Company No: 05747047 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	4	1,222,277		1,123,351
		1,222,277		1,123,351
Current assets
Stocks	5	25,728		25,985
Debtors	6	252,431		395,518
Cash at bank and in hand		422,879		274,018
		701,038		695,521
Creditors: amounts falling due within one year	7	( 147,702)		( 156,081)
Net current assets		553,336		539,440
Total assets less current liabilities		1,775,613		1,662,791
Provision for liabilities		( 16,545)		( 13,384)
Net assets		1,759,068		1,649,407
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		1,758,968		1,649,307
Total shareholders' funds		1,759,068		1,649,407

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Pengenna Pasties Ltd (registered number: 05747047) were approved and authorised for issue by the Board of Directors on 20 September 2025. They were signed on its behalf by:

J R Saunders Director

V A Saunders Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Pengenna Pasties Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom. The principal place of business is Pengenna Pasties, Highfield Road Industrial Estate, Camelford, Cornwall, PL31 9RA.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

5 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 5 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings	not depreciated
Leasehold improvements	6 years straight line
Plant and machinery	7 years straight line
Vehicles	5 years straight line
Office equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	24		26

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 January 2024	200,000		200,000
At 31 December 2024	200,000		200,000
Accumulated amortisation
At 01 January 2024	200,000		200,000
At 31 December 2024	200,000		200,000
Net book value
At 31 December 2024	0		0
At 31 December 2023	0		0

4. Tangible assets

	Land and buildings		Leasehold improve- ments		Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£		£		£
Cost
At 01 January 2024	1,067,942		475		445,059		23,663		16,097		1,553,236
Additions	365,830		0		24,630		11,000		1,512		402,972
Disposals	( 279,146)		0		0		( 13,663)		0		( 292,809)
At 31 December 2024	1,154,626		475		469,689		21,000		17,609		1,663,399
Accumulated depreciation
At 01 January 2024	0		396		402,514		12,597		14,378		429,885
Charge for the financial year	0		79		17,217		4,422		1,588		23,306
Disposals	0		0		0		( 12,069)		0		( 12,069)
At 31 December 2024	0		475		419,731		4,950		15,966		441,122
Net book value
At 31 December 2024	1,154,626		0		49,958		16,050		1,643		1,222,277
At 31 December 2023	1,067,942		79		42,545		11,066		1,719		1,123,351

5. Stocks

	2024		2023
	£		£
Stocks	25,728		25,985

6. Debtors

	2024		2023
	£		£
Trade debtors	316		925
Other debtors	252,115		394,593
	252,431		395,518

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	23,431		23,873
Taxation and social security	86,830		93,550
Other creditors	37,441		38,658
	147,702		156,081

Fixed and floating charges are held by Natwest Bank plc over all property and undertakings of the company. This relates to off balance sheet borrowing obtained by the company's directors.

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

9. Related party transactions

Transactions with the entity's directors

	2024		2023
	£		£
Balance outstanding brought forward	315,688		174,294
Amounts advanced	774,210		1,244,392
Amounts repaid	(917,003)		(1,102,998)
Balance outstanding at year end	172,895		315,688

No interest is charged on this loan and it is repayable on demand