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Penn Transport Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 October 2024
Appleby Mall Limited
Contents
Page
Abridged Statement of Financial Position 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Statement of Financial Position
Registered number: 05975888
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 53,765 54,342
53,765 54,342
CURRENT ASSETS
Stocks 5,350 3,500
Debtors 203,089 194,251
Cash at bank and in hand 14,791 34,905
223,230 232,656
Creditors: Amounts Falling Due Within One Year (203,920 ) (240,236 )
NET CURRENT ASSETS (LIABILITIES) 19,310 (7,580 )
TOTAL ASSETS LESS CURRENT LIABILITIES 73,075 46,762
Creditors: Amounts Falling Due After More Than One Year (69,416 ) (17,500 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 6 (13,261 ) (13,329 )
NET (LIABILITIES)/ASSETS (9,602 ) 15,933
CAPITAL AND RESERVES
Called up share capital 8 100 100
Income Statement (9,702 ) 15,833
SHAREHOLDERS' FUNDS (9,602) 15,933
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For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Income Statement.
All of the company's members have consented to the preparation of an Abridged Income Statement and an Abridged Statement of Financial Position for the year end 31 October 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
F A Rozier
Director
18 July 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Penn Transport Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05975888 . The registered office is 86 Tettenhall Road, Wolverhampton, West Midlands, WV1 4TF.
The presentation currency of the financial statements is Pound Sterling (£).
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, rebates and value added taxes. 
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It has been fully amortised to income statement over its estimated economic life of 10 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:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 1/3 straight line
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.
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: 14 (2023: 14)
14 14
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4. Intangible Assets
Total
£
Cost
As at 1 November 2023 150,000
As at 31 October 2024 150,000
Amortisation
As at 1 November 2023 150,000
As at 31 October 2024 150,000
Net Book Value
As at 31 October 2024 -
As at 1 November 2023 -
5. Tangible Assets
Total
£
Cost
As at 1 November 2023 151,404
Additions 19,320
Disposals (8,600 )
As at 31 October 2024 162,124
Depreciation
As at 1 November 2023 97,062
Provided during the period 18,039
Disposals (6,742 )
As at 31 October 2024 108,359
Net Book Value
As at 31 October 2024 53,765
As at 1 November 2023 54,342
6. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 13,261 13,329
7. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 November 2023 13,329 13,329
Deferred taxation (68 ) (68 )
Balance at 31 October 2024 13,261 13,261
Page 4
Page 5
8. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
9. Ultimate Controlling Party
No one shareholder has ultimate control.
Page 5