Paneuro Windows Ltd - Period Ending 2017-10-31

Registration number: 08745824

Paneuro Windows Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2017

Sterling Grove Accountants Limited
Chartered Certified Accountants
Thames House
Bourne End Business Park
Bourne End
Buckinghamshire
SL8 5AS

Paneuro Windows Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

Paneuro Windows Ltd

Company Information

Director

Mrs M Baker

Registered office

Thames House Corres End Road Bourne End Bucks SL8 5AS

Accountants

Sterling Grove Accountants Limited Chartered Certified Accountants Thames House Bourne End Business Park Bourne End Buckinghamshire SL8 5AS

Page 1

Paneuro Windows Ltd

(Registration number: 08745824)
Balance Sheet as at 31 October 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	295	589
Current assets
Debtors	5	15,698	74,906
Creditors: Amounts falling due within one year	6	(91,672)	(111,296)
Net current liabilities		(75,974)	(36,390)
Net liabilities		(75,679)	(35,801)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(75,779)	(35,901)
Total equity		(75,679)	(35,801)

For the financial year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 11 March 2019
 

Mrs M Baker
Director

The notes on pages 3 to 6 form an integral part of these financial statements.

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Paneuro Windows Ltd

Notes to the Financial Statements for the Year Ended 31 October 2017

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Thames House
Corres End Road
Bourne End
Bucks
SL8 5AS
England

These financial statements were authorised for issue by the director on 11 March 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company's balance sheet shows an insolvent position at the balance sheet date. With the continued support of the director, there is adequate funding to finance the company's continuing activities and to enable it to pay its debts as and when they fall due for payment. Accordingly, the director considers that the company is a going concern and the financial statements have been prepared on this basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	25% straight line basis

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Paneuro Windows Ltd

Notes to the Financial Statements for the Year Ended 31 October 2017

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2016 - 1).

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Paneuro Windows Ltd

Notes to the Financial Statements for the Year Ended 31 October 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 November 2016	1,178	1,178
At 31 October 2017	1,178	1,178
Depreciation
At 1 November 2016	589	589
Charge for the year	294	294
At 31 October 2017	883	883
Carrying amount
At 31 October 2017	295	295
At 31 October 2016	589	589

5

Debtors

	2017 £	2016 £
Trade debtors	11,597	67,222
Other debtors	4,101	7,684
	15,698	74,906

6

Creditors

Creditors: amounts falling due within one year

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	7	21,353	19,329
Trade creditors		-	13,694
Amounts owed to related parties	8	3,169	1,972
Taxation and social security		53,400	63,372
Accruals and deferred income		2,750	1,850
Other creditors		11,000	11,079
		91,672	111,296

Page 5

Paneuro Windows Ltd

Notes to the Financial Statements for the Year Ended 31 October 2017

7	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Bank overdrafts	21,353	19,329

8	Related party transactions

Other transactions with directors

The director operates a director's loan account. This loan is interest free and repayable on demand. At the balance sheet date the amount due to the director from the company was £3,169 (2016: £1,972).

9	Transition to FRS 102

The company has adopted FRS 102 for the first time for the year ended 31 October 2017. The company's date of transition to FRS 102 is 1 November 2015. The transition to FRS 102 has resulted in only a small number of changes in accounting policies compared to those used previously. The transition did not require restatement of comparative prior year amounts.

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