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REGISTERED NUMBER: 08051795 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

PENNYMANGLE LIMITED

PENNYMANGLE LIMITED (REGISTERED NUMBER: 08051795)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 MAY 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


PENNYMANGLE LIMITED

COMPANY INFORMATION
for the year ended 31 MAY 2024







DIRECTORS: H J Stevenson
Mrs S J Stevenson



REGISTERED OFFICE: Hallfield House
Chardleigh Green
Chard
Somerset
TA20 3AJ



REGISTERED NUMBER: 08051795 (England and Wales)



ACCOUNTANTS: Graham Barber Accountancy Limited
18 Minster Way
Bath
BA2 6RH



BANKERS: Lloyds
64 Fore Street
Trowbridge
Wiltshire
BA14 8EU

PENNYMANGLE LIMITED (REGISTERED NUMBER: 08051795)

ABRIDGED BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 641,904 678,589
641,904 678,589

CURRENT ASSETS
Stocks 129,583 204,878
Debtors 145,529 69,465
Cash at bank 140,826 94,362
415,938 368,705
CREDITORS
Amounts falling due within one year (274,688 ) (255,171 )
NET CURRENT ASSETS 141,250 113,534
TOTAL ASSETS LESS CURRENT
LIABILITIES

783,154

792,123

CREDITORS
Amounts falling due after more than one
year

(64,414

)

(136,317

)

PROVISIONS FOR LIABILITIES (157,500 ) (166,000 )
NET ASSETS 561,240 489,806

CAPITAL AND RESERVES
Called up share capital 160,000 160,000
Retained earnings 401,240 329,806
SHAREHOLDERS' FUNDS 561,240 489,806

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

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

PENNYMANGLE LIMITED (REGISTERED NUMBER: 08051795)

ABRIDGED BALANCE SHEET - continued
31 MAY 2024


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 25 February 2025 and were signed on its behalf by:




H J Stevenson - Director



Mrs S J Stevenson - Director


PENNYMANGLE LIMITED (REGISTERED NUMBER: 08051795)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 MAY 2024

1. STATUTORY INFORMATION

Pennymangle 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.

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 2012, is being amortised evenly over its estimated useful life of ten 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.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 33% 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.


PENNYMANGLE LIMITED (REGISTERED NUMBER: 08051795)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 MAY 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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 3 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2023
and 31 May 2024 240,000
AMORTISATION
At 1 June 2023
and 31 May 2024 240,000
NET BOOK VALUE

At 31 May 2024 -
At 31 May 2023 -

PENNYMANGLE LIMITED (REGISTERED NUMBER: 08051795)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 MAY 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2023 1,622,099
Additions 77,195
At 31 May 2024 1,699,294
DEPRECIATION
At 1 June 2023 943,510
Charge for year 113,880
At 31 May 2024 1,057,390
NET BOOK VALUE
At 31 May 2024 641,904
At 31 May 2023 678,589

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 June 2023
and 31 May 2024 56,542
DEPRECIATION
At 1 June 2023 7,320
Charge for year 10,980
At 31 May 2024 18,300
NET BOOK VALUE
At 31 May 2024 38,242
At 31 May 2023 49,222

6. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 11,635 10,704
Between one and five years 19,200 30,835
30,835 41,539

PENNYMANGLE LIMITED (REGISTERED NUMBER: 08051795)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 MAY 2024

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 30,835 41,539

Hire purchase liabilities are secured on the assets financed.

A bank loan of £76,952 (2023 £108,795) is secured by an unlimited debenture in favour of Lloyds Bank plc.

8. OTHER FINANCIAL COMMITMENTS

The company had total commitments under non-cancellable operating leases over the remaining life of those leases amounting to £12,978 (2023 - £18,169).

Pension liabilities included in current liabilities were £237 (2023 - £220).

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31 May 2024 the directors were owed £17,531 (2023 £1,756) by the company.