Pennington Silver Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06360558 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

PENNINGTON SILVER LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P E Silver

Mrs K Silver

REGISTERED OFFICE:

30 Union Street

Southport

Merseyside

PR9 0QE

REGISTERED NUMBER:

06360558 (England and Wales)

ACCOUNTANTS:

Pennington Silver

30 Union Street

Southport

Merseyside

PR9 0QE

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,311

3,467

2,311

3,467

CURRENT ASSETS

Stocks

1,200

1,200

Debtors

6

31,538

24,398

Cash at bank and in hand

114,601

101,261

147,339

126,859

CREDITORS

Amounts falling due within one year

7

44,819

35,313

NET CURRENT ASSETS

102,520

91,546

TOTAL ASSETS LESS CURRENT LIABILITIES

104,831

95,013

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

104,731

94,913

SHAREHOLDERS' FUNDS

104,831

95,013

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 17 October 2017 and were signed on its behalf by:

P E Silver - Director

1.	STATUTORY INFORMATION

Pennington Silver 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The director of the company has reviewed the company's operations. The company is continuing to receive

support from the director. As a result the director has adopted the going concern basis of accounting.

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 2008, is being amortised evenly over its estimated useful life of eight 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

-

25% on cost

Computer equipment

-

25% on cost

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.

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 1 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

240,000

AMORTISATION

At 1 April 2016

and 31 March 2017

240,000

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

-

5.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 April 2016

and 31 March 2017

1,314

3,309

4,623

DEPRECIATION

At 1 April 2016

329

827

1,156

Charge for year

329

827

1,156

At 31 March 2017

658

1,654

2,312

NET BOOK VALUE

At 31 March 2017

656

1,655

2,311

At 31 March 2016

985

2,482

3,467

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

31,538

24,398

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade creditors

527

-

Taxation and social security

24,120

19,698

Other creditors

20,172

15,615

44,819

35,313

8.	FIRST YEAR ADOPTION

No adjustments were required to be made to the accounts following transition from UK GAAP to the adoption of

FRS 102 1A.