Company No: 09399177 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	69,905		60,341
		69,905		60,341
Current assets
Stocks		343,274		337,551
Debtors	5	574,600		623,659
Cash at bank and in hand		204,317		540,785
		1,122,191		1,501,995
Creditors: amounts falling due within one year	6	( 1,292,223)		( 1,429,915)
Net current (liabilities)/assets		(170,032)		72,080
Total assets less current liabilities		(100,127)		132,421
Creditors: amounts falling due after more than one year	7	0		( 144,761)
Net liabilities		( 100,127)		( 12,340)
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		( 100,227 )		( 12,440 )
Total shareholders' deficit		( 100,127)		( 12,340)

For the financial year ending 31 March 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 Halfpenny London Ltd (registered number: 09399177) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

K M Halfpenny Director

07 October 2026

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

Halfpenny London Ltd (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 10 Woburn Walk, London, WC1H 0JL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Prior year adjustment

During the year, the directors identified an error in the recognition of revenue in prior periods. Certain amounts invoiced to customers were recognised as turnover when the related performance obligations had not been satisfied at the reporting date. In accordance with FRS 102, these amounts should have been recognised as deferred income and released to turnover in the periods in which the associated goods or services were provided.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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	4 - 10 years straight line
Plant and machinery etc.	0 - 4 years straight line

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

2. Prior year adjustment

The prior year figures have been restated due to an error in revenue recognition. The impact is shown below:

		As previously reported		Adjustment		As restated
Year ended 31 March 2025		£		£		£
Turnover		1,644,984		6,404		1,651,388
Creditors: amounts falling due within one year		1,170,282		259,633		1,429,915
Profit and loss reserves		247,193		(259,633)		(12,440)

3. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	17		24

4. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 April 2025	122,673		89,442		212,115
Additions	0		40,606		40,606
Disposals	0		( 5,415)		( 5,415)
At 31 March 2026	122,673		124,633		247,306
Accumulated depreciation
At 01 April 2025	74,424		77,350		151,774
Charge for the financial year	18,787		12,043		30,830
Disposals	0		( 5,203)		( 5,203)
At 31 March 2026	93,211		84,190		177,401
Net book value
At 31 March 2026	29,462		40,443		69,905
At 31 March 2025	48,249		12,092		60,341

Included within Plant and Machinery is art work with a cost of £4,500. Artwork is stated at cost less impairment. The directors consider the artwork to have an indefinite useful life and therefore no depreciation is charged.

5. Debtors

	2026		2025
	£		£
Trade debtors	477,663		571,306
Corporation tax	0		6,256
Other debtors	96,937		46,097
	574,600		623,659

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans	50,000		62,754
Trade creditors	135,708		65,189
Other taxation and social security	56,958		76,076
Other creditors	1,049,557		1,225,896
	1,292,223		1,429,915

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

	2026		2025
	£		£
Bank loans	0		144,761

HSBC UK Bank PLC holds a fixed and floating charge over all assets as security for the loan.

8. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
7,000 A Ordinary shares of £ 0.01 each (2025: nil shares)	70		0
3,000 B Ordinary shares of £ 0.01 each (2025: nil shares)	30		0
Nil Ordinary shares (2025: 10,000 shares of £ 0.01 each)	0		100
	100		100

9. Financial commitments

Commitments

	2026		2025
	£		£
Total future minimum lease payments under non-cancellable operating leases	29,826		114,816

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2026		2025
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	0		2,619

10. Related party transactions

Transactions with the entity's directors

Advances

During the year the director received total advances of £76,543, which included interest of £1,339 charged at the official rate. The loan was repaid in full during the year and at the balance sheet date the amount owing to the company was £nil (2025: £30,797).