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Company registration number: 03669010
Penwood Systems Limited
Financial statements
31 December 2025
Penwood Systems Limited
Statement of financial position
31 December 2025
2025 2024
Note £ £ £ £
Fixed assets
Tangible assets 5 116,390 129,028
_______ _______
116,390 129,028
Current assets
Debtors 6 567,211 1,351,705
Cash at bank and in hand 79,698 81,025
_______ _______
646,909 1,432,730
Creditors: amounts falling due
within one year 7 ( 55,517) ( 63,758)
_______ _______
Net current assets 591,392 1,368,972
_______ _______
Total assets less current liabilities 707,782 1,498,000
Creditors: amounts falling due
after more than one year 8 ( 19,753) ( 27,881)
_______ _______
Net assets 688,029 1,470,119
_______ _______
Capital and reserves
Called up share capital 1 1
Capital redemption reserve 1 1
Profit and loss account 688,027 1,470,117
_______ _______
Shareholder funds 688,029 1,470,119
_______ _______
For the year ending 31 December 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 member has 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 September 2026 , and are signed on behalf of the board by:
Mr Matthew J. Campling
Director
Company registration number: 03669010
Penwood Systems Limited
Notes to the financial statements
Year ended 31 December 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 80 Coleman Street, London, EC2R 5BJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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.
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:
Fittings fixtures and equipment - 25% on cost
Motor vehicles - 25% on cost
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2024: 3 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2025 168,973 136,917 305,890
Additions 23,477 75,736 99,213
Disposals - ( 72,917) ( 72,917)
_______ _______ _______
At 31 December 2025 192,450 139,736 332,186
_______ _______ _______
Depreciation
At 1 January 2025 113,671 63,191 176,862
Charge for the year 34,971 31,814 66,785
Disposals - ( 27,851) ( 27,851)
_______ _______ _______
At 31 December 2025 148,642 67,154 215,796
_______ _______ _______
Carrying amount
At 31 December 2025 43,808 72,582 116,390
_______ _______ _______
At 31 December 2024 55,302 73,726 129,028
_______ _______ _______
6. Debtors
2025 2024
£ £
Trade debtors 14,989 4,835
Other debtors 552,222 1,346,870
_______ _______
567,211 1,351,705
_______ _______
7. Creditors: amounts falling due within one year
2025 2024
£ £
Trade creditors 35,546 2,975
Corporation tax - 34,055
Social security and other taxes 6,341 1,087
Other creditors 13,630 25,641
_______ _______
55,517 63,758
_______ _______
8. Creditors: amounts falling due after more than one year
2025 2024
£ £
Bank loans and overdrafts - 15,333
Other creditors 19,753 12,548
_______ _______
19,753 27,881
_______ _______
9. Controlling party
Penwood Systems Limited is under the control of Mr M. J. Campling who is the director and 100% shareholder.