iso4217:GBP
xbrli:pure
xbrli:shares
iso4217:GBP
xbrli:shares
SC454883
2025-01-31
SC454883
2025-06-02
SC454883
2024-02-01
2025-01-31
SC454883
2025-06-02
2025-06-02
SC454883
bus:Director2
2024-02-01
2025-01-31
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bus:Director1
2024-02-01
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bus:SmallEntities
2024-02-01
2025-01-31
SC454883
bus:AuditExempt-NoAccountantsReport
2024-02-01
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bus:FilletedAccounts
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bus:Director1
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bus:PrivateLimitedCompanyLtd
2024-02-01
2025-01-31
Registration Number SC454883 (Scotland)
Filleted Unaudited Financial Statements
for the year ended 31 January 2025
Financial Statements for the year ended 31 January 2025
REGISTERED OFFICE
323 Lanark Road
BANKERS
Coutts & Co
6-8 George Street
Edinburgh
EH2 2PF
Filleted Financial Statements for the year ended 31 January 2025
Intangible assets
4
367,757
367,757
Cash at bank and in hand
6,461
1,539
Creditors: amounts falling due within one year
6
325,747
296,572
Net current liabilities
(318,984)
(294,967)
Total assets less current liabilities
48,773
72,790
Called up share capital
7
140
140
Share premium account
7
219,930
219,930
Profit and loss account
(171,297)
(147,280)
Shareholders' funds
48,773
72,790
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. These financial statements and reports have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the statement of comprehensive income and retained earnings has been taken.
For the year ended 31 January 2025, 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 of its accounts for the year ended 31 January 2025 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirments of the Companies Act 2006 with respect ot accounting records and the preparation of accounts.
The financial statements were approved and authorised for issue by the Board of Directors on 27 May 2025.
_______________________
_______________________
The notes on pages 3 to 5 form part of these accounts.
Company registration number: SC454883
Financial Statements for the year ended 31 January 2025
NOTES TO THE FINANCIAL STATEMENTS
1.
Summary of significant accounting policies
1.1
General information and basis of preparation
Pennsutt Limited is a private company limited by shares, registered in Scotland. The address of the registered office and registration number is given in the company information on page 1 of these financial statements.
These financial statements have been prepared in accordance with FRS 102 the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland as adapted by Section 1A of FRS 102 and the Companies Act 2006.
The financial statements are prepared in sterling (£) which is the functional currency of the company and rounded to the nearest £.
The financial statements are prepared on a going concern basis. Included in creditors due within one year are directors' loans of £240,434 (2024: £211,434). The directors intend to continue to support the company for the foreseeable future and believe that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing these financial statements.
1.2
Intangible assets - research and development
Research expenditure is written off against profits in the year in which it is incurred.
Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:
• It is technically feasible to complete the intangible asset so that it will be available for use or sale;
• There is the intention to complete the intangible asset and use or sell it;
• There is the ability to use or sell the intangible asset;
• The use or sale of the intangible asset will generate probable future economic benefits;
• There are adequate technical, financial and other resources available to complete the development and to use or sell the
• The expenditure attributable to the intangible asset during its development can be measured reliably.
Expenditure that does not meet the above criteria is expensed as incurred.
Financial Statements for the year ended 31 January 2025
NOTES TO THE FINANCIAL STATEMENTS
1.3
Financial instruments
The Company has chosen to adopt Section 11 of FRS102 in respect of financial instruments.
The ordinary share capital of the company is presented as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Other financial assets, including trade debtors for goods sold to customers on short-term credit, are initially measured at the transaction price including transaction costs, and are subsequently measured at the transaction price plus transaction costs not yet recognised, cumulative interest income less repayments and impairment, where there is evidence of impairment.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Other financial liabilities
Other financial liabilities, including trade creditors, are initially measured at transaction price less transaction costs, and are subsequently measured at the transaction price less transaction costs not yet recognised in profit or loss and repayments plus cumulative interest expenses incurred.
Impairment of financial assets
At the end of each reporting period, the company assesses whether there is evidence of impairment of any financial assets, including investments, loans, trade debtors and cash. If there is evidence of impairment, impairment losses are recognised in the Profit and Loss account in that financial year.
The average monthly number of employees, including directors, during the year was as follows:
The company has an unrecognised deferred tax asset of £31,834 (2024: £25,830). This has arisen from fixed asset timing differences and losses carried forward. Its recoverability is dependent upon future taxable trading profits arising, the likelihood of which cannot at this stage be determined with reasonable certainty.
Financial Statements for the year ended 31 January 2025
NOTES TO THE FINANCIAL STATEMENTS
4.
Intangible fixed assets
Reconciliation of changes in intangible assets
At 01 February 2024
367,757
At 31 January 2025
367,757
At 01 February 2024
367,757
At 31 January 2025
367,757
The directors are satisfied that the development costs are in respect of a clearly defined project, that the project is both technically and commercially viable and that adequate resources exist to complete the project. On this basis, development costs have been capitalised.
6.
Creditors: amounts falling due within one year
Other creditors
325,747
296,572
Included within other creditors, is a deferred government grant of £82,764 (2024: £82,764). The grant is in respect of the development project, which has been capitalised.
7.
Called up share capital
Issued, called up and fully paid
2025
Number
2024
Number
140 Ordinary shares of £1 each
140
140
140 Ordinary shares of £1 each
140
140
8.
Related party transactions
Included in creditors due within one year are directors' loans of £240,434 (2024: £211,434). The loans are interest free and repayable on demand, although the directors are not seeking immediate repayment.
Appendix - Additional XBRL Tags and Values
Accounting standards applied
Accounts status, audited or unaudited
Average number of employees during the period
Average number of employees during the period
Date of authorisation of financial statements for issue
Director signing Directors' Report
Director signing financial statements
End date for period covered by report
Entity current legal or registered name
Entity is dormant [true/false]
Name of individual auditor
Name of production software
Start date for period covered by report
UK Companies House registered number