Company Registration No. 01058143 (England and Wales)
PENFOLD VERRALL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
PENFOLD VERRALL LIMITED
COMPANY INFORMATION
Directors
Mr D J L Lynch
Mr M J Nunn
(Appointed 4 January 2021)
Mrs C Bowden
Mr A J Bish
Secretary
Mrs C Bowden
Company number
01058143
Registered office
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
Auditor
Carpenter Box
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
Business address
The Haulage Yard
Dial Post
Horsham
West Sussex
RH13 8NY
PENFOLD VERRALL LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of income and retained earnings
6
Statement of financial position
7
Notes to the financial statements
8 - 15
PENFOLD VERRALL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2021
- 1 -
The directors present their annual report and financial statements for the year ended 30 June 2021.
Principal activities
The principal activity of the company continued to be that of haulage, plant hire and construction.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr D J L Lynch
Mr M J Nunn
(Appointed 4 January 2021)
Mrs C Bowden
Mr A J Bish
Auditor
In accordance with the company's articles, a resolution proposing that Carpenter Box be reappointed as auditor of the company will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
COVID-19 assessment
The directors have undertaken a robust assessment of the company's future trading prospects and have concluded that the company remains a going concern. See note 1.2 to the accounts for further detail.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mrs C Bowden
Director
1 December 2021
PENFOLD VERRALL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2021
- 2 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PENFOLD VERRALL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PENFOLD VERRALL LIMITED
- 3 -
Opinion
We have audited the financial statements of Penfold Verrall Limited (the 'company') for the year ended 30 June 2021 which comprise the statement of income and retained earnings, the statement of financial position and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 30 June 2021 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
PENFOLD VERRALL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PENFOLD VERRALL LIMITED
- 4 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
directors
either
intend
to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of
irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,
including fraud, is detailed below.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and
non-compliance with laws and regulations, our procedures included the following:
-
Obtaining an understanding of the legal and regulatory framework that the
company
operates in, focusing on those laws and regulations that had a direct
effect on the financial statements and operations;
-
Obtaining an understanding of the company’s
policies and procedures on
fraud risks, including knowledge of any actual, suspected or alleged fraud
;
-
Discussing among the engagement team how and where fraud might occur in the financial
statements and any potential indicators of fraud through our knowledge and understanding of the
company and our sector-specific experience.
As a result of these procedures, we considered the opportunities and incentives that may exist within the
company for fraud. We are also required to perform specific procedures to respond to the
risk of management override. As a result of performing the above, we identified the following areas as those
most likely to have an impact on the financial statements:
health & safety, employment law,
and
compliance with the UK Companies Act.
PENFOLD VERRALL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PENFOLD VERRALL LIMITED
- 5 -
In addition to the above, our procedures to respond to risks identified included the following:
-
Making enquiries of management
about an
y
known or suspected instances of non-compliance with laws and regulations and fraud;
-
Assessment of matters recorded on the company’s health & safety incident register
;
-
Challenging assumptions and judgements made by management in their significant accounting
estimates
;
and
-
Auditing the risk of management override of controls, including through testing journal entries and
other adjustments for appropriateness.
Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in
the financial statements may not be detected, even though the audit is properly planned and performed in
accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and
transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to
recognise the non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Robert Dowling FCA (Senior Statutory Auditor)
For and on behalf of Carpenter Box
1 December 2021
Chartered Accountants
Statutory Auditor
Crawley
Carpenter Box is a trading name of Carpenter Box Limited
PENFOLD VERRALL LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2021
- 6 -
2021
2020
£
£
Revenue
8,208,013
7,234,764
Cost of sales
(7,155,979)
(6,775,474)
Gross profit
1,052,034
459,290
Administrative expenses
(790,285)
(588,957)
Other operating income
69,980
176,974
Operating profit
331,729
47,307
Investment income
28
633
Profit before taxation
331,757
47,940
Taxation
(8,800)
2,271
Profit for the financial year
322,957
50,211
Retained earnings brought forward
714,218
1,001,690
Dividends
(42,340)
(337,683)
Retained earnings carried forward
994,835
714,218
PENFOLD VERRALL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2021
30 June 2021
- 7 -
2021
2020
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
135,404
155,063
Investments
5
75
135,479
155,063
Current assets
Inventories
6
89,529
117,742
Trade and other receivables
7
1,617,711
1,830,924
Cash and cash equivalents
383,493
307,840
2,090,733
2,256,506
Current liabilities
8
(900,549)
(1,365,323)
Net current assets
1,190,184
891,183
Total assets less current liabilities
1,325,663
1,046,246
Provisions for liabilities
(5,200)
(6,400)
Net assets
1,320,463
1,039,846
Equity
Called up share capital
35
35
Share premium account
325,502
325,502
Capital redemption reserve
91
91
Retained earnings
994,835
714,218
Total equity
1,320,463
1,039,846
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 1 December 2021 and are signed on its behalf by:
Mr D J L Lynch
Director
Company Registration No. 01058143
PENFOLD VERRALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
- 8 -
1
Accounting policies
Company information
Penfold Verrall Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest
£1.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The
financial statements
present information about the company as an individual entity and not about its group
.
The company is a wholly owned subsidiary of Penfold Verrall Holdings Limited and the results of the company are included in the consolidated financial statements of Penfold Verrall Holdings Limited which are available from its registered office which is the same as the company.
