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Registration number: 01058143 (England and Wales)

Penfold Verrall Limited
Annual Report and Financial Statements
for the Year Ended 30 June 2025

Penfold Verrall Limited

Contents

Company Information | 1
Balance Sheet | 2
Statement of Changes in Equity | 3
Notes to the Financial Statements | 4 to 13

Penfold Verrall Limited

Company Information

Directors | AJ Bish CIE Bowden DJ Lynch MJ Nunn

Company secretary | CIE Bowden

Registered office | The Haulage Yard Dial Post Horsham West Sussex RH13 8NY

Auditors | Chisnall Comer Ismail and Co Chartered Accountants & Registered AuditorsMaria House 35 Millers Road Brighton BN1 5NP

Penfold Verrall Limited

(Registration number: 01058143)
Balance Sheet as at 30 June 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets |  | 161,897 | 161,942
Current assets |  |  |
Stocks | 5 | 235,463 | 161,020
Debtors | 6 | 1,282,851 | 2,453,848
Cash at bank and in hand |  | 580,008 | 327,613
|  | 2,098,322 | 2,942,481
Creditors: Amounts falling due within one year | 7 | (546,542) | (1,432,960)
Net current assets |  | 1,551,780 | 1,509,521
Total assets less current liabilities |  | 1,713,677 | 1,671,463
Provisions for liabilities | 8 | (38,701) | (38,434)
Net assets |  | 1,674,976 | 1,633,029
Capital and reserves |  |  |
Called up share capital | 12 | 35 | 35
Share premium reserve |  | 325,502 | 325,502
Capital redemption reserve |  | 91 | 91
Retained earnings |  | 1,349,348 | 1,307,401
Shareholders' funds |  | 1,674,976 | 1,633,029

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 23 October 2025 and signed on its behalf by:

.........................................

DJ Lynch

Director

Penfold Verrall Limited

Statement of Changes in Equity for the Year Ended 30 June 2025

| Share capital £ | Share premium £ | Capital redemption reserve £ | Retained earnings £ | Total £
At 1 July 2023 | 35 | 325,502 | 91 | 898,472 | 1,224,100
Profit for the year | - | - | - | 408,929 | 408,929
At 30 June 2024 | 35 | 325,502 | 91 | 1,307,401 | 1,633,029

| Share capital £ | Share premium £ | Capital redemption reserve £ | Retained earnings £ | Total £
At 1 July 2024 | 35 | 325,502 | 91 | 1,307,401 | 1,633,029
Profit for the year | - | - | - | 641,947 | 641,947
Dividends | - | - | - | (600,000) | (600,000)
At 30 June 2025 | 35 | 325,502 | 91 | 1,349,348 | 1,674,976

Penfold Verrall Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

1 | General information

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

The address of its registered office is:
The Haulage Yard
Dial Post
Horsham
West Sussex
RH13 8NY

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 principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
The company is a wholly owned subsidiary of Penfold Verrall Holdings Limited and the results of the company are included in the consolidated financial statements of Penfold Verrall Holdings Limited which are available from its registered office which is the same as the company.

The financial statements are prepared in sterling, which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £1.

Penfold Verrall Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

2 Accounting policies

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Revenue recognition on construction contracts
Revenue derived from construction services include a judgement of the stage of completion at the year end. This judgement is used to determine the amount of revenue and profit to recognise in relation to each contract, which is still ongoing at the end of the reporting period. The stage of completion is calculated based on the assessment of qualified quantity surveyors of the costs incurred for work performed in conjunction with expected final contract costs and overall profitability.
The provisions for losses on contracts are included for expected losses made on contracts in progress at the balance sheet date.

Going concern

The financial statements have been prepared on a going concern basis.
The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.
Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.

Penfold Verrall Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

2 Accounting policies

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 24 October 2025 was T G Humphries FCA FCCA, who signed for and on behalf of Chisnall Comer Ismail and Co.

.........................................

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty.
The following criteria must also be met before revenue is recognised:
Construction contract income
Revenue from contracts for the provision of construction services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable. Contract retentions are recognised on completion of the respective contracts when there is reasonable certainty that they are recoverable.
Haulage income
Revenue from the provision of haulage services is recognised at the time the service is delivered, when the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 income 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.

Penfold Verrall Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

2 Accounting policies

Tangible assets

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset ( or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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
Land freehold | Not depreciated
Leasehold property | 10% to 20% straight line
Plant machinery, fixtures & fittings | 10% to 50% straight line
Heavy plant and vehicles | 20% to 50% straight line
Motor vehicles | 25% reducing balance

Investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Stocks

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Penfold Verrall Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

2 Accounting policies

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

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.

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.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Penfold Verrall Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

2 Accounting policies

Financial instruments

Classification
The company has elected to apply the provisions of section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Recognition and measurement
Basic financial assets are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities 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. Financial liabilities classified as payable within one year are not amortised.
Impairment
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 50 (2024 - 50).

Penfold Verrall Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

4 | Tangible assets

| Land and buildings £ | Heavy plant and vehicles £ | Motor vehicles £ | Plant, machinery, fixtures and fittings £ | Total £
Cost or valuation
At 1 July 2024 | 249,009 | 98,752 | 84,960 | 186,799 | 619,520
Additions | 4,341 | 19,175 | - | 5,617 | 29,133
Disposals | - | - | - | (8,139) | (8,139)
At 30 June 2025 | 253,350 | 117,927 | 84,960 | 184,277 | 640,514
Depreciation
At 1 July 2024 | 185,890 | 70,403 | 80,396 | 120,889 | 457,578
Charge for the year | 11,124 | 5,702 | 1,141 | 11,211 | 29,178
Eliminated on disposal | - | - | - | (8,139) | (8,139)
At 30 June 2025 | 197,014 | 76,105 | 81,537 | 123,961 | 478,617
Carrying amount
At 30 June 2025 | 56,336 | 41,822 | 3,423 | 60,316 | 161,897
At 30 June 2024 | 63,119 | 28,349 | 4,564 | 65,910 | 161,942

Included within the net book value of land and buildings above is £15,000 (2024 - £15,000) in respect of freehold land and buildings and £41,335 (2024 - £48,119) in respect of long leasehold land and buildings.

5 | Stocks

| 2025 £ | 2024 £
Work in progress | 134,876 | 58,818
Other inventories | 100,587 | 102,202
| 235,463 | 161,020

6 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | 710,753 | 1,653,485
Amounts owed by other group companies | 220,347 | 379,163
Prepayments | 58,450 | 69,653
Other debtors | 293,301 | 351,547
| 1,282,851 | 2,453,848

Penfold Verrall Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

Amounts owed by other group companies have no terms and are therefore repayable on demand. Whilst the classification as due within one year reflects the legal nature of the loans, the company does not seek repayment of these loans until the group companies are financially able to make repayments. This may be more than 12 months from the reporting date, as part of the company's ongoing financial support of the group companies.

7 | Creditors

Creditors: amounts falling due within one year

| 2025 £ | 2024 £
Due within one year |  |
Trade creditors | 245,772 | 539,205
Taxation and social security | 131,761 | 52,204
Accruals and deferred income | 126,583 | 229,541
Other creditors | 42,426 | 612,010
| 546,542 | 1,432,960

Included within other creditors is £23,864 (2024 - £600,647) paid in advance to the company in respect of items included in trade receivables as part of an invoice finance facility at the reporting date. This facility is secured against the assets of the company.

Penfold Verrall Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

8 | Provisions for liabilities

Deferred tax

Deferred tax provisions comprise of:

| 2025 £ | 2024 £
Accelerated capital allowances | 38,701 | 38,434
| 38,701 | 38,434

The directors have considered the deferred tax liabilities noted above and concluded that it is not possible to state the estimated liabilities that will reverse within the next 12 months. This is due to the level of reversal being dependent on events which are not yet known.

9 | Dividends

|  | 2025 |  | 2024
|  | £ |  | £
Interim dividend of £17,142.86 (2024 - £Nil) per ordinary share |  | 600,000 |  | -

10 | Financial commitments, guarantees and contingencies

The company is included in a joint security arrangement whereby all present and future indebtedness and liabilities owing to the bank are secured by a composite unlimited multilateral guarantee and a debenture given by the company and its parent, Penfold Verrall Holdings Limited. At the reporting date there was no liability due under this arrangement.

11 | Related party transactions

Included in other debtors is £293,301 (2024 - £193,301) owed from a connected company.

12 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary Shares of £0.05 each | 700 | 35 | 700 | 35

Penfold Verrall Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

13 | Parent and ultimate parent undertaking

The company's immediate parent is Penfold Verrall Holdings Limited, incorporated in England and Wales.
The most senior parent entity producing publicly available financial statements is Penfold Verrall Holdings Limited. These financial statements are available upon request from Companies House.