ACCOUNTS - Final Accounts preparation

Registered number: 01166132

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 MARCH 2026

	PENNINE IMPORT & EXPORT LIMITED


PENNINE IMPORT & EXPORT LIMITED

COMPANY INFORMATION

Directors	J. G. Fattal
	E. R. Fattal


Company secretary	E. R. Fattal


Registered number	01166132


Registered office	3 - 5 Fashion Street
	London
	E1 6PX


Accountants	Menzies LLP
	Chartered Accountants
	2nd Floor, Origin One
	108 High Street
	Crawley
	RH10 1BD


PENNINE IMPORT & EXPORT LIMITED

CONTENTS

	Page
Statement of Financial Position	1 - 2
Notes to the Financial Statements	3 - 8


PENNINE IMPORT & EXPORT LIMITED REGISTERED NUMBER:01166132

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2026

		2026		As restated 2025
Note		£		£

Fixed assets
Tangible assets	4		7,924		8,914
Investments	5		24,021		2,018,782
Investment property	6		1,022,326		1,022,326
			1,054,271		3,050,022
Current assets
Debtors: amounts falling due within one year	7	2,243,279		271,590
Cash at bank and in hand		83,537		138,836
		2,326,816		410,426
Creditors: amounts falling due within one year	8	(118,831)		(144,703)
Net current assets			2,207,985		265,723
Total assets less current liabilities			3,262,256		3,315,745

Net assets			3,262,256		3,315,745

Page 1


PENNINE IMPORT & EXPORT LIMITED REGISTERED NUMBER:01166132

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2026

		2026		As restated 2025
		£		£

Capital and reserves
Allotted, called up and fully paid share capital	800	800
Capital redemption reserve	200	200
Profit and loss account	3,261,256	3,314,745
	3,262,256	3,315,745

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

J. G. Fattal

Director

Date: 24 September 2026

The notes from 5-9 form part of these financial statements.

Page 2


PENNINE IMPORT & EXPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1.	General information

The company is limited by shares and incorporated in England. The address of the registered office is disclosed on the company information page of these financial statements.

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

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as below.

Depreciation is provided on the following basis:

				Office equipment	-	10%	reducing balance
				Computer equipment	-	25%	reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3


PENNINE IMPORT & EXPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.5

Valuation of investments

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 ''Basic Financial Instruments'' of FRS 102 to all its financial instruments.

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and Investments in ordinary shares.

2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.8

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4


PENNINE IMPORT & EXPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.10

Current and deferred taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Employees

The average monthly number of employees, including directors who received no remuneration, during the year was 2 (2025 - 2).

Page 5


PENNINE IMPORT & EXPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

4.	Tangible fixed assets

	Equipment	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 April 2025	38,657	3,077	41,734
Additions	-	750	750
At 31 March 2026	38,657	3,827	42,484
Depreciation
At 1 April 2025	30,517	2,303	32,820
Charge for the year on owned assets	926	814	1,740
At 31 March 2026	31,443	3,117	34,560
Net book value
At 31 March 2026	7,214	710	7,924
At 31 March 2025	8,140	774	8,914

5.	Fixed asset investments

		Listed investments
		£
	Cost or valuation
	At 1 April 2025	2,018,782
	Additions	7,612
	Disposals	(2,002,373)
	At 31 March 2026	24,021

Page 6


PENNINE IMPORT & EXPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

6.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 April 2025	1,022,326
	At 31 March 2026	1,022,326

The 2026 valuation was made by the directors, on an open market value basis.

Debtors

					2026	As restated 2025
					£	£


Other debtors	2,243,279	271,590
	2,243,279	271,590

8.	Creditors: Amounts falling due within one year
		2026	As restated 2025
		£	£

Other creditors	115,478	140,196
Accruals and deferred income	3,353	4,507
	118,831	144,703

9.	Related party transactions
	The directors are also directors and shareholders of Monbell Limited. At the year end, Monbell Limited owed the company £265,013 (2025 - £265,013), as disclosed in note 7. This loan is repayable on demand although there are no fixed repayment terms and no interest is charged on this loan.

Page 7


PENNINE IMPORT & EXPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

10.	Prior year adjustment

During 2025 the landlord paid the revised backdated rates on behalf of the company in the sum of £80,167 and this reduction in adminstrative expenses was offset against the amount that it owed to Pennine Import & Export Limited. This reduced profit reduced the corporation tax by £13,558 and the reserves by £66,609. During the year the company identified that expenditure of £27,326 relating to expenditure on tangible assets spent in 2024 had previously been incorrectly classified within other debtors. The comparatives figures have therefore been restated to recognise the expenditure within tangible fixed asstes. As a result, at 1 January 2025 tangible asset cost has increased by £27,326 and other debtors have decreased by £27,326.

11.	Transactions with directors

Included within other creditors, in note 8 above, is a balance of £95,387 (2025 - £78,249) which is due to the directors. This represents an interest free loan to the company.

Page 8