Penfold Technology Ltd

​Directors

C J Eastwood
T C Harding
G C Howard (appointed 01-07-2025)
P J Hykin
S F Robinson

For the year​ ending 31 March 2025, the Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the Company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their​ responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the Single Statement of Comprehensive Income in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf:

Date: 25 September 2025 

The notes 5 on to 8 form part of these financial statements.

Penfold Technology Ltd is a private company limited by shares and is incorporated in England & Wales. The address of its registered office is The Ministry​, 79-81, Borough Road​, London​.

The financial statements have been prepared under the historic cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of ​Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (FRS 102) and the Companies Act 2006.

The Company's functional and presentational currency is the Pound Sterling.

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

All turnover in the current and prior year relates to intercompany recharge income; the Company does not generate external trading revenue

Payments under operating leases are recognised as expenses in profit or loss over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern of the lessee's benefit, even if the payments are not on that basis.

Benefits received and receivable as an incentive to enter into an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is more representative of the time pattern of the lessee's benefit.

The Company​​​ operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company​​​​ pays fixed contributions into a separate entity. Once the contributions have been paid the Company​​​​ has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown as accruals in the Balance Sheet. The assets of the scheme are held separately from the Company​​​​ in independently administered funds.

Tax is recognised in profit or loss except that a charge attributable to an item recognised in other comprehensive income or directly in equity. In this case, the tax is recognised in other comprehensive income or directly in equity respectively.
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​​ income.

Property, plant and equipment is initially recognised at cost. Cost includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Subsequently, property, plant and equipment is measured using the cost model. Under the cost model, assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

All property, plant and equipment is considered to have a finite useful life.

Depreciation is calculated to allocate the depreciable amount of property, plant and equipment to its residual values over its estimated useful lives on the following bases​:

Computer equipment - 3 years

Office Equipment - 5 years

If factors such as a change in how an asset is used, technological advancement, or changes in market prices indicate that the residual value or useful life of an asset has changed since the most recent reporting date, the Company reviews its previous estimates and, if current expectations differ, amends the residual value, amortisation method or useful life, accounting for this as a change in an accounting estimate.

Investments in subsidiaries are measured at cost less accumulated impairment.

Cash and cash equivalents include cash in hand, deposits with financial institutions repayable without penalty on notice of not more than 24 hours, other highly liquid investments that mature in no more than three months from the date of acquisition and bank overdrafts. Bank overdrafts, where applicable, are shown within 'Creditors: amounts due within one year'.

The average number of employees during the year was 28 (2024: 42).