Penshaw Engineering Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04821740

Penshaw Engineering Limited

Filleted Unaudited Financial Statements

For the year ended

31 March 2025

Penshaw Engineering Limited

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5		781,600	928,080

Current assets

Stocks		383,891	249,739
Debtors	6	2,223,042	1,006,639
Cash at bank and in hand		92,333	130,024
		------------	------------
		2,699,266	1,386,402

Creditors: amounts falling due within one year	7	1,547,029		893,551
		------------		------------
Net current assets			1,152,237	492,851
			------------	------------
Total assets less current liabilities			1,933,837	1,420,931

Creditors: amounts falling due after more than one year	8		532,316	85,087

Provisions

Taxation including deferred tax	170,000	200,000
	------------	------------
Net assets	1,231,521	1,135,844
	------------	------------

Capital and reserves

Called up share capital	9	15,000	15,000
Profit and loss account		1,216,521	1,120,844
		------------	------------
Shareholders funds		1,231,521	1,135,844
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Penshaw Engineering Limited

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 1 December 2025 , and are signed on behalf of the board by:

L R Litwinowicz

Director

Company registration number: 04821740

Penshaw Engineering Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 23 Harvey Close, Crowther Industrial Estate, Washington, Tyne & Wear, NE38 0AB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £1

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	10% straight line
Fixtures and fittings	-	33% straight line
Motor vehicles	-	20% straight line
Equipment	-	33% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 38 (2024: 40 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2024	2,839,302	62,792	44,907	59,018	3,006,019
Additions	19,355	–	–	9,315	28,670
	------------	--------	--------	--------	------------
At 31 March 2025	2,858,657	62,792	44,907	68,333	3,034,689
	------------	--------	--------	--------	------------
Depreciation
At 1 April 2024	1,953,134	57,289	16,229	51,287	2,077,939
Charge for the year	158,694	2,772	5,933	7,751	175,150
	------------	--------	--------	--------	------------
At 31 March 2025	2,111,828	60,061	22,162	59,038	2,253,089
	------------	--------	--------	--------	------------
Carrying amount
At 31 March 2025	746,829	2,731	22,745	9,295	781,600
	------------	--------	--------	--------	------------
At 31 March 2024	886,168	5,503	28,678	7,731	928,080
	------------	--------	--------	--------	------------

6. Debtors

	2025	2024
	£	£
Trade debtors	1,152,471	985,689
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,046,587	–
Other debtors	23,984	20,950
	------------	------------
	2,223,042	1,006,639
	------------	------------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	546,237	–
Trade creditors	586,143	507,052
Social security and other taxes	203,060	203,257
Other creditors	211,589	183,242
	------------	---------
	1,547,029	893,551
	------------	---------

In relation to creditors: amounts falling due within one year, bank loans, overdrafts and hire purchase creditors totalling £668,237 (2024: £91,798) are secured by a fixed and floating charge over the assets of the company.

8. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	66,333	–
Other creditors	465,983	85,087
	---------	--------
	532,316	85,087
	---------	--------

In relation to creditors: amounts falling due after more than one year, bank loans and hire purchase creditors totalling £506,966 (2024: £53,912) are secured by a fixed and floating charge over the assets of the company.

9. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
A Ordinary shares of £ 1 each	–	–	12,000	12,000
B Ordinary shares of £ 1 each	–	–	1,500	1,500
C Ordinary shares of £ 1 each	–	–	1,500	1,500
Ordinary shares of £ 1 each	15,000	15,000	–	–
	--------	--------	--------	--------
	15,000	15,000	15,000	15,000
	--------	--------	--------	--------

10. Other financial commitments

Total financial commitments (future minimum lease payments under non-cancellable operating leases) which are not included in the balance sheet amount to £ 389,314 (2024: £ 98,605 ).