1.2
Going concern
The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The COVID-19 pandemic and the ensuing economic shutdown has had a significant impact on the company’s operations. In response to the COVID-19 pandemic, the directors have performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.
Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.
1.3
Revenue
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty.
The following criteria must also be met before revenue is recognised:
Construction contract income
Revenue from contracts for the provision of
construction
services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Contract retentions are recognised on completion of the respective contracts when there is reasonable certainty that they are recoverable.
PENFOLD VERRALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 9 -
Haulage income
Revenue from the provision of haulage services is recognised at the time the service is delivered, when the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their
remaining
useful lives on the following bases:
Land freehold
Not depreciated
Leasehold property
10% to 20% Straight line per annum
Plant, machinery, fixtures & fittings
10% to 50% Straight line per annum
Heavy plant and vehicles
20% to 50% Straight line per annum
Motor vehicles
25% Diminishing balance per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Non-current investments
Interests in subsidiaries
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.6
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
Inventories
Inventories
are stated at the lower of cost and
estimated selling price less costs to complete and sell.
PENFOLD VERRALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 10 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
1.9
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include deposits held at call with banks
.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets
Basic financial assets
are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial liabilities
Basic financial liabilities
are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
PENFOLD VERRALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 11 -
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.16
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
PENFOLD VERRALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 12 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Revenue recongition on construction contracts
Revenue derived from construction services include a judgement of the stage of completion at the year end. This judgement is used to determine the amount of revenue and profit to recognise in relation to each contract, which is still ongoing at the end of the reporting period. The stage of completion is calculated based on the assessment of qualified quantity surveyors of the costs incurred for work performed in conjunction with expected final contract costs and overall profitability.
The provisions for losses on contracts are included for expected losses made on contracts in progress at the balance sheet date.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 58
(2020 - 60).
PENFOLD VERRALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 13 -
4
Property, plant and equipment
Land freehold
Leasehold property
Plant, machinery, fixtures & fittings
Heavy plant and vehicles
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2020
15,000
211,498
159,724
85,411
193,095
664,728
Additions
1,352
7,171
8,523
Disposals
(8,450)
(12,660)
(16,070)
(37,180)
At 30 June 2021
15,000
211,498
152,626
79,922
177,025
636,071
Depreciation and impairment
At 1 July 2020
150,013
119,888
66,998
172,766
509,665
Depreciation charged in the year
7,678
10,290
3,116
5,082
26,166
Eliminated in respect of disposals
(6,950)
(12,660)
(15,554)
(35,164)
At 30 June 2021
157,691
123,228
57,454
162,294
500,667
Carrying amount
At 30 June 2021
15,000
53,807
29,398
22,468
14,731
135,404
At 30 June 2020
15,000
61,485
39,836
18,413
20,329
155,063
5
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
75
Movements in non-current investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2020
-
Additions
75
At 30 June 2021
75
Carrying amount
At 30 June 2021
75
At 30 June 2020
-
PENFOLD VERRALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 14 -
6
Inventories
2021
2020
£
£
Inventories
89,529
117,742
7
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Trade receivables
1,032,205
1,476,224
Amounts owed by group undertakings
200,968
Other receivables
384,538
354,700
1,617,711
1,830,924
Included within other receivables is £108,716 (2020: £nil) available in respect of an invoice discounting facility at the reporting date. This facility is secured against the assets of the company.
Amounts owed by group undertakings have no terms and are therefore repayable on demand. Whilst the classification as due within one year reflects the contractual nature of the loans, the company does not seek repayment of these loans until the group undertakings are financially able to make repayments. This may be more than 12 months from the reporting date, as part of the company's ongoing financial support of the group undertakings.
8
Current liabilities
2021
2020
£
£
Trade payables
636,810
378,121
Amounts owed to group undertakings
307,108
Corporation tax
10,000
Other taxation and social security
140,845
192,649
Other payables
12,423
381,060
Accruals and deferred income
100,471
106,385
900,549
1,365,323
Included within other payables is £nil (2020: £365,279) paid in advance to the company in respect of items included in trade receivables as part of an invoice finance facility at the reporting date. This facility is secured against the assets of the company.
9
Financial commitments, guarantees and contingent liabilities
The company is included in a joint security arrangement whereby all present and future indebtedness and liabilities owing to the bank are secured by a composite unlimited multilateral guarantee and a debenture given by
the company and Penfold Verrall Holdings Limited.
At the
reporting
date there was no liability due under this arrangement
.
PENFOLD VERRALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 15 -
10
Events after the reporting date
Dividends totalling £nil (2020: £42,340) have been declared and paid since the reporting date.
11
Related party transactions
At the year end the company was owed £193,301 (2020: £193,301) from a connected company.
12
Directors' transactions
During the year the company advanced £83,500 (2020: £nil) to a director. The balance was repaid by the director during the year.
13
Parent company
The parent company is Penfold Verrall Holdings Limited, a company registered in England and Wales. Penfold Verrall Holdings Limited prepares consolidated financial statements and copies can be obtained from Companies House. The registered office of Penfold Verrall Holdings Limited is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.
2021-06-30
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CCH Software
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Mr M J Nunn
Mr A J Bish
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Mrs C Bowden
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