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REGISTERED NUMBER: 11614487 (England and Wales)

| PENOIR ASSOCIATES LTD |

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 OCTOBER 2025 |

PENOIR ASSOCIATES LTD (REGISTERED NUMBER: 11614487)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

| Page |

Company Information | 1 |

Statement of Financial Position | 2 |

Notes to the Financial Statements | 3 |  | to |  | 4

PENOIR ASSOCIATES LTD

COMPANY INFORMATION

FOR THE YEAR ENDED 31 OCTOBER 2025

| DIRECTORS: | P M Penney

| Mrs S A Penney

| REGISTERED OFFICE: | 8 Heather Gardens

| North Hykeham

| Lincoln

| LN6 8RQ

| REGISTERED NUMBER: | 11614487 (England and Wales)

| ACCOUNTANTS: | Duncan & Toplis Limited

| 4 Henley Way

| Doddington Road

| Lincoln

| Lincolnshire

| LN6 3QR

PENOIR ASSOCIATES LTD (REGISTERED NUMBER: 11614487)

STATEMENT OF FINANCIAL POSITION

31 OCTOBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 962 |  | - |  |

CURRENT ASSETS

Debtors | 5 | - |  | 15,639 |  |

Cash at bank | 69,842 |  | 57,517 |  |

69,842 |  | 73,156 |  |

CREDITORS

Amounts falling due within one year | 6 | 11,387 |  | 9,024 |  |

NET CURRENT ASSETS | 58,455 |  | 64,132 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 59,417 |  | 64,132 |  |

PROVISIONS FOR LIABILITIES | 183 |  | - |  |

NET ASSETS | 59,234 |  | 64,132 |  |

CAPITAL AND RESERVES

Called up share capital | 7 | 100 |  | 100 |  |

Retained earnings | 59,134 |  | 64,032 |  |

SHAREHOLDERS' FUNDS | 59,234 |  | 64,132 |  |

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 17 April 2026 and were signed on its behalf by:

P M Penney - Director

PENOIR ASSOCIATES LTD (REGISTERED NUMBER: 11614487)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

1. | STATUTORY INFORMATION

| Penoir Associates Ltd 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

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 net of trade discounts. The policies adopted for the recognition of turnover are as follows:

| Rendering of services

| When the outcome of a transaction can be estimated reliably, turnover from aircraft engineering services is recognised by reference to the stage of completion at the statement of financial position date. Stage of completion is measured by reference to the date of work completed.

| Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Plant and machinery etc | - | 33% on cost and 25% on cost

| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

| 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 statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2024 - 2 ) .

PENOIR ASSOCIATES LTD (REGISTERED NUMBER: 11614487)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

4. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 November 2024 | 698 |  |

| Additions | 990 |  |

| Disposals | (698 | ) |

| At 31 October 2025 | 990 |  |

| DEPRECIATION

| At 1 November 2024 | 698 |  |

| Charge for year | 28 |  |

| Eliminated on disposal | (698 | ) |

| At 31 October 2025 | 28 |  |

| NET BOOK VALUE

| At 31 October 2025 | 962 |  |

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Other debtors | - |  | 15,639 |  |

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 102 |  | 304 |  |

| Taxation and social security | 7,548 |  | 5,249 |  |

| Other creditors | 3,737 |  | 3,471 |  |

11,387 |  | 9,024 |  |

7. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 100 | Ordinary | £ 1 | 100 |  | 100 |  |

8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The directors haveloan accounts totalling £15,638 brought forward (2024: £1,611 in credit). During the year, the directors of the company borrowed £1,638 (2024: £38,494) from the company and repaid £18,084 (2024: £21,244).Interest was charged on the overdrawn balance during the year of £528 (2024: £nil). The balance at the end of the year totalled £280 in credit (2024: £15,638).