Penryn Stores Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 06408267 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2022

for

Penryn Stores Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Certified Accountant's Report

8

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

33,115

39,739

Tangible assets

5

45,604

54,425

78,719

94,164

CURRENT ASSETS

Stocks

46,000

33,000

Debtors

6

56,504

66,276

Cash at bank and in hand

194,915

147,729

297,419

247,005

CREDITORS

Amounts falling due within one year

7

113,815

88,514

NET CURRENT ASSETS

183,604

158,491

TOTAL ASSETS LESS CURRENT LIABILITIES

262,323

252,655

PROVISIONS FOR LIABILITIES

8,495

10,134

NET ASSETS

253,828

242,521

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

253,728

242,421

SHAREHOLDERS' FUNDS

253,828

242,521

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 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 2023 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.

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.

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

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.

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 16 (2021 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2021

and 31 October 2022

132,475

AMORTISATION

At 1 November 2021

92,736

Charge for year

6,624

At 31 October 2022

99,360

NET BOOK VALUE

At 31 October 2022

33,115

At 31 October 2021

39,739

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 November 2021

71,250

31,052

59,505

4,083

165,890

Additions

906

-

-

2,566

3,472

Disposals

(2,810

)

-

-

(1,753

)

(4,563

)

At 31 October 2022

69,346

31,052

59,505

4,896

164,799

DEPRECIATION

At 1 November 2021

52,857

23,802

31,747

3,059

111,465

Charge for year

3,812

1,449

5,550

1,139

11,950

Eliminated on disposal

(2,610

)

-

-

(1,610

)

(4,220

)

At 31 October 2022

54,059

25,251

37,297

2,588

119,195

NET BOOK VALUE

At 31 October 2022

15,287

5,801

22,208

2,308

45,604

At 31 October 2021

18,393

7,250

27,758

1,024

54,425

6.

DEBTORS

2022

2021

£

£

Amounts falling due within one year:

Trade debtors

180

80

Other debtors

42,402

52,274

42,582

52,354

Amounts falling due after more than one year:

Other debtors

13,922

13,922

Aggregate amounts

56,504

66,276

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

62,812

53,400

Taxation and social security

40,652

31,678

Other creditors

10,351

3,436

113,815

88,514

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2022 and 31 October 2021:

2022

2021

£

£

Mr I McCabe and Mrs H M McCabe

Balance outstanding at start of year

42,768

42,835

Amounts advanced

86,958

84,658

Amounts repaid

(87,324

)

(84,725

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

42,402

42,768

At the balance sheet date the company was owed £42,402 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 2.0% during the year.

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £53,000 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 2022 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 2023