Penmellyn Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07747560 (England and Wales)

Penmellyn Limited

Unaudited Financial Statements

for the Year Ended 30 September 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S J Edwards

Mrs A Y Edwards

REGISTERED OFFICE:

Lakeside Offices

The Old Cattle Market

Coronation Park

HELSTON

Cornwall

TR13 0SR

REGISTERED NUMBER:

07747560 (England and Wales)

ACCOUNTANTS:

Atkins Ferrie Chartered Accountants

Lakeside Offices

The Old Cattle Market

Coronation Park

Helston

Cornwall

TR13 0SR

BANKERS:

Barclays Bank plc

Coinagehall Street

Helston

Cornwall

TR13 8ET

FIXED ASSETS

Intangible assets

4

20,340

22,600

Tangible assets

5

653

817

20,993

23,417

CURRENT ASSETS

Stocks

71,817

33,884

Debtors

6

1,732

54,611

Cash at bank

1,014

3,168

74,563

91,663

CREDITORS

Amounts falling due within one year

7

61,148

103,768

NET CURRENT ASSETS/(LIABILITIES)

13,415

(12,105

)

TOTAL ASSETS LESS CURRENT LIABILITIES

34,408

11,312

PROVISIONS FOR LIABILITIES

124

139

NET ASSETS

34,284

11,173

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

34,184

11,073

34,284

11,173

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2020 and were signed on its behalf by:

Mr S J Edwards - Director

Mrs A Y Edwards - Director

1.	STATUTORY INFORMATION

Penmellyn Limited is a private company, limited by shares , registered in England and Wales. The company's registered

number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Computer equipment

-

20% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing

stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent

that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been

enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

The balance sheet shows net current liabilities. The director is confident the company can meet its debts as and when they

fall due and therefore the accounts have been prepared on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2018

and 30 September 2019

22,600

AMORTISATION

Charge for year

2,260

At 30 September 2019

2,260

NET BOOK VALUE

At 30 September 2019

20,340

At 30 September 2018

22,600

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 October 2018

and 30 September 2019

3,221

DEPRECIATION

At 1 October 2018

2,404

Charge for year

164

At 30 September 2019

2,568

NET BOOK VALUE

At 30 September 2019

653

At 30 September 2018

817

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed by associates

-

52,879

Other debtors

1,732

1,732

1,732

54,611

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

2,608

7,548

Amounts owed to associates

18,751

48,206

Taxation and social security

36,989

28,695

Other creditors

2,800

19,319

61,148

103,768

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 30 September 2019 and the period ended

30 September 2018:

2019

2018

£

£

Mr S J Edwards and Mrs A Y Edwards

Balance outstanding at start of year

(17,819

)

32,918

Amounts advanced

64,367

5,823

Amounts repaid

(46,548

)

(56,560

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(17,819

)

9.	RELATED PARTY DISCLOSURES