PENWERN LIMITED


Directors	MACKEY, Elizabeth Catherine Waring
	MACKEY, Stephen John


Registered Address	24 Landport Terrace
	Portsmouth
	PO1 2RG


Registered Number	10994055 (England and Wales)

Balance Sheet as at
31 October 2025

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	4		615		833
			615		833
Current assets
Debtors		44,980		30,447
Cash at bank and on hand		11,714		4,578
		56,694		35,025
Creditors amounts falling due within one year	5	(23,478)		(19,449)
Net current assets (liabilities)			33,216		15,576
Total assets less current liabilities			33,831		16,409
Provisions for liabilities	6		(117)		(167)
Net assets			33,714		16,242
Capital and reserves
Called up share capital			200		200
Profit and loss account			33,514		16,042
Shareholders' funds			33,714		16,242

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 28 April 2026, and are signed on its behalf by:

MACKEY, Elizabeth Catherine Waring
Director

MACKEY, Stephen John
Director

Registered Company No. 10994055

PENWERN LIMITED

Notes to the Financial Statements
for the year ended 31 October 2025

1.	Accounting policies

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

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Going concern
	After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Revenue from rendering of services
	Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:


		Straight line (years)
	Office Equipment	3

2.	Average number of employees


		2025		2024
	Average number of employees during the year	4		4

3.	Prior period adjustment
	On transition to FRS 102, the entity adopted a revised accounting policy in respect of deferred taxation in accordance with Section 29 Income Tax. Under this policy, deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities and their tax bases. Under the entity’s previous accounting framework, deferred tax arising from accelerated capital allowances on fixtures, fittings and equipment was not fully recognised. The adoption of FRS 102 has therefore resulted in a prior period adjustment. In accordance with Section 35 Transition to this FRS and Section 10 Accounting Policies, Estimates and Errors, the entity has restated its comparative figures to reflect this change in accounting policy. Opening reserves previously reported as £16,408 have been restated to £16,241. This movement of £167 reflects the recognition of a deferred tax liability arising from timing differences associated with accelerated capital allowances. The adjustment has been recognised in retained earnings at the date of transition, and comparative figures have been restated accordingly.

Prior period adjustment

On transition to FRS 102, the entity adopted a revised accounting policy in respect of deferred taxation in accordance with Section 29 Income Tax. Under this policy, deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities and their tax bases. Under the entity’s previous accounting framework, deferred tax arising from accelerated capital allowances on fixtures, fittings and equipment was not fully recognised. The adoption of FRS 102 has therefore resulted in a prior period adjustment. In accordance with Section 35 Transition to this FRS and Section 10 Accounting Policies, Estimates and Errors, the entity has restated its comparative figures to reflect this change in accounting policy. Opening reserves previously reported as £16,408 have been restated to £16,241. This movement of £167 reflects the recognition of a deferred tax liability arising from timing differences associated with accelerated capital allowances. The adjustment has been recognised in retained earnings at the date of transition, and comparative figures have been restated accordingly.

4.	Tangible fixed assets

	Plant & machinery	Office Equipment	Total
	£	£	£
Cost or valuation
At 01 November 24	536	1,892	2,428
Additions	-	922	922
Disposals	(536)	(726)	(1,262)
At 31 October 25	-	2,088	2,088
Depreciation and impairment
At 01 November 24	480	1,115	1,595
Charge for year	56	358	414
On disposals	(536)	-	(536)
At 31 October 25	-	1,473	1,473
Net book value
At 31 October 25	-	615	615
At 31 October 24	56	777	833

5.	Creditors: amounts due within one year

	2025	2024
	£	£
Taxation and social security	3,784	2,618
Other creditors	18,693	15,361
Accrued liabilities and deferred income	1,001	1,470
Total	23,478	19,449

6.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	117	167
Total	117	167

7.	Related party transactions
	At the balance sheet date, the director amount owed to the director £18,338.36 (2024: £14,651.20). The loan is unsecured, interest-free, and repayable on demand.