| Pen Mobile Ltd |
| Registered number: |
11921777 |
| Balance Sheet |
| as at 31 December 2022 |
|
| Notes |
|
|
2022 |
|
|
2021 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
3 |
|
|
8,000 |
|
|
14,000 |
| Tangible assets |
4 |
|
|
2,270 |
|
|
2,838 |
|
|
|
|
10,270 |
|
|
16,838 |
|
| Current assets |
| Stocks |
|
|
64,458 |
|
|
36,716 |
| Debtors |
5 |
|
352,041 |
|
|
257,401 |
| Cash at bank and in hand |
|
|
31,673 |
|
|
19,383 |
|
|
|
448,172 |
|
|
313,500 |
|
| Creditors: amounts falling due within one year |
6 |
|
(424,335) |
|
|
(339,327) |
|
| Net current assets/(liabilities) |
|
|
|
23,837 |
|
|
(25,827) |
|
| Total assets less current liabilities |
|
|
|
34,107 |
|
|
(8,989) |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(25,000) |
|
|
(35,000) |
|
|
|
| Net assets/(liabilities) |
|
|
|
9,107 |
|
|
(43,989) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
9,007 |
|
|
(44,089) |
|
| Shareholder's funds |
|
|
|
9,107 |
|
|
(43,989) |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| J Ussher-Smith |
| Director |
| Approved by the board on 27 September 2023 |
|
| Pen Mobile Ltd |
| Notes to the Accounts |
| for the year ended 31 December 2022 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Going Concern |
|
The director has assessed the ability of the company to trade as a going concern and has concluded that the accounts should be prepared on a going concern basis. The company continues to grow its customer base and has overcome the challenging trading conditions presented by the pandemic. The related parties are committed to providing working capital support to the company, if required. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
over the useful economic life |
|
Fixtures, fittings, tools and equipment |
over the useful economic life |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2022 |
|
2021 |
| Number |
Number |
|
|
Average number of persons employed by the company |
- |
|
3 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 January 2022 |
30,000 |
|
At 31 December 2022 |
30,000 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 January 2022 |
16,000 |
|
Provided during the year |
6,000 |
|
At 31 December 2022 |
22,000 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2022 |
8,000 |
|
At 31 December 2021 |
14,000 |
|
|
|
|
|
|
|
|
|
|
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. |
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Furniture and fixtures |
| £ |
|
Cost |
|
At 1 January 2022 |
4,969 |
|
At 31 December 2022 |
4,969 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2022 |
2,131 |
|
Charge for the year |
568 |
|
At 31 December 2022 |
2,699 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2022 |
2,270 |
|
At 31 December 2021 |
2,838 |
|
|
| 5 |
Debtors |
2022 |
|
2021 |
| £ |
£ |
|
|
Trade debtors |
342,311 |
|
250,657 |
|
Prepayments on warranties |
|
|
|
|
9,730 |
|
6,744 |
|
|
|
|
|
|
352,041 |
|
257,401 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Bank loans and overdrafts |
10,000 |
|
10,000 |
|
Trade creditors |
259,572 |
|
234,189 |
|
Corporation tax |
6,740 |
|
- |
|
Other taxes and social security costs |
18,548 |
|
10,451 |
|
Accruals |
1,650 |
|
1,500 |
|
Director's account |
1,310 |
|
6,823 |
|
Related party creditor |
113,209 |
|
64,509 |
|
Other creditors |
13,306 |
|
11,855 |
|
|
|
|
|
|
424,335 |
|
339,327 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Bank loans |
25,000 |
|
35,000 |
|
|
|
|
|
|
25,000 |
|
35,000 |
|
|
|
|
|
|
|
|
|
| 8 |
Related party transactions |
|
|
The related party creditor (£113,209) is a loan to Pen Mobile Ltd from a company under joint control of the director. The related party loan has been used by Pen Mobile Ltd as working capital and to purchase stock. The loan from the related party is repayable on demand and the related party is not charging loan interest to Pen Mobile Ltd.
Pen Mobile Ltd purchased stock of £1,153,131 at cost from a company under joint control of the director during the accounting period. |
|
|
| 9 |
Controlling party |
|
|
The company is under the control of the director. |
|
|
| 10 |
Other information |
|
|
Pen Mobile Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
Unit 8 Killingbeck Drive |
|
Leeds |
|
England |
|
LS14 6UF |
