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Pennymoor Timber Limited

Unaudited Financial Statements

for the Year Ended 31 January 2025






Pennymoor Timber Limited (Registered number: 05196084)






Contents of the Financial Statements
for the Year Ended 31 January 2025




Page

Balance Sheet 1

Notes to the Financial Statements 3


Pennymoor Timber Limited (Registered number: 05196084)

Balance Sheet
31 January 2025

31.1.25 31.1.24
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 22,000
Tangible assets 5 394,673 431,131
394,673 453,131

CURRENT ASSETS
Stocks 245,569 219,750
Debtors 6 131,009 407,423
Cash at bank and in hand 631,284 441,949
1,007,862 1,069,122
CREDITORS
Amounts falling due within one year 7 174,860 191,426
NET CURRENT ASSETS 833,002 877,696
TOTAL ASSETS LESS CURRENT LIABILITIES 1,227,675 1,330,827

CREDITORS
Amounts falling due after more than one year 8 (200,000 ) (200,000 )

PROVISIONS FOR LIABILITIES (30,845 ) (36,320 )
NET ASSETS 996,830 1,094,507

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 996,730 1,094,407
SHAREHOLDERS' FUNDS 996,830 1,094,507

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 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.

Pennymoor Timber Limited (Registered number: 05196084)

Balance Sheet - continued
31 January 2025


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 30 May 2025 and were signed on its behalf by:





Ms C I Morrell - Director


Pennymoor Timber Limited (Registered number: 05196084)

Notes to the Financial Statements
for the Year Ended 31 January 2025

1. STATUTORY INFORMATION

Pennymoor Timber Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05196084

Registered office: Pennymoor
Tiverton
Devon
EX16 8LJ

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 2015, 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.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight line over 50 years
Plant and machinery - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 20% 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.


Pennymoor Timber Limited (Registered number: 05196084)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

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 balance sheet date.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2024 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 February 2024
and 31 January 2025 220,000 25,000 245,000
AMORTISATION
At 1 February 2024 198,000 25,000 223,000
Amortisation for year 22,000 - 22,000
At 31 January 2025 220,000 25,000 245,000
NET BOOK VALUE
At 31 January 2025 - - -
At 31 January 2024 22,000 - 22,000

Pennymoor Timber Limited (Registered number: 05196084)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2024 382,017 397,326 238,844 19,696 1,037,883
Additions - - - 3,849 3,849
At 31 January 2025 382,017 397,326 238,844 23,545 1,041,732
DEPRECIATION
At 1 February 2024 142,047 273,246 175,151 16,308 606,752
Charge for year 7,640 18,532 12,692 1,443 40,307
At 31 January 2025 149,687 291,778 187,843 17,751 647,059
NET BOOK VALUE
At 31 January 2025 232,330 105,548 51,001 5,794 394,673
At 31 January 2024 239,970 124,080 63,693 3,388 431,131

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.25 31.1.24
£    £   
Trade debtors 122,766 104,531
Other debtors 8,243 302,892
131,009 407,423

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.25 31.1.24
£    £   
Hire purchase contracts - 10,000
Trade creditors 88,638 132,150
Taxation and social security 25,395 29,462
Other creditors 60,827 19,814
174,860 191,426

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.1.25 31.1.24
£    £   
Other creditors 200,000 200,000

Pennymoor Timber Limited (Registered number: 05196084)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.1.25 31.1.24
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Preference shares 200,000 200,000

9. LOANS

Obligations under hire purchase contracts are secured by fixed charges over assets to which they relate, presented within plant and machinery and motor vehicles.

Included within other creditors are preference shares. The preference shares provide the right to a cumulative net dividend of 8% per annum and are redeemable on winding up.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2025 and 31 January 2024:

31.1.25 31.1.24
£    £   
Mrs P Nash
Balance outstanding at start of year 287,287 (49,702 )
Amounts advanced 17,106 336,989
Amounts repaid (304,393 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 287,287

A total of Nil (2024 £336,989) was advanced to Mrs P Nash during the year which has a carried forward overdrawn directors loan account of Nil (2024 £287,287). Loan interest has been charged and the loan was repaid in full within 9 months of the year end.