Panel People Limited - Period Ending 2019-05-30
Panel People Limited - Period Ending 2019-05-30
Registration number:
Panel People Limited
for the Year Ended 30 May 2019
Panel People Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Panel People Limited
Company Information
Directors |
Mr G C Bond Mrs M Bond |
Company secretary |
Ms C L Bond |
Registered office |
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Accountants |
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Page 1 |
Panel People Limited
(Registration number: 04208946)
Balance Sheet as at