REGISTERED NUMBER: 13406927 (England and Wales)

PENFOLDS SADDLERY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

E V Reynolds

J Y Martin

REGISTERED OFFICE:

Kings Hill

Spronketts Lane

Bolney

Haywards Heath

West Sussex

RH17 5SA

REGISTERED NUMBER:

13406927 (England and Wales)

ACCOUNTANTS:

Carpenter Box

Chartered Accountants

2 St Andrews Place

Lewes

East Sussex

BN7 1UP

FIXED ASSETS

Intangible assets

4

3,000

6,000

Tangible assets

5

50,024

65,088

53,024

71,088

CURRENT ASSETS

Stocks

6

38,646

45,520

Debtors

7

312

3,544

Cash at bank

14,551

11,303

53,509

60,367

CREDITORS

Amounts falling due within one year

8

56,798

66,368

NET CURRENT LIABILITIES

(3,289

)

(6,001

)

TOTAL ASSETS LESS CURRENT LIABILITIES

49,735

65,087

CREDITORS

Amounts falling due after more than one year

9

-

6,395

NET ASSETS

49,735

58,692

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

49,635

58,592

SHAREHOLDERS' FUNDS

49,735

58,692

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9th December 2025 and were signed on its behalf by:

E V Reynolds - Director

1.	STATUTORY INFORMATION

Penfolds Saddlery Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements

-

10% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The financial statements have been prepared on the basis that the company is a going concern as the directors have confirmed that they will support the company for a period of at least twelve months from the date that the balance sheet is signed.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st June 2024

and 31st May 2025

15,000

AMORTISATION

At 1st June 2024

9,000

Charge for year

3,000

At 31st May 2025

12,000

NET BOOK VALUE

At 31st May 2025

3,000

At 31st May 2024

6,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Improvements

fittings

vehicles

Totals

£

£

£

£

COST

At 1st June 2024

and 31st May 2025

16,118

14,617

84,690

115,425

DEPRECIATION

At 1st June 2024

4,835

8,450

37,052

50,337

Charge for year

1,612

1,542

11,910

15,064

At 31st May 2025

6,447

9,992

48,962

65,401

NET BOOK VALUE

At 31st May 2025

9,671

4,625

35,728

50,024

At 31st May 2024

11,283

6,167

47,638

65,088

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Motor

vehicles

£

COST

At 1st June 2024

and 31st May 2025

28,106

DEPRECIATION

At 1st June 2024

12,296

Charge for year

3,953

At 31st May 2025

16,249

NET BOOK VALUE

At 31st May 2025

11,857

At 31st May 2024

15,810

6.

STOCKS

2025

2024

£

£

Stocks

38,646

45,520

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

312

382

Other debtors

-

3,162

312

3,544

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts and finance leases

6,625

6,855

Trade creditors

12,494

10,051

Tax

7,766

636

Social security and other taxes

764

-

VAT

2,272

2,232

Directors' current accounts

24,292

44,009

Accruals and deferred income

2,585

2,585

56,798

66,368

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts and finance leases

-

6,395

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts and finance leases

6,625

13,250

The hire purchase agreement is secured on the asset concerned.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

£1.00

100

100

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Penfolds Saddlery Limited for the year ended 31st May 2025 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Penfolds Saddlery Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Penfolds Saddlery Limited and state those matters that we have agreed to state to the Board of Directors of Penfolds Saddlery Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Penfolds Saddlery Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Penfolds Saddlery Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Penfolds Saddlery Limited. You consider that Penfolds Saddlery Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Penfolds Saddlery Limited. 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 financial statements.

Carpenter Box

Chartered Accountants

2 St Andrews Place

Lewes

East Sussex

BN7 1UP

9th December 2025