Pennington Williams Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Pennington Williams Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13999861 . The registered office is Stanhope House, Mark Rake, Wirral, CH62 2DN .

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover includes revenue earned from the rendering of services and is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:

The amount of revenue can be reliably measured;

it is probable that the future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

2.4. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of 10 years.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings	20% straight line
Computer Equipment	33.33% straight line

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Pennington Williams Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.6. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.7. Financial Instruments

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.

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

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Pennington Williams Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.8. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 10 (2024: 10)

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 April 2024	808,043

As at 31 March 2025	808,043

...CONTINUED

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Pennington Williams Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Amortisation
As at 1 April 2024	127,940
Provided during the period	80,804

As at 31 March 2025	208,744

Net Book Value
As at 31 March 2025	599,299

As at 1 April 2024	680,103

5. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 April 2024	258	29,319	29,577

As at 31 March 2025	258	29,319	29,577

Depreciation
As at 1 April 2024	123	11,898	12,021
Provided during the period	51	9,721	9,772

As at 31 March 2025	174	21,619	21,793

Net Book Value
As at 31 March 2025	84	7,700	7,784

As at 1 April 2024	135	17,421	17,556

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	86,769	80,727
Other debtors	11,603	12,321

	98,372	93,048

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Pennington Williams Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	8,165	9,605
Trade creditors	10,832	13,583
Bank loans and overdrafts	16,547	16,547
Other creditors	231,283	214,690
Taxation and social security	94,147	94,774

	360,974	349,199

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	1,313	9,477
Bank loans	39,375	55,710
Other creditors	178,500	304,500

	219,188	369,687

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

10. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	41,311	39,670
Later than one year and not later than five years	62,678	92,730

	103,989	132,400

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		599,299		680,103
Tangible Assets	5		7,784		17,556

			607,083		697,659
CURRENT ASSETS
Debtors	6	98,372		93,048
Cash at bank and in hand		51,641		59,962

		150,013		153,010
Creditors: Amounts Falling Due Within One Year	7	(360,974 )		(349,199 )

NET CURRENT ASSETS (LIABILITIES)			(210,961 )		(196,189 )

TOTAL ASSETS LESS CURRENT LIABILITIES			396,122		501,470

Creditors: Amounts Falling Due After More Than One Year	8		(219,188 )		(369,687 )

NET ASSETS			176,934		131,783

CAPITAL AND RESERVES
Called up share capital	9		100		100
Profit and Loss Account			176,834		131,683

SHAREHOLDERS' FUNDS			176,934		131,783