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Registration number: 06427191

Penwith Leisure Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 March 2025

Penwith Leisure Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 3 to 7

Penwith Leisure Limited

Company Information

Director | Mr M J Robinson

Registered office | 15 Alverton Street Penzance Cornwall TR18 2QP

Accountants | D.J. Reynolds & Co. Chartered Accountants15 Alverton Street Penzance Cornwall TR18 2QP

Penwith Leisure Limited

(Registration number: 06427191)
Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 22,119 | 24,363
Current assets |  |  |
Stocks | 5 | 6,500 | 8,960
Debtors | 6 | 1,038 | 3,674
Cash at bank and in hand |  | 2,776 | 7,750
|  | 10,314 | 20,384
Creditors: Amounts falling due within one year | 7 | (40,571) | (22,307)
Net current liabilities |  | (30,257) | (1,923)
Total assets less current liabilities |  | (8,138) | 22,440
Creditors: Amounts falling due after more than one year | 7 | (55,607) | (66,855)
Net liabilities |  | (63,745) | (44,415)
Capital and reserves |  |  |
Called up share capital | 8 | 160 | 160
Retained earnings |  | (63,905) | (44,575)
Shareholders' deficit |  | (63,745) | (44,415)

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• | The member has not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 July 2025

......................................... Mr M J Robinson Director

Penwith Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1 | General information

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

The address of its registered office is:
15 Alverton Street
Penzance
Cornwall
TR18 2QP

These financial statements were authorised for issue by the director on 29 July 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 years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 presentational currency is pounds sterling £.

Going concern

The company incurred a loss for the financial year ended 31 March 2025 of £19,330 (2024: profit of £1,047). As at 31 March 2025 the company had net current liabilities of £21,394 (2024: £1,923) and a deficit of total liabilities over assets of £63,745 (2023: £44,415).
The company is financed by a bank Bounce Back Loan, a futher loan from a financial institution and a loan from the director. All of the loans are unsecured and the director's loan carries no fixed repayment terms or interest.
The above matters present a material uncertainty regarding the company's ability to continue as a going concern.
In the opinion of the Director, the company can continue to operate on a going concern basis by agreeing not to call in his loan to the company for at least the next 12 months and to provide financial support to the company to meet its liabilities as they fall due for the forthcoming year and forseeabloe future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Penwith Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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
Office equipment | 20% straight line
Equipment | 12.5% straight line
Fixtures and fittings | 12.5% straight line
Leasehold | No depreciation provided
Improvements to leasehold | 12.5% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Penwith Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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.

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2024 - 3).

4 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Other tangible assets £ | Total £
Cost or valuation
At 1 April 2024 | 20,997 | 4,556 | 16,900 | 42,453
Additions | - | - | 750 | 750
At 31 March 2025 | 20,997 | 4,556 | 17,650 | 43,203
Depreciation
At 1 April 2024 | 4,374 | 4,227 | 9,489 | 18,090
Charge for the year | 623 | 164 | 2,207 | 2,994
At 31 March 2025 | 4,997 | 4,391 | 11,696 | 21,084
Carrying amount
At 31 March 2025 | 16,000 | 165 | 5,954 | 22,119
At 31 March 2024 | 16,623 | 329 | 7,411 | 24,363

Included within the net book value of land and buildings above is £16,000 (2024 - £16,000) in respect of leasehold land and buildings and £Nil (2024 - £623) in respect of improvements to leasehold.

Penwith Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5 | Stocks

| 2025 £ | 2024 £
Other inventories | 6,500 | 8,960

6 | Debtors

Current | 2025 £ | 2024 £
Prepayments | - | 1,436
Other debtors | 1,038 | 2,238
| 1,038 | 3,674

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 9 | 18,734 | -
Trade creditors |  | 505 | 672
Taxation and social security |  | 2,736 | 4,735
Accruals and deferred income |  | 1,130 | -
Other creditors |  | 17,466 | 16,900
|  | 40,571 | 22,307

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 9 | 55,607 | 66,855

8 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £1 each | 160 | 160 | 160 | 160

Penwith Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

9 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 23,475 | 34,722
Other borrowings | 32,132 | 32,133
| 55,607 | 66,855

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 8,863 | -
Other borrowings | 9,871 | -
| 18,734 | -

10 | Related party transactions

Transactions with the Directors

2025 | At 1 April 2024 £ | Advances to director £ | At 31 March 2025 £
Mr M J Robinson
Interest free loan, repayable on demand | 49,031 | (1,309) | 47,722

2024 | At 1 April 2023 £ | Advances to director £ | At 31 March 2024 £
Mr M J Robinson
Interest free loan, repayable on demand | 62,031 | (13,000) | 49,031