Penn Studio Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 11450406

Penn Studio Limited

Filleted Unaudited Financial Statements

31 July 2025

Penn Studio Limited

Financial Statements

Year Ended 31st July 2025

Contents	Page

Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements	1

Statement of Financial Position	2

Notes to the Financial Statements	4

Penn Studio Limited

Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Penn Studio Limited

Year Ended 31st July 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Penn Studio Limited for the year ended 31st July 2025, which comprise the statement of financial position 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the director of Penn Studio Limited in accordance with the terms of our engagement letter dated 5th April 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Penn Studio Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Penn Studio Limited and its director for our work or for this report.

It is your duty to ensure that Penn Studio 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 Penn Studio Limited. You consider that Penn Studio 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 Penn Studio 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.

MJ GREEN ACCOUNTANCY SERVICES LTD Chartered Certified Accountants

Unit 10 Silver End Business Park Brettell Lane Brierley Hill West Midlands DY5 3LG

31 July 2026

Penn Studio Limited

Statement of Financial Position

31 July 2025

	2025	2024
Note	£	£

Fixed Assets

Tangible assets	6	2,199	5,230

Current Assets

Debtors	7	94,924	97,039
Cash at bank and in hand		15,888	7,768
		---------	---------
		110,812	104,807

Creditors: amounts falling due within one year	8	104,626	98,393
		---------	---------
Net Current Assets		6,186	6,414
		-------	--------
Total Assets Less Current Liabilities		8,385	11,644

Creditors: amounts falling due after more than one year	9	7,137	10,113

Provisions

Taxation including deferred tax	418	994
	-------	--------
Net Assets	830	537
	-------	--------

Capital and Reserves

Called up share capital	100	100
Profit and loss account	730	437
	----	----
Shareholders Funds	830	537
	----	----

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 31st July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Penn Studio Limited

Statement of Financial Position (continued)

31 July 2025

These financial statements were approved by the board of directors and authorised for issue on 31 July 2026 , and are signed on behalf of the board by:

A Penn
Director

Company registration number: 11450406

Penn Studio Limited

Notes to the Financial Statements

Year Ended 31st July 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 Unit 10, Silver End Business Park, Brettell Lane, Brierley Hill, West Midlands, DY5 3LG.

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.

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. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Fixtures and fittings	-	15% reducing balance
Computer equipment	-	33% straight line

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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 7 (2024: 7 ).

5. Intangible Assets

	Goodwill
	£
Cost
At 1st August 2024 and 31st July 2025	11,000
	--------
Amortisation
At 1st August 2024 and 31st July 2025	11,000
	--------
Carrying amount
At 31st July 2025	–
	--------
At 31st July 2024	–
	--------

6. Tangible Assets

	Fixtures and fittings	Computer equipment	Total
	£	£	£
Cost
At 1st August 2024	1,261	29,093	30,354
Additions	–	2,328	2,328
	-------	--------	--------
At 31st July 2025	1,261	31,421	32,682
	-------	--------	--------
Depreciation
At 1st August 2024	587	24,537	25,124
Charge for the year	101	5,258	5,359
	-------	--------	--------
At 31st July 2025	688	29,795	30,483
	-------	--------	--------
Carrying amount
At 31st July 2025	573	1,626	2,199
	-------	--------	--------
At 31st July 2024	674	4,556	5,230
	-------	--------	--------

7. Debtors

	2025	2024
	£	£
Trade debtors	74,082	76,620
Other debtors	20,842	20,419
	--------	--------
	94,924	97,039
	--------	--------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	11,621	14,860
Trade creditors	10,236	14,648
Corporation tax	40,326	35,228
Social security and other taxes	24,851	19,340
Other creditors	17,592	14,317
	---------	--------
	104,626	98,393
	---------	--------

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

	2025	2024
	£	£
Bank loans and overdrafts	7,137	10,113
	-------	--------

10. Deferred Tax

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

	2025	2024
	£	£
Included in provisions	418	994
	----	----

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

	2025	2024
	£	£
Accelerated capital allowances	418	994
	----	----

11. Director's Advances, Credits and Guarantees

During the year the director entered into the following advances and credits with the company:

	2025
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
A Penn	20,419	62,091	( 61,668)	20,842
	--------	--------	--------	--------

	2024
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
A Penn	45,242	56,878	( 81,701)	20,419
	--------	--------	--------	--------

The advances to the director were made at the official rate of interest and are repayable on demand.