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REGISTERED NUMBER: 09289547 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2024

for

Penney Technical Services Ltd

Penney Technical Services Ltd (Registered number: 09289547)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Penney Technical Services Ltd

Company Information
for the Year Ended 31 October 2024







DIRECTORS: N G Penney
R P M James
T V James





REGISTERED OFFICE: 303 Goring Road
Worthing
West Sussex
BN12 4NX





REGISTERED NUMBER: 09289547 (England and Wales)





ACCOUNTANTS: THL Accountancy Ltd
303 Goring Road
Worthing
West Sussex
BN12 4NX

Penney Technical Services Ltd (Registered number: 09289547)

Balance Sheet
31 October 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - 2,200
Tangible assets 5 16,067 22,457
16,067 24,657

CURRENT ASSETS
Debtors 6 - 100
Cash at bank 28,816 91,330
28,816 91,430
CREDITORS
Amounts falling due within one year 7 37,646 57,933
NET CURRENT (LIABILITIES)/ASSETS (8,830 ) 33,497
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,237

58,154

PROVISIONS FOR LIABILITIES 2,764 3,978
NET ASSETS 4,473 54,176

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 4,373 54,076
SHAREHOLDERS' FUNDS 4,473 54,176

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.

Penney Technical Services Ltd (Registered number: 09289547)

Balance Sheet - 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 24 July 2025 and were signed on its behalf by:





N G Penney - Director


Penney Technical Services Ltd (Registered number: 09289547)

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


1. STATUTORY INFORMATION

Penney Technical Services Ltd 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.

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 represents the value of goods and services provided, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Tools - 3 years straight line
Motor vehicles - 25% on reducing balance
Computer equipment - 3 years straight line

Taxation
Taxation for the year comprises current 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 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.

Penney Technical Services Ltd (Registered number: 09289547)

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


2. ACCOUNTING POLICIES - continued

Depreciation policy
During the current financial year, the Company has revised the method of depreciation for Tools from the Reducing Balance @ 25% per annum to the Straight Line over a useful life of 3 years.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2023
and 31 October 2024 22,000
AMORTISATION
At 1 November 2023 19,800
Charge for year 2,200
At 31 October 2024 22,000
NET BOOK VALUE
At 31 October 2024 -
At 31 October 2023 2,200

5. TANGIBLE FIXED ASSETS
Motor Computer
Tools vehicles equipment Totals
£    £    £    £   
COST
At 1 November 2023 5,362 42,278 5,019 52,659
Additions 90 - - 90
At 31 October 2024 5,452 42,278 5,019 52,749
DEPRECIATION
At 1 November 2023 2,280 23,114 4,808 30,202
Charge for year 1,521 4,791 168 6,480
At 31 October 2024 3,801 27,905 4,976 36,682
NET BOOK VALUE
At 31 October 2024 1,651 14,373 43 16,067
At 31 October 2023 3,082 19,164 211 22,457

Penney Technical Services Ltd (Registered number: 09289547)

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


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings - 100

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 34,489 51,821
Other creditors 3,157 6,112
37,646 57,933