Penryn Stores Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06408267 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2020

for

Penryn Stores Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Certified Accountant's Report

10

DIRECTORS:

Mr I McCabe

Mrs H M McCabe

SECRETARY:

Mr I McCabe

REGISTERED OFFICE:

58/60 Lower Market Street

Penryn

Cornwall

TR10 8BH

REGISTERED NUMBER:

06408267 (England and Wales)

ACCOUNTANT:

Martin Laity Accounting & Tax Practitioner

Kelyn

Old Hill

Helston

Cornwall

TR13 8HT

FIXED ASSETS

Intangible assets

4

46,363

52,987

Tangible assets

5

68,269

56,421

114,632

109,408

CURRENT ASSETS

Stocks

45,172

44,854

Debtors

6

65,899

56,159

Cash at bank and in hand

144,754

117,772

255,825

218,785

CREDITORS

Amounts falling due within one year

7

97,065

91,644

NET CURRENT ASSETS

158,760

127,141

TOTAL ASSETS LESS CURRENT LIABILITIES

273,392

236,549

PROVISIONS FOR LIABILITIES

12,719

10,412

NET ASSETS

260,673

226,137

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

260,573

226,037

SHAREHOLDERS' FUNDS

260,673

226,137

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 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 11 May 2021 and were signed on its behalf by:

Mr I McCabe - Director

Mrs H M McCabe - Director

1.	STATUTORY INFORMATION

Penryn Stores 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.

During the period the global economy became adversely affected by the Covid 19 pandemic. The imposed lockdown restrictions have had a negative impact across a wide variety of sectors.

The retail sector has been particularly disrupted, with social distancing measures severely limiting the ways retail shops could operate. As an essential retail outlet the company was less affected than other non-essential retail premises. However, the company has had to adapt to social distancing restrictions throughout, which includes limiting access to customers and implementing one way systems and flow management procedures in order to operate as safely as possible.

The Directors have reasonable expectations that the company will be able to continue operating even with ongoing social distancing.

The company received the small business rates grant and initially accessed the Coronavirus Job Retention Scheme during the first imposed lockdowns and until clearer government guidance became available.

Therefore, the Directors believe the adoption of the going concern basis of accounting is still appropriate in preparing the financial statements.

Turnover

Turnover predominantly includes point of sale receipts from cash and card transactions for the sale of goods.

Goods sold are measured in the Income Statement at selling price, less Value Added Tax, and derived from the point of sale till systems.

Other income such as commissions for Paypoint and Lottery transactions are recognised when the amounts can be reliably measured. This is normally upon notification by the commission paying supplier.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty 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 each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

33% on reducing balance

Government grants

The company has received and taken up Covid 19 support assistance in the form of Small Business Grant Fund and Coronavirus Job Retention Scheme (CJRS).

These grants have been recognised upon receipt in full where the company is eligible and entitled to receive the grant funds, where necessary accrued for the relevant period.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2019 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2019

and 31 October 2020

132,475

AMORTISATION

At 1 November 2019

79,488

Charge for year

6,624

At 31 October 2020

86,112

NET BOOK VALUE

At 31 October 2020

46,363

At 31 October 2019

52,987

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 November 2019

71,250

30,457

32,505

3,481

137,693

Additions

-

595

27,000

1,754

29,349

Disposals

-

-

-

(1,152

)

(1,152

)

At 31 October 2020

71,250

31,052

59,505

4,083

165,890

DEPRECIATION

At 1 November 2019

42,534

19,726

16,138

2,874

81,272

Charge for year

5,735

2,264

8,672

757

17,428

Eliminated on disposal

-

-

-

(1,079

)

(1,079

)

At 31 October 2020

48,269

21,990

24,810

2,552

97,621

NET BOOK VALUE

At 31 October 2020

22,981

9,062

34,695

1,531

68,269

At 31 October 2019

28,716

10,731

16,367

607

56,421

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 November 2019

32,505

Transfer to ownership

(32,505

)

At 31 October 2020

-

DEPRECIATION

At 1 November 2019

16,138

Transfer to ownership

(16,138

)

At 31 October 2020

-

NET BOOK VALUE

At 31 October 2020

-

At 31 October 2019

16,367

6.

DEBTORS

2020

2019

£

£

Amounts falling due within one year:

Trade debtors

80

-

Other debtors

51,897

42,479

51,977

42,479

Amounts falling due after more than one year:

Other debtors

13,922

13,680

Aggregate amounts

65,899

56,159

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Hire purchase contracts

-

5,490

Trade creditors

54,471

38,412

Taxation and social security

38,099

43,217

Other creditors

4,495

4,525

97,065

91,644

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2020 and 31 October 2019:

2020

2019

£

£

Mr I McCabe and Mrs H M McCabe

Balance outstanding at start of year

42,092

40,040

Amounts advanced

88,918

86,291

Amounts repaid

(88,175

)

(84,239

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

42,835

42,092

At the balance sheet date the company was owed £42,835 by the directors, Mr I McCabe and Mrs H M McCabe. This was the balance on their joint director's current account and is disclosed within other debtors.

The company charged the directors interest on overdrawn balances at the rate of 2.50% during the year.

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £52,000 were paid to the directors .

10.	ULTIMATE CONTROLLING PARTY

Mr I McCabe and Mrs H M McCabe are the joint controlling parties, by virtue of owning 100% of the company's issued share capital.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Penryn Stores Limited for the year ended 31 October 2020 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given me.

As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Penryn Stores Limited, as a body, in accordance with my terms of engagement. My work has been undertaken solely to prepare for your approval the financial statements of Penryn Stores Limited and state those matters that I have agreed to state to the Board of Directors of Penryn Stores Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for my work or for this report.

It is your duty to ensure that Penryn Stores Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Penryn Stores Limited. You consider that Penryn Stores Limited is exempt from the statutory audit requirement for the year.

I have not been instructed to carry out an audit or a review of the financial statements of Penryn Stores Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.

Martin Laity Accounting & Tax Practitioner

Kelyn

Old Hill

Helston

Cornwall

TR13 8HT

11 May 2021