Company No: 05196084 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	4	552,259		394,673
		552,259		394,673
Current assets
Stocks		0		245,569
Debtors	5	15,333		131,009
Cash at bank and in hand		902,544		631,284
		917,877		1,007,862
Creditors: amounts falling due within one year	6	( 265,396)		( 174,860)
Net current assets		652,481		833,002
Total assets less current liabilities		1,204,740		1,227,675
Creditors: amounts falling due after more than one year	7	0		( 200,000)
Provision for liabilities		0		( 30,845)
Net assets		1,204,740		996,830
Capital and reserves
Called-up share capital		100		100
Revaluation reserve		313,528		0
Profit and loss account		891,112		996,730
Total shareholders' funds		1,204,740		996,830

For the financial year ending 31 January 2026 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Pennymoor Timber Limited (registered number: 05196084) were approved and authorised for issue by the Board of Directors on 02 June 2026. They were signed on its behalf by:

S H Brooks-Ward Director		P Nash Director
M Yeoman Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Pennymoor Timber Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The Company ceased trading on 31 January 2026 and as a result the financial statements have been prepared on a basis other than the going concern basis of preparation. The directors have included in the financial statements any provision for future costs of terminating the business, which were committed to at the balance sheet date and where appropriate the Company's assets have been written down to their net realisable value and all liabilities have been classified as current.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill	10 years straight line
Trademarks, patents and licences	5 years straight line

Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Plant and machinery	15 % reducing balance
Vehicles	20 % reducing balance
Office equipment	20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Preference shares

Preference shares that create a financial liability are presented as a non-current liability in the balance sheet and initially measured at fair value net of transaction costs. The initial fair value of the liability component is determined using a market rate for an equivalent liability. The remainder of the proceeds on issue are allocated to equity and included in shareholder's equity, net of transaction costs. Subsequent measurement of the liability is at amortised cost. The carrying amount of the equity component is not re-measured in subsequent years. The dividends relating to the liability component are charged as an interest expense in the profit and loss.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	8		14

3. Intangible assets

	Goodwill		Trademarks, patents and licences		Total
	£		£		£
Cost
At 01 February 2025	220,000		25,000		245,000
Disposals	( 220,000)		( 25,000)		( 245,000)
At 31 January 2026	0		0		0
Accumulated amortisation
At 01 February 2025	220,000		25,000		245,000
Disposals	( 220,000)		( 25,000)		( 245,000)
At 31 January 2026	0		0		0
Net book value
At 31 January 2026	0		0		0
At 31 January 2025	0		0		0

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£		£
Cost
At 01 February 2025	382,017		397,326		238,844		23,545		1,041,732
Revaluations	313,528		0		0		0		313,528
Disposals	( 10,500)		( 352,458)		( 238,844)		( 22,957)		( 624,759)
At 31 January 2026	685,045		44,868		0		588		730,501
Accumulated depreciation
At 01 February 2025	149,687		291,778		187,843		17,751		647,059
Charge for the financial year	7,633		13,941		8,025		1,039		30,638
Disposals	( 2,275)		( 283,110)		( 195,868)		( 18,202)		( 499,455)
At 31 January 2026	155,045		22,609		0		588		178,242
Net book value
At 31 January 2026	530,000		22,259		0		0		552,259
At 31 January 2025	232,330		105,548		51,001		5,794		394,673

5. Debtors

	2026		2025
	£		£
Trade debtors	0		122,766
Prepayments	1,233		8,243
Other debtors	14,100		0
	15,333		131,009

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	1,794		88,640
Amounts owed to directors	2,130		33,245
Accruals	8,493		1,799
Taxation and social security	52,979		25,796
Other creditors	200,000		25,380
	265,396		174,860

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

	2026		2025
	£		£
Other creditors	0		200,000

Included within other creditors are preference shares. The preference shares provide the right to a cumulative net dividend of 8% per annum and are redeemable on winding up.