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REGISTERED NUMBER: 06408267 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 October 2024

for

Penryn Stores Limited

Penryn Stores Limited (Registered number: 06408267)

Contents of the Financial Statements
for the Year Ended 31 October 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Chartered Certified Accountant's Report 9

Penryn Stores Limited

Company Information
for the Year Ended 31 October 2024







DIRECTORS: Mr I McCabe
Mrs H M McCabe





SECRETARY: Mr I McCabe





REGISTERED OFFICE: 58/60 Lower Market Street
Penryn
Cornwall
TR10 8BH





REGISTERED NUMBER: 06408267 (England and Wales)





ACCOUNTANT: Martin Laity Accounting & Tax Practitioner
Kelyn
Old Hill
Helston
Cornwall
TR13 8HT

Penryn Stores Limited (Registered number: 06408267)

Statement of Financial Position
31 October 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 19,867 26,491
Tangible assets 5 29,768 36,872
Investment property 6 285,372 -
335,007 63,363

CURRENT ASSETS
Stocks 59,316 56,456
Debtors 7 15,230 59,362
Cash at bank and in hand 236,669 246,484
311,215 362,302
CREDITORS
Amounts falling due within one year 8 298,288 129,564
NET CURRENT ASSETS 12,927 232,738
TOTAL ASSETS LESS CURRENT
LIABILITIES

347,934

296,101

PROVISIONS FOR LIABILITIES 6,607 7,850
NET ASSETS 341,327 288,251

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 9 341,227 288,151
SHAREHOLDERS' FUNDS 341,327 288,251

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

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

Penryn Stores Limited (Registered number: 06408267)

Statement of Financial Position - continued
31 October 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 May 2025 and were signed on its behalf by:




Mr I McCabe - Director



Mrs H M McCabe - Director


Penryn Stores Limited (Registered number: 06408267)

Notes to the Financial Statements
for the Year Ended 31 October 2024


1. STATUTORY INFORMATION

Penryn Stores 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 predominantly includes point of sale receipts from cash and card transactions for the sale of goods.

Goods sold are measured in the Income Statement at selling price, less Value Added Tax, and derived from the point of sale till systems.

Other income such as commissions for Paypoint and Lottery transactions are recognised when the amounts can be reliably measured. This is normally upon notification by the commission paying supplier.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty 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.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties are properties held to earn rental and / or for capital appreciation. Investment properties are initially measured at cost, including transaction costs such as Stamp Duty Land Tax and legal fees. Subsequently, investment properties whose fair value can be measured reliably on an on-going basis are measured at their fair value. Gains or losses arising from changes in fair value of the investment properties are included in the Income Statement for the period in which they arise.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Penryn Stores Limited (Registered number: 06408267)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


2. ACCOUNTING POLICIES - continued

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 statement of financial position date.

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.

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 24 (2023 - 23 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2023
and 31 October 2024 132,475
AMORTISATION
At 1 November 2023 105,984
Charge for year 6,624
At 31 October 2024 112,608
NET BOOK VALUE
At 31 October 2024 19,867
At 31 October 2023 26,491

Penryn Stores Limited (Registered number: 06408267)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2023 69,346 31,052 59,505 5,794 165,697
Additions - - - 730 730
At 31 October 2024 69,346 31,052 59,505 6,524 166,427
DEPRECIATION
At 1 November 2023 57,230 26,410 41,737 3,448 128,825
Charge for year 2,536 928 3,552 818 7,834
At 31 October 2024 59,766 27,338 45,289 4,266 136,659
NET BOOK VALUE
At 31 October 2024 9,580 3,714 14,216 2,258 29,768
At 31 October 2023 12,116 4,642 17,768 2,346 36,872

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 285,372
At 31 October 2024 285,372
NET BOOK VALUE
At 31 October 2024 285,372

The Directors have assessed the fair value of the properties based on knowledge of the area and local market. At the year end date it has been concluded that there was no material change in the fair value of the property compared to their carrying values or original cost. This assessment was conducted by reference to online market price estimations.

7. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 464 188
Other debtors - 45,252
464 45,440

Amounts falling due after more than one year:
Other debtors 14,766 13,922

Aggregate amounts 15,230 59,362

Penryn Stores Limited (Registered number: 06408267)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 77,965 65,197
Taxation and social security 46,807 46,006
Other creditors 173,516 18,361
298,288 129,564

9. RESERVES
Retained
earnings
£   

At 1 November 2023 288,151
Profit for the year 63,076
Dividends (10,000 )
At 31 October 2024 341,227

Included with Retained Earnings Reserves is the amount of £Nil in respect of non-distributable reserves arsing on revaluation gains for Investment Properties.

The revaluation gains occurring in the year have been reflected in the Income Statement.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2024 and 31 October 2023:

2024 2023
£    £   
Mr I McCabe and Mrs H M McCabe
Balance outstanding at start of year 45,210 42,402
Amounts advanced - 90,756
Amounts repaid (45,210 ) (87,948 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 45,210

At the balance sheet date the company owed £158,544 to the directors, Mr I McCabe and Mrs H M McCabe.

This was the balance on their joint director's current account and is disclosed within other creditors.

The company charged the directors interest on overdrawn balances at the rate of 2.25% during the year.

The company acquired investment property from Mr I McCabe and Mrs H McCabe during the year on an arms length basis.

Penryn Stores Limited (Registered number: 06408267)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


11. RELATED PARTY DISCLOSURES

During the year, total dividends of £10,000 (2023 - £53,000) were paid to the directors .

12. ULTIMATE CONTROLLING PARTY

Mr I McCabe and Mrs H M McCabe are the joint controlling parties, by virtue of owning 100% of the company's issued share capital.

Chartered Certified Accountant's Report to the Board of Directors
on the Unaudited Financial Statements of
Penryn Stores Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Penryn Stores Limited for the year ended 31 October 2024 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given me.

As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Penryn Stores Limited, as a body, in accordance with my terms of engagement. My work has been undertaken solely to prepare for your approval the financial statements of Penryn Stores Limited and state those matters that I have agreed to state to the Board of Directors of Penryn Stores Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at
https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf.

To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for my work or for this report.

It is your duty to ensure that Penryn Stores Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Penryn Stores Limited. You consider that Penryn Stores Limited is exempt from the statutory audit requirement for the year.

I have not been instructed to carry out an audit or a review of the financial statements of Penryn Stores Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.






Martin Laity Accounting & Tax Practitioner
Kelyn
Old Hill
Helston
Cornwall
TR13 8HT


14 May 2025