Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3176falsefalse2023-04-01falseNo description of principal activity98trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07095615 2023-04-01 2024-03-31 07095615 2022-04-01 2023-03-31 07095615 2024-03-31 07095615 2023-03-31 07095615 c:Director2 2023-04-01 2024-03-31 07095615 d:PlantMachinery 2023-04-01 2024-03-31 07095615 d:PlantMachinery 2024-03-31 07095615 d:PlantMachinery 2023-03-31 07095615 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07095615 d:MotorVehicles 2023-04-01 2024-03-31 07095615 d:MotorVehicles 2024-03-31 07095615 d:MotorVehicles 2023-03-31 07095615 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07095615 d:FurnitureFittings 2023-04-01 2024-03-31 07095615 d:FurnitureFittings 2024-03-31 07095615 d:FurnitureFittings 2023-03-31 07095615 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07095615 d:ComputerEquipment 2023-04-01 2024-03-31 07095615 d:ComputerEquipment 2024-03-31 07095615 d:ComputerEquipment 2023-03-31 07095615 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07095615 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07095615 d:CurrentFinancialInstruments 2024-03-31 07095615 d:CurrentFinancialInstruments 2023-03-31 07095615 d:Non-currentFinancialInstruments 2024-03-31 07095615 d:Non-currentFinancialInstruments 2023-03-31 07095615 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 07095615 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07095615 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 07095615 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 07095615 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 07095615 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 07095615 d:ShareCapital 2024-03-31 07095615 d:ShareCapital 2023-03-31 07095615 d:SharePremium 2024-03-31 07095615 d:SharePremium 2023-03-31 07095615 d:RetainedEarningsAccumulatedLosses 2024-03-31 07095615 d:RetainedEarningsAccumulatedLosses 2023-03-31 07095615 c:FRS102 2023-04-01 2024-03-31 07095615 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07095615 c:FullAccounts 2023-04-01 2024-03-31 07095615 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07095615 d:HirePurchaseContracts d:WithinOneYear 2024-03-31 07095615 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 07095615 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-03-31 07095615 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 07095615 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 07095615










BIG PENNY LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
BIG PENNY LTD
REGISTERED NUMBER: 07095615

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,148,927
1,787,001

  
1,148,927
1,787,001

Current assets
  

Stocks
  
51,619
77,428

Debtors: amounts falling due within one year
 6 
654,412
399,078

Cash at bank and in hand
  
11,270
103,418

  
717,301
579,924

Creditors: amounts falling due within one year
 7 
(1,108,922)
(800,912)

Net current liabilities
  
 
 
(391,621)
 
 
(220,988)

Total assets less current liabilities
  
757,306
1,566,013

Creditors: amounts falling due after more than one year
 8 
(145,833)
(229,908)

Provisions for liabilities
  

Deferred tax
  
(181,897)
(181,897)

  
 
 
(181,897)
 
 
(181,897)

Net assets
  
429,576
1,154,208


Capital and reserves
  

Called up share capital 
  
461
461

Share premium account
  
3,667,922
3,667,922

Profit and loss account
  
(3,238,807)
(2,514,175)

  
429,576
1,154,208


Page 1

 
BIG PENNY LTD
REGISTERED NUMBER: 07095615
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 March 2025.




................................................
Mr F E Kobus
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
BIG PENNY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Big Penny Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Priestley Way, Walthamstow, London, Greater London, UK, E17 6AL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

As at the date of signing these financial statements the directors consider that the company has significant financial resources to see through its business plan to sustained profitability. While the impact of the current UK economy is an uncertainty, the business is proactively planning significant investments to turn underutilised warehouse space into additional event and competitive socialise spaces. This transformation will provide a clear path to turn the overall profitability.

  
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the
Company and the turnover can be reliably measured. Turnover is measured as the fair value of the
consideration received or receivable, net of discounts and value added taxes.
Turnover is generated from food and beverage sales, ticket sales and venue hire. Food and beverage revenue is recognised at the point of sale. Ticket sales and venue hire are recognised at the time of the event. Any revenue received in advance is recognised in deferred income.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
BIG PENNY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
Straight line over 5 - 20 years
Motor vehicles
-
Straight line over 5 years
Fixtures and fittings
-
Straight line over 3 - 10 years
Computer equipment
-
Straight line over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
BIG PENNY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less
costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying
amount is reduced to its selling price less costs to complete and sell. The impairment loss is
recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.13

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
BIG PENNY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.15

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

  
2.16

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Page 6

 
BIG PENNY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial 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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 7

 
BIG PENNY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.


4.


Employees

The average monthly number of employees, including directors, during the year was 98 (2023 - 76).


5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
607,741
74,055
2,075,347
6,520
2,763,663


Additions
17,237
-
98,898
4,001
120,136


Disposals
(495,017)
(38,537)
-
-
(533,554)


Transfers between classes
(24,153)
-
24,089
64
-



At 31 March 2024

105,808
35,518
2,198,334
10,585
2,350,245



Depreciation


At 1 April 2023
305,957
50,348
617,853
2,504
976,662


Charge for the year on owned assets
15,019
14,148
322,741
3,020
354,928


Disposals
(95,926)
(34,346)
-
-
(130,272)


Transfers between classes
(176,441)
-
176,420
21
-



At 31 March 2024

48,609
30,150
1,117,014
5,545
1,201,318



Net book value



At 31 March 2024
57,199
5,368
1,081,320
5,040
1,148,927



At 31 March 2023
301,784
23,707
1,457,494
4,016
1,787,001

Page 8

 
BIG PENNY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           5.Tangible fixed assets (continued)

During the financial year, the company transferred assets from Fixtures and fittings and Computer equipment to Plant and Machinery as a way to correct a prior year allocation error.
The reclassification did not result in any gain or loss as it was a correction of an accounting error. At the time of transfer the carrying amount of the assets remained unchanged.

Page 9

 
BIG PENNY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
85,898
63,636

Other debtors
489,367
335,442

Prepayments and accrued income
79,147
-

654,412
399,078



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
37,957
-

Bank loans
62,500
76,493

Obligations under finance lease and hire purchase contracts
27,980
82,290

Other loans
214,827
-

Trade creditors
374,405
297,591

Other taxation and social security
127,286
195,726

Other creditors
68,988
84,676

Accruals and deferred income
194,979
64,136

1,108,922
800,912



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
145,833
208,334

Net obligations under finance leases
-
21,574

145,833
229,908


Bank loans are secured via a fixed and floating charge with Clydesdale Bank PLC over all assets of the company.

Page 10

 
BIG PENNY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
62,500
76,493

Other loans
214,827
-


277,327
76,493

Amounts falling due 1-2 years

Bank loans
145,833
208,334


145,833
208,334


423,160
284,827



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
21,574
82,290

Between 1-5 years
-
21,574

21,574
103,864

Finance lease payments represent rentals payable by the company for certain items of plant and
machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed
on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis
and no arrangements have been entered into for contingent rental payments.


11.


Related party transactions

There is no controlling party of the company.
At 31 March 2024 included within other loans is an amount owed to a shareholder and Director totaling £214,828 (2023: 23,050). The amount is interest free and repayable on demand.

 
Page 11