Registration number: 01463993

Penmann Climatic Systems Ltd

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 9

Penmann Climatic Systems Ltd

(Registration number: 01463993)
Balance Sheet as at 31 December 2024

	Note	31 December 2024 £		(As restated) 30 September 2023 £
Fixed assets
Tangible assets	4		55,705		115,677
Current assets
Debtors	5	1,982,276		284,977
Cash at bank and in hand		1,612,724		2,087,564
		3,595,000		2,372,541
Creditors: Amounts falling due within one year	6	(3,201,940)		(2,149,718)
Net current assets			393,060		222,823
Total assets less current liabilities			448,765		338,500
Creditors: Amounts falling due after more than one year	6		(15,048)		(19,701)
Net assets			433,717		318,799
Capital and reserves
Called up share capital	8	620		620
Share premium reserve		19,820		19,820
Other reserves		180		180
Retained earnings		413,097		298,179
Shareholders' funds			433,717		318,799

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2025 and signed on its behalf by:
 

......................................... R A Metcalfe Director

Penmann Climatic Systems Ltd

Notes to the Financial Statements for the Period from 1 October 2023 to 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Park Works
Woodlands Road, off Park Road
Elland
Halifax
HX5 9HN

These financial statements were authorised for issue by the Board on 26 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

Statement of compliance

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 disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption to disclose certain aspects of financial instruments, transactions with key management personnel and the exemption to prepare Statement of Cash Flows in accordance with Financial Reporting Standard 102 Section 1.12.

Name of parent of group

These financial statements are consolidated in the financial statements of Newsome Limited.

The financial statements of Newsome Limited may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

Disclosure of long or short period

The accounting period has been extended to align the company with the wider group, therefore the comparatives are not entirely comparable.

Penmann Climatic Systems Ltd

Notes to the Financial Statements for the Period from 1 October 2023 to 31 December 2024

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 26 September 2025 was Andrew Padgett BFP ACA FCCA, who signed for and on behalf of Watson Buckle Limited.

Prior period adjustments

The revenue recognition on long term contracts has been aligned with the group policy.

	Relating to the current period disclosed in these financial statements £	Relating to the prior period disclosed in these financial statements £	Relating to periods before the prior period disclosed in these financial statements £
Turnover	-	294,601	161,599
Corporation tax charge	-	(100,360)	-
Other debtors	-	(27,563)	-
Other creditors	-	(428,637)	(161,599)
Taxation and social security	-	100,360	-
Profit and loss reserves brought forward	-	161,599	-

It was identified that revenue on construction contracts was recognised too early. The accounts have been adjusted to recognise revenue in line with the companies accounting policy and FRS 102.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable, net of discounts and value added tax. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. This is usually when the goods have been delivered to customers.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. If at the balance sheet date completion of the contract is dependent on external factors, then the revenue is recognised only when the event occurs. In such cases direct costs incurred up to the balance sheet date plus an overhead rate are recognised as revenue to the extent that they are recoverable.

Government grants

Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Penmann Climatic Systems Ltd

Notes to the Financial Statements for the Period from 1 October 2023 to 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer equipment	25% straight line
Furniture, fittings & equipment	10% - 20% straight line
Motor vehicles	25% reducing balance

Provisions

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Penmann Climatic Systems Ltd

Notes to the Financial Statements for the Period from 1 October 2023 to 31 December 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Penmann Climatic Systems Ltd

Notes to the Financial Statements for the Period from 1 October 2023 to 31 December 2024

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 16 (2023 - 15).

Penmann Climatic Systems Ltd

Notes to the Financial Statements for the Period from 1 October 2023 to 31 December 2024

4	Tangible assets

	Computer equipment £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 October 2023	51,721	25,938	205,852	283,511
Additions	5,453	-	26,200	31,653
Disposals	-	-	(100,313)	(100,313)
At 31 December 2024	57,174	25,938	131,739	214,851
Depreciation
At 1 October 2023	40,913	21,598	105,323	167,834
Charge for the period	9,913	1,658	25,405	36,976
Eliminated on disposal	-	-	(45,664)	(45,664)
At 31 December 2024	50,826	23,256	85,064	159,146
Carrying amount
At 31 December 2024	6,348	2,682	46,675	55,705
At 30 September 2023	10,808	4,340	100,529	115,677

5

Debtors

Current	31 December 2024 £	(As restated) 30 September 2023 £
Trade debtors	1,591,870	139,757
Amounts owed by related parties	324,835	-
Prepayments	15,076	50,989
Other debtors	50,495	94,231
	1,982,276	284,977

Penmann Climatic Systems Ltd

Notes to the Financial Statements for the Period from 1 October 2023 to 31 December 2024

6

Creditors

Creditors: amounts falling due within one year

	Note	31 December 2024 £	(As restated) 30 September 2023 £
Due within one year
Loans and borrowings	7	3,748	5,131
Trade creditors		696,094	548,272
Taxation and social security		465,617	155,921
Accruals and deferred income		158,573	139,257
Other creditors		1,877,908	1,301,137
		3,201,940	2,149,718

Creditors: amounts falling due after more than one year

	Note	31 December 2024 £	30 September 2023 £
Due after one year
Loans and borrowings	7	15,048	19,701

7	Loans and borrowings

Non-current loans and borrowings

	31 December 2024 £	30 September 2023 £
Hire purchase contracts	15,048	19,701

Current loans and borrowings

	31 December 2024 £	30 September 2023 £
Hire purchase contracts	3,748	3,080
Other borrowings	-	2,051
	3,748	5,131

Hire purchase contracts

The carrying amount of hire purchase contracts at period end is £18,796 (2023 - £22,781). The hire purchase contracts are secured on the assets which they relate.

Penmann Climatic Systems Ltd

Notes to the Financial Statements for the Period from 1 October 2023 to 31 December 2024

8	Share capital

Allotted, called up and fully paid shares

	31 December 2024		30 September 2023
	No.	£	No.	£
Ordinary shares of £1 each	296	296	296	296
Ordinary A shares of £1 each	162	162	162	162
Ordinary B shares of £1 each	162	162	162	162
	620	620	620	620

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £14,520 (2023 - £41,225). These financial commitments are in respect of operating leases.

10	Parent and ultimate parent undertaking

The company's immediate parent is Penmann (Holdings) Limited, incorporated in England & Wales.

 The ultimate parent is Newsome Limited, incorporated in England & Wales. The registered office of Newsome Limited is Park Works, Woodlands Road, Off Park Road, Elland, Halifax, HX5 9HN.

  These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ.