Acorah Software Products - Accounts Production 16.1.300 false true 31 August 2023 1 September 2022 false 1 September 2023 31 August 2024 31 August 2024 03590443 Mr John Penny Mr Timothy Penny Mr Timothy Penny iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03590443 2023-08-31 03590443 2024-08-31 03590443 2023-09-01 2024-08-31 03590443 frs-core:CurrentFinancialInstruments 2024-08-31 03590443 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-01 2024-08-31 03590443 frs-core:FurnitureFittings 2024-08-31 03590443 frs-core:FurnitureFittings 2023-09-01 2024-08-31 03590443 frs-core:FurnitureFittings 2023-08-31 03590443 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-08-31 03590443 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 03590443 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-08-31 03590443 frs-core:MotorVehicles 2024-08-31 03590443 frs-core:MotorVehicles 2023-09-01 2024-08-31 03590443 frs-core:MotorVehicles 2023-08-31 03590443 frs-core:OtherResidualIntangibleAssets 2024-08-31 03590443 frs-core:OtherResidualIntangibleAssets 2023-09-01 2024-08-31 03590443 frs-core:OtherResidualIntangibleAssets 2023-08-31 03590443 frs-core:PlantMachinery 2024-08-31 03590443 frs-core:PlantMachinery 2023-09-01 2024-08-31 03590443 frs-core:PlantMachinery 2023-08-31 03590443 frs-core:ShareCapital 2024-08-31 03590443 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 03590443 frs-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 03590443 frs-bus:FilletedAccounts 2023-09-01 2024-08-31 03590443 frs-bus:SmallEntities 2023-09-01 2024-08-31 03590443 frs-bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 03590443 frs-bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 03590443 frs-bus:Director1 2023-09-01 2024-08-31 03590443 frs-bus:Director2 2023-09-01 2024-08-31 03590443 frs-bus:CompanySecretary1 2023-09-01 2024-08-31 03590443 frs-countries:EnglandWales 2023-09-01 2024-08-31 03590443 2022-08-31 03590443 2023-08-31 03590443 2022-09-01 2023-08-31 03590443 frs-core:CurrentFinancialInstruments 2023-08-31 03590443 frs-core:ShareCapital 2023-08-31 03590443 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31
Registered number: 03590443
Pennys Meats Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03590443
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 1
Tangible Assets 5 237,921 271,564
237,921 271,565
CURRENT ASSETS
Stocks 6 126,792 146,986
Debtors 7 598,631 2,365,562
Cash at bank and in hand 1,371,087 1,158,272
2,096,510 3,670,820
Creditors: Amounts Falling Due Within One Year 8 (358,291 ) (295,982 )
NET CURRENT ASSETS (LIABILITIES) 1,738,219 3,374,838
TOTAL ASSETS LESS CURRENT LIABILITIES 1,976,140 3,646,403
PROVISIONS FOR LIABILITIES
Deferred Taxation (59,481 ) (63,501 )
NET ASSETS 1,916,659 3,582,902
CAPITAL AND RESERVES
Called up share capital 9 2,100 2,100
Profit and Loss Account 1,914,559 3,580,802
SHAREHOLDERS' FUNDS 1,916,659 3,582,902
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Timothy Penny
Director
21 October 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Pennys Meats Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03590443 . The registered office is 192 Whalley Road, Clayton-Le-Moors, Accrington, Lancashire, BB5 5HE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 3% SL
Plant & Machinery 15% RB
Motor Vehicles 15% RB
Fixtures & Fittings 15% RB
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 24 (2023: 22)
24 22
4. Intangible Assets
Other
£
Cost
As at 1 September 2023 1
Disposals (1 )
As at 31 August 2024 -
Net Book Value
As at 31 August 2024 -
As at 1 September 2023 1
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 September 2023 21,000 411,534 358,682 12,722 803,938
Additions - 13,483 - 14,695 28,178
Disposals - - (10,000 ) - (10,000 )
As at 31 August 2024 21,000 425,017 348,682 27,417 822,116
Depreciation
As at 1 September 2023 1,890 353,931 167,722 8,831 532,374
Provided during the period 630 10,663 47,740 2,788 61,821
Disposals - - (10,000 ) - (10,000 )
As at 31 August 2024 2,520 364,594 205,462 11,619 584,195
Net Book Value
As at 31 August 2024 18,480 60,423 143,220 15,798 237,921
As at 1 September 2023 19,110 57,603 190,960 3,891 271,564
6. Stocks
2024 2023
£ £
Stock - materials and work in progress 126,792 146,986
Page 4
Page 5
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 589,953 597,301
Other debtors - 1,747,183
VAT 8,678 21,078
598,631 2,365,562
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 80,486 56,839
Corporation tax 238,257 190,970
Other taxes and social security 10,153 8,657
Accruals and deferred income 600 600
Directors' loan accounts 28,795 38,916
358,291 295,982
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2,100 2,100
Page 5