Penwell Procurement Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 6785019

Penwell Procurement Limited

Filleted Unaudited Financial Statements

30 September 2025

Penwell Procurement Limited

Financial Statements

Period from 1 February 2025 to 30 September 2025

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 6

Penwell Procurement Limited

Statement of Financial Position

30 September 2025

	30 Sep 25	31 Jan 25
Note	£	£

Fixed assets

Tangible assets	5	561,353	673,623

Current assets

Debtors	6	83,552	92,893
Cash at bank and in hand		1,787,164	589,592
		------------	---------
		1,870,716	682,485

Creditors: amounts falling due within one year	7	( 2,609,428)	( 1,516,311)
		------------	------------
Net current liabilities		( 738,712)	( 833,826)
		---------	---------
Total assets less current liabilities		( 177,359)	( 160,203)

Provisions

Taxation including deferred tax	8	53,411	50,100
		---------	---------
Net liabilities		( 123,948)	( 110,103)
		---------	---------

Capital and reserves

Called up share capital	10	85	85
Profit and loss account		( 124,033)	( 110,188)
		---------	---------
Shareholders deficit		( 123,948)	( 110,103)
		---------	---------

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 period ending 30 September 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 period 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 .

Penwell Procurement Limited

Statement of Financial Position (continued)

30 September 2025

These financial statements were approved by the board of directors and authorised for issue on 28 April 2026 , and are signed on behalf of the board by:

Mr N.A. Griffiths

Director

Company registration number: 6785019

Penwell Procurement Limited

Notes to the Financial Statements

Period from 1 February 2025 to 30 September 2025

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 55 Prendergast, Haverfordwest, Pembrokeshire, SA61 2PF, Wales.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. During the period the company changed it's year end date from 31 January 2026 to 30 September 2025.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods 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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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 & Machinery	-	25% reducing balance
Fixtures & Fittings	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Tax on loss

Major components of tax income

	Period from
	1 Feb 25 to	Year to
	30 Sep 25	31 Jan 25
	£	£

Current tax:

Adjustments in respect of prior periods	( 265)	–

Deferred tax:

Origination and reversal of timing differences	( 3,311)	( 26,042)
	-------	--------
Tax on loss	( 3,576)	( 26,042)
	-------	--------

5. Tangible assets

	Plant & Machinery	Fixtures & Fittings	Total
	£	£	£
Cost
At 1 February 2025 and 30 September 2025	1,324,824	76,984	1,401,808
	------------	--------	------------
Depreciation
At 1 February 2025	673,142	55,043	728,185
Charge for the period	108,614	3,656	112,270
	------------	--------	------------
At 30 September 2025	781,756	58,699	840,455
	------------	--------	------------
Carrying amount
At 30 September 2025	543,068	18,285	561,353
	------------	--------	------------
At 31 January 2025	651,682	21,941	673,623
	------------	--------	------------

Included in the cost of Plant & Machinery is an amount of £1,324,824 (Jan 2025 - £1,324,824) relating to assets held for use in operating leases. The related accumulated depreciation on these assets is £781,756 (Jan 2025 - £673,142). Included in the cost of Fixtures & Fittings is an amount of £76,984 (Jan 2025 - £76,984) relating to assets held for use in operating leases. The related accumulated depreciation on these assets is £58,699 (Jan 2025 - £55,043).

6. Debtors

	30 Sep 25	31 Jan 25
	£	£
Other debtors	83,552	92,893
	--------	--------

Other debtors include an amount of £nil (Jan 2025 - £nil) falling due after more than one year.

7. Creditors: amounts falling due within one year

	30 Sep 25	31 Jan 25
	£	£
Other creditors	2,609,428	1,516,311
	------------	------------

8. Provisions

	Deferred tax (note 9)
	£
At 1 February 2025	( 50,100)
Additions	( 3,311)
	--------
At 30 September 2025	( 53,411)
	--------

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	30 Sep 25	31 Jan 25
	£	£
Included in provisions (note 8)	( 53,411)	( 50,100)
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	30 Sep 25	31 Jan 25
	£	£
Accelerated capital allowances	( 34,020)	( 30,436)
Unused tax losses	( 19,391)	( 19,664)
	--------	--------
	(53,411)	(50,100)
	--------	--------

10. Called up share capital

Issued, called up and fully paid

	30 Sep 25		31 Jan 25
	No.	£	No.	£
Ordinary shares of £ 1 each	85	85	85	85
	----	----	----	----

11. Related party transactions

The company was under the control of Mrs H.K Griffiths throughout the current and previous year. Mrs H.K Griffiths is a director and the majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRS102.