Registered number
03049159
Pennings Limited
Filleted Accounts
30 April 2024
Pennings Limited
Registered number: 03049159
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 651,852 552,527
Investments 4 5,100,000 5,100,000
5,751,852 5,652,527
Current assets
Stocks 6,729 6,402
Debtors 5 379,137 1,267,383
Cash at bank and in hand 1,922,200 861,462
2,308,066 2,135,247
Creditors: amounts falling due within one year 6 (1,082,741) (1,130,964)
Net current assets 1,225,325 1,004,283
Total assets less current liabilities 6,977,177 6,656,810
Creditors: amounts falling due after more than one year 7 - (182,415)
Provisions for liabilities (424,305) (398,000)
Net assets 6,552,872 6,076,395
Capital and reserves
Called up share capital 50,000 50,000
Profit and loss account 6,502,872 6,026,395
Shareholder's funds 6,552,872 6,076,395
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G L Penning
Director
Approved by the board on 8 January 2025
Pennings Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Motor Vehicles over 5 years
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 4 years
Investments
Investments property is measured at fair value. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.


.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 28 29
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 548,549 522,395 125,672 1,196,616
Additions - 12,145 147,053 159,198
At 30 April 2024 548,549 534,540 272,725 1,355,814
Depreciation
At 1 May 2023 123,260 428,791 92,038 644,089
Charge for the year 7,956 22,195 29,722 59,873
At 30 April 2024 131,216 450,986 121,760 703,962
Net book value
At 30 April 2024 417,333 83,554 150,965 651,852
At 30 April 2023 425,289 93,604 33,634 552,527
4 Investments
Investment
Property
£
Fair Value
At 1 May 2023 5,100,000
At 30 April 2024 5,100,000
Historical cost
At 1 May 2023 2,932,533
At 30 April 2024 2,932,533
5 Debtors 2024 2023
£ £
Trade debtors 285,269 412,669
Other debtors 93,868 854,714
379,137 1,267,383
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 170,352 162,100
Obligations under finance lease and hire purchase contracts - 9,422
Trade creditors 298,199 351,671
Taxation and social security costs 374,507 314,229
Other creditors 239,683 293,542
1,082,741 1,130,964
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 182,415
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 170,352 344,515
The bank loan is repayable by level monthly instalments of approximately £14,450 for capital and interest and has a remaining term of 1 year. The loan is secured by a debenture over the assets of the company and a charge over the fixed asset property and investment property.
The company has continued to be party to a cross guarantee with Penning’s (Leighton Buzzard) Limited and Penning’s (Milton Keynes) Limited in favour of the company’s bankers.
9 Prior Year Adjustment
The accounts have been restated to incorporate the investment property being shown at fair value of £5.1m from 1st May 2022 with the corresponding gain being applied to the profit and loss account reserves less an appropriate amount of deferred tax. This should have been adjusted when FRS102 was adopted.

Summary of the prior year accounting impact £

?Increase in investment property value 2,100,000

Increase in deferred tax provision -398,000

Existing revaluation reserve transferred to P&L Reserves 67,467

Affect on P&L reserves 1,769,467
10 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 1,895,009 2,135,894
11 Other information
Pennings Limited is a private company limited by shares and incorporated in England. Its registered office is:
12/14 GREENHILL CRESCENT
WATFORD BUSINESS PARK
WATFORD
HERTFORDSHIRE
WD18 8JF
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