Panda Panel Agencies Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04923590 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 November 2018

for

Panda Panel Agencies Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

C C H Williams

SECRETARY:

Mrs Y J Williams

REGISTERED OFFICE:

9 St George's Yard

Castle Street

Farnham

Surrey

GU9 7LW

REGISTERED NUMBER:

04923590 (England and Wales)

ACCOUNTANTS:

Blackwood Futcher & Co.

Chartered Accountants

9 St George's Yard

Farnham

Surrey

GU9 7LW

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

414

6,925

414

6,925

CURRENT ASSETS

Stocks

1,088,118

1,525,929

Debtors

6

892,977

811,813

Cash at bank

170,656

195,693

2,151,751

2,533,435

CREDITORS

Amounts falling due within one year

7

2,007,442

2,433,786

NET CURRENT ASSETS

144,309

99,649

TOTAL ASSETS LESS CURRENT LIABILITIES

144,723

106,574

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

144,623

106,474

SHAREHOLDERS' FUNDS

144,723

106,574

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 21 March 2019 and were signed by:

C C H Williams - Director

1.	STATUTORY INFORMATION

Panda Panel Agencies 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 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 is measured at the fair value of the consideration received or receivable and represents amounts

receivable for goods supplied, stated net of discounts and of Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that

future economic benefits will flow to the entity.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the

company’s interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the

acquired business.

Goodwill recognised at acquisition is measured at cost less accumulated amortisation and accumulated

impairment losses. Goodwill is amortised on a straight line basis over it's useful life which is estimated to be 10

years.

Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual

value assumed to be zero, over its useful economic life.

Goodwill amortisation is included in administrative expenses in the statement of comprehensive income.

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

Tangible fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over their

estimated useful lives as follows:

Fixtures and fittings - 25% on cost

Motor vehicles - 20% on cost

Computer equipment - 25% on cost

On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is

recognised in profit or loss.

Stocks

Stocks are measured at the lower of cost and selling price less cost to complete and sell.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet 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.

Foreign currencies

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

Fixed asset investments

Listed investments are classed as fixed assets and are shown at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2017

and 30 November 2018

30,000

AMORTISATION

At 1 December 2017

and 30 November 2018

30,000

NET BOOK VALUE

At 30 November 2018

-

At 30 November 2017

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 December 2017

8,458

20,527

7,431

36,416

Additions

-

-

423

423

Disposals

-

(9,500

)

-

(9,500

)

At 30 November 2018

8,458

11,027

7,854

27,339

DEPRECIATION

At 1 December 2017

8,458

13,667

7,366

29,491

Charge for year

-

-

74

74

Eliminated on disposal

-

(2,640

)

-

(2,640

)

At 30 November 2018

8,458

11,027

7,440

26,925

NET BOOK VALUE

At 30 November 2018

-

-

414

414

At 30 November 2017

-

6,860

65

6,925

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.18

30.11.17

£

£

Trade debtors

766,081

655,286

Other debtors

1,131

2,231

Directors' current accounts

66,654

90,850

Taxation recoverable

58,538

63,121

Prepayments

573

325

892,977

811,813

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.18

30.11.17

£

£

Bank loans and overdrafts

527,071

-

Trade creditors

1,331,961

2,225,952

Taxation

31,995

19,538

Social security and other taxes

-

91

Other creditors

111,505

104,626

Accrued expenses

4,910

83,579

2,007,442

2,433,786

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2018 and

30 November 2017:

30.11.18

30.11.17

£

£

C C H Williams

Balance outstanding at start of year

90,850

5,399

Amounts advanced

66,805

405,527

Amounts repaid

(91,001

)

(320,076

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

66,654

90,850

The maximum amount outstanding during the year and due to the company by the director was £135,843 (2017 -

£392,860). No interest was payable during the year on this balance.