REGISTERED NUMBER: 11828851 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

PN5 Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

Mrs P V Smith

Dr R J Smith

REGISTERED OFFICE:

2nd Floor, Grove House

774-780 Wilmslow Road

Didsbury

Manchester

Greater Manchester

M20 2DR

REGISTERED NUMBER:

11828851 (England and Wales)

ACCOUNTANTS:

Sterling Partners Limited

Chartered Accountants

Chartered Tax Advisors

2nd Floor, Grove House

774-780 Wilmslow Road

Didsbury

Manchester

Greater Manchester

M20 2DR

FIXED ASSETS

Tangible assets

4

55,250

82,938

CURRENT ASSETS

Debtors

5

223,374

281,092

Cash at bank

184,681

3,592

408,055

284,684

CREDITORS

Amounts falling due within one year

6

(234,596

)

(212,455

)

NET CURRENT ASSETS

173,459

72,229

TOTAL ASSETS LESS CURRENT LIABILITIES

228,709

155,167

CREDITORS

Amounts falling due after more than one year

7

(78,500

)

(96,500

)

PROVISIONS FOR LIABILITIES

8

(13,813

)

(20,735

)

NET ASSETS

136,396

37,932

CAPITAL AND RESERVES

Called up share capital

1,000

100

Retained earnings

135,396

37,832

136,396

37,932

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

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

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 17 March 2025 and were signed on its behalf by:

Mrs P V Smith - Director

1.	STATUTORY INFORMATION

PN5 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.

Preparation of consolidated financial statements

The financial statements contain information about PN5 Ltd as an individual Company and do not contain consolidated financial information as the parent of a group. The Company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, R Smith Holdings Limited, 2nd Floor Grove House 774-780 Wilmslow Road, Didsbury, Manchester, England, M20 2DR..

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles

-

25% on cost

Computer equipment

-

20% on cost

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

110,500

316

110,816

DEPRECIATION

At 1 January 2024

27,625

253

27,878

Charge for year

27,625

63

27,688

At 31 December 2024

55,250

316

55,566

NET BOOK VALUE

At 31 December 2024

55,250

-

55,250

At 31 December 2023

82,875

63

82,938

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

208,374

266,092

Amounts owed by group undertakings

15,000

15,000

223,374

281,092

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

6,000

6,000

Hire purchase contracts

12,000

12,000

Trade creditors

72,508

101,072

Tax

120,202

10,936

VAT

22,094

29,117

Directors' current accounts

342

51,880

Accruals and deferred income

1,450

1,450

234,596

212,455

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

4,500

6,000

Bank loans - 2-5 years

-

4,500

Hire purchase contracts

74,000

86,000

78,500

96,500

8.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

13,813

20,735

Deferred

tax

£

Balance at 1 January 2024

20,735

Accelerated capital allowances

(6,922

)

Balance at 31 December 2024

13,813

9.	OTHER FINANCIAL COMMITMENTS

The company had outstanding commitments in respect of a bank loan as 31 December 2024 of £10,500 (2023: £16,500).

The company had outstanding commitments in respect of a HP lease as 31 December 2024 of £86,000 (2023: £98,000).

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

Mr M J Smith

Balance outstanding at start of year

51,880

640

Amounts advanced

142,312

68,240

Amounts repaid

(193,850

)

(17,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

342

51,880

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Dr R J Smith.

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 Balance Sheet. 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, we have prepared for your approval the financial statements of PN5 Ltd for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of PN5 Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of PN5 Ltd and state those matters that we have agreed to state to the Board of Directors of PN5 Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PN5 Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that PN5 Ltd 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 PN5 Ltd. You consider that PN5 Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of PN5 Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Sterling Partners Limited

Chartered Accountants

Chartered Tax Advisors

2nd Floor, Grove House

774-780 Wilmslow Road

Didsbury

Manchester

Greater Manchester

M20 2DR

Date: .............................................