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Pen Mill Holdings Ltd
for the Period from 1 March 2024 to 31 March 2025
Pen Mill Holdings Ltd
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Unaudited Financial Statements |
Pen Mill Holdings Ltd
Company Information
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Director |
Mr Guy Howden |
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Registered office |
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Accountants |
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Pen Mill Holdings Ltd
Strategic Report for the Period from 1 March 2024 to 31 March 2025
The director presents his strategic report for the period from 1 March 2024 to 31 March 2025.
Principal activity
The principal activity of the company is Holding company
Fair review of the business
The company acts as a holding and property company. During the year it acquired Hillcroft Surgery Supplies Ltd, which trades in pharmaceutical and medical supplies. Income was derived mainly from rent and dividends from the subsidiary. The directors consider the results satisfactory and expect the group to continue to perform strongly in the coming year.
Principal risks and uncertainties
The principal risks facing the company relate to the performance of its subsidiary within the pharmaceutical supply sector, including supply chain reliability, regulatory compliance, and general economic conditions. The directors maintain effective oversight and control systems to mitigate these risks and consider the group to be resilient against foreseeable challenges.
Approved and authorised by the
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Pen Mill Holdings Ltd
Director's Report for the Period from 1 March 2024 to 31 March 2025
The director presents his report and the financial statements for the period from 1 March 2024 to 31 March 2025.
Incorporation
The company was incorporated on
Director of the company
The director who held office during the period was as follows:
Financial instruments
Objectives and policies
The company’s objective is to oversee and support the operations of its subsidiary, Hillcroft Surgery Supplies Ltd, within the pharmaceutical supply industry. The directors’ policy is to maintain prudent financial management, ensure regulatory compliance, and promote sustainable long-term growth through reinvestment and strong governance.
Price risk, credit risk, liquidity risk and cash flow risk
The company’s financial instruments mainly comprise cash, receivables, and payables. It is exposed to limited price and cash flow risk. Credit and liquidity risks are managed through regular monitoring of cash positions, maintaining adequate reserves, and assessing counterparties’ financial strength. The directors consider the group’s exposure to financial risk to be low.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved and authorised by the
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Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Pen Mill Holdings Ltd
for the Period Ended 31 March 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pen Mill Holdings Ltd for the period ended 31 March 2025 as set out on pages 5 to 15 from the company's accounting records and from information and explanations you have given us.
It is your duty to ensure that Pen Mill Holdings Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Pen Mill Holdings Ltd. You consider that Pen Mill Holdings Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Pen Mill Holdings 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 accounts.
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Pattenden Lane
Marden
Kent
TN12 9QJ
Pen Mill Holdings Ltd
Profit and Loss Account for the Period from 1 March 2024 to 31 March 2025
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Note |
2025 |
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Turnover |
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Gross profit |
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Administrative expenses |
( |
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Operating profit |
98,567 |
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Income from shares in group undertakings |
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Interest payable and similar expenses |
( |
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1,104,847 |
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Profit before tax |
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Profit for the financial period |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the period other than the results above.
Pen Mill Holdings Ltd
Statement of Comprehensive Income for the Period from 1 March 2024 to 31 March 2025
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2025 |
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Profit for the period |
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Total comprehensive income for the period |
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Pen Mill Holdings Ltd
(Registration number: 15533756)
Balance Sheet as at 31 March 2025
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Note |
2025 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
( |
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Cash at bank and in hand |
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( |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
339 |
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Retained earnings |
1,203,414 |
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Shareholders' funds |
1,203,753 |
For the financial period 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:
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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 in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
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Pen Mill Holdings Ltd
Statement of Changes in Equity for the Period from 1 March 2024 to 31 March 2025
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Share capital |
Retained earnings |
Total |
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Profit for the period |
- |
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New share capital subscribed |
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- |
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At 31 March 2025 |
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Pen Mill Holdings Ltd
Statement of Cash Flows for the Period from 1 March 2024 to 31 March 2025
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Note |
2025 |
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Cash flows from operating activities |
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Profit for the period |
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Adjustments to cash flows from non-cash items |
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Finance income |
( |
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Finance costs |
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Working capital adjustments |
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Decrease in trade debtors |
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Decrease in trade creditors |
( |
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Net cash flow from operating activities |
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Cash flows from investing activities |
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Interest received |
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Acquisition of subsidiaries |
( |
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Acquisitions of tangible assets |
( |
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Net cash flows from investing activities |
( |
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Cash flows from financing activities |
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Interest paid |
( |
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Proceeds from issue of ordinary shares, net of issue costs |
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Proceeds from bank borrowing draw downs |
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Net cash flows from financing activities |
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Net increase in cash and cash equivalents |
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Cash and cash equivalents at 1 March |
- |
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Cash and cash equivalents at 31 March |
1,039,023 |
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Pen Mill Holdings Ltd
Notes to the Unaudited Financial Statements for the Period from 1 March 2024 to 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in UK.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland 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.
Group accounts not prepared
Although the combined group exceeds the small-group size thresholds set out in section 383 of the Companies Act 2006, this is the first year in which a group has existed. In accordance with section 399(2A) of the Companies Act 2006, the company has elected not to prepare consolidated financial statements for this financial year.
The directors will review the requirement to prepare consolidated accounts in the next financial year.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
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.
Pen Mill Holdings Ltd
Notes to the Unaudited Financial Statements for the Period from 1 March 2024 to 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:
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Pen Mill Holdings Ltd
Notes to the Unaudited Financial Statements for the Period from 1 March 2024 to 31 March 2025
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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Group Relief and Taxation Treatment
The company has made a full claim for capital allowances during the year amounting to £372,312, giving rise to a tax-adjusted loss of £447,900.
As the company and Hillcroft Surgery Supplies Ltd are members of the same 100% group, the loss has been surrendered by way of group relief to Hillcroft Surgery Supplies Ltd for the year ended 31 March 2026.
No corporation tax charge arises in the company for the year. Profit before tax includes £1,279,000 of dividend income which is exempt from corporation tax.
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Turnover |
The analysis of the company's turnover for the period from continuing operations is as follows:
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2025 |
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Rental income from investment property |
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Interest received |
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Operating profit |
Arrived at after charging/(crediting)
Pen Mill Holdings Ltd
Notes to the Unaudited Financial Statements for the Period from 1 March 2024 to 31 March 2025
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2025 |
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Other interest receivable and similar income |
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2025 |
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Interest payable and similar expenses |
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2025 |
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Interest on bank overdrafts and borrowings |
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Staff costs |
The average number of persons employed by the company (including the director) during the period, analysed by category was as follows:
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2025 |
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Administration and support |
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Tangible assets |
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Land and buildings |
Total |
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Cost or valuation |
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Additions |
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At 31 March 2025 |
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Depreciation |
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Carrying amount |
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At 31 March 2025 |
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Included within the net book value of land and buildings above is £3,932,500 in respect of freehold land and buildings.
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Investments |
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2025 |
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Investments in subsidiaries |
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Pen Mill Holdings Ltd
Notes to the Unaudited Financial Statements for the Period from 1 March 2024 to 31 March 2025
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Subsidiaries |
£ |
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Cost or valuation |
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Additions |
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Provision |
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Carrying amount |
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At 31 March 2025 |
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Debtors |
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Current |
Note |
2025 |
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Trade debtors |
( |
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Amounts owed by related parties |
( |
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Other debtors |
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( |
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Cash and cash equivalents |
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2025 |
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Cash at bank |
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Short-term deposits |
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Creditors |
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Note |
2025 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
( |
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Due after one year |
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Loans and borrowings |
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Pen Mill Holdings Ltd
Notes to the Unaudited Financial Statements for the Period from 1 March 2024 to 31 March 2025
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Share capital |
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Loans and borrowings |
Non-current loans and borrowings
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2025 |
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Bank borrowings |
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Current loans and borrowings
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2025 |
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Bank borrowings |
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Related party transactions |
Summary of transactions with subsidiaries
• Rental income of £160,000 was charged by the company to Hillcroft Surgery Supplies Ltd in respect of the property it owns.
• Dividends of £1,279,000 were received from Hillcroft Surgery Supplies Ltd.
At the balance-sheet date, the company owed £39600 to Hillcroft Surgery Supplies Ltd.
All transactions were made on an arm’s-length basis and have been eliminated on consolidation in management accounts.
At the balance sheet date, the company had a loan outstanding of £1462000 which was repaid post year end.