Penmann Climatic Systems Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Park Works
Woodlands Road, off Park Road
Elland
Halifax
HX5 9HN

These financial statements were authorised for issue by the Board on 2 September 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

Statement of compliance

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 disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption to disclose certain aspects of financial instruments, transactions with key management personnel and the exemption to prepare Statement of Cash Flows in accordance with Financial Reporting Standard 102 Section 1.12.

Name of parent of group

These financial statements are consolidated in the financial statements of Newsome Limited.

The financial statements of Newsome Limited may be obtained from The financial statements of Newsome Limited may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

Disclosure of long or short period

The previous accounting period was extended to align the company with the wider group, therefore the comparatives are not entirely comparable.

Penmann Climatic Systems Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 2 September 2026 was Andrew Padgett BFP ACA FCCA, who signed for and on behalf of Watson Buckle Limited.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable, net of discounts and value added tax. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. This is usually when the goods have been delivered to customers.

Turnover 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. If at the balance sheet date completion of the contract is dependent on external factors, then the revenue is recognised only when the event occurs. In such cases direct costs incurred up to the balance sheet date plus an overhead rate are recognised as revenue to the extent that they are recoverable.

Government grants

Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Penmann Climatic Systems Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer equipment	25% straight line
Furniture, fittings & equipment	10% - 20% straight line
Motor vehicles	25% reducing balance

Provisions

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Penmann Climatic Systems Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2024 - 16).

Penmann Climatic Systems Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

4	Tangible assets

	Computer equipment £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2025	57,174	25,938	131,739	214,851
Additions	1,446	36,557	-	38,003
Disposals	(31,187)	(19,348)	(18,490)	(69,025)
At 31 December 2025	27,433	43,147	113,249	183,829
Depreciation
At 1 January 2025	50,826	23,256	85,064	159,146
Charge for the year	2,902	6,601	11,110	20,613
Eliminated on disposal	(31,187)	(19,348)	(14,580)	(65,115)
At 31 December 2025	22,541	10,509	81,594	114,644
Carrying amount
At 31 December 2025	4,892	32,638	31,655	69,185
At 31 December 2024	6,348	2,682	46,675	55,705

5

Debtors

Current	2025 £	2024 £
Trade debtors	1,383,264	1,591,870
Amounts owed by related parties	291,308	324,835
Prepayments	35,762	15,076
Other debtors	6,000	50,495
	1,716,334	1,982,276

Penmann Climatic Systems Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

6

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	7	14,639	3,748
Trade creditors		504,244	696,094
Gross amount due to customers for contract work		1,286,360	1,872,637
Amounts owed to group undertakings		4,116	-
Taxation and social security		273,309	465,617
Accruals and deferred income		207,962	158,573
Other creditors		9,166	5,271
		2,299,796	3,201,940

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	7	-	15,048

7	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Hire purchase contracts	-	15,048

Current loans and borrowings

	2025 £	2024 £
Hire purchase contracts	14,639	3,748

Hire purchase contracts

The carrying amount of hire purchase contracts at year end is £14,639 (2024 - £18,796). The hire purchase contracts are secured on the assets which they relate.

Penmann Climatic Systems Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	296	296	296	296
Ordinary A shares of £1 each	162	162	162	162
Ordinary B shares of £1 each	162	162	162	162
	620	620	620	620

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £186,221 (2024 - £14,520). These financial commitments are in respect of operating leases.

10	Parent and ultimate parent undertaking

The company's immediate parent is Penmann (Holdings) Limited, incorporated in England & Wales.

 The ultimate parent is Newsome Limited, incorporated in England & Wales. The registered office of Newsome Limited is Park Works, Woodlands Road, Off Park Road, Elland, Halifax, HX5 9HN.

  These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ.