the ongoing effects and respond accordingly and as such the accounts have been prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 21 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 257,634
AMORTISATION
At 1 May 2023 246,079
Amortisation for year 8,500
At 30 April 2024 254,579
NET BOOK VALUE
At 30 April 2024 3,055
At 30 April 2023 11,555

Penwortham Hill Limited (Registered number: 06883228)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 May 2023
and 30 April 2024 61,327 16,309 48,535
DEPRECIATION
At 1 May 2023 26,398 9,329 46,848
Charge for year 3,066 3,262 337
At 30 April 2024 29,464 12,591 47,185
NET BOOK VALUE
At 30 April 2024 31,863 3,718 1,350
At 30 April 2023 34,929 6,980 1,687

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2023
and 30 April 2024 35,867 5,908 167,946
DEPRECIATION
At 1 May 2023 17,503 5,501 105,579
Charge for year 3,673 286 10,624
At 30 April 2024 21,176 5,787 116,203
NET BOOK VALUE
At 30 April 2024 14,691 121 51,743
At 30 April 2023 18,364 407 62,367

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 711 -
Other debtors - 6,422
Directors' loan accounts 1 -
Tax 917 917
Prepayments 704 1,092
2,333 8,431

Penwortham Hill Limited (Registered number: 06883228)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 11,975 11,975
Other loans 10,000 10,000
Trade creditors 14,373 19,218
Tax 10,287 6,882
Social security and other taxes 2,071 585
VAT 9,191 7,082
Other creditors 18 18
Net wages 1,512 8,273
Directors' loan accounts 685 932
Accrued expenses 7,891 3,967
68,003 68,932

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Bank loans - 1-2 years 11,975 11,975
Bank loans - 2-5 years 35,925 35,925
Bank loans more 5 yr by instal 61,388 72,933
Other loans - 1-2 years 10,000 10,000
Other loans - 2-5 years 1,530 11,481
120,818 142,314

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 61,388 72,933

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.4.24 30.4.23
£    £   
Within one year 50,615 51,124
Between one and five years 186,399 186,399
In more than five years - 46,600
237,014 284,123

Penwortham Hill Limited (Registered number: 06883228)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


10. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Bank loans 121,263 132,808
Bounce back loan 21,530 31,481
142,793 164,289

National Westminster Bank PLC hold a debenture dated 1 July 2009 to secure a fixed and floating charge over the company and its assets on all monies due to them in respect of the bank loan.

The directors have also given personal guarantees over the bank borrowings.

The UK Government have provided a 100% guarantee on the Bounce Back Loan Scheme (BBLS), borrowings obtained from National Westminster Bank PLC.

11. RELATED PARTY DISCLOSURES

During the year the company paid £47,000 (2023: £32,700) to a business which is owned by a director, as a staff charge to cover Post Office contracts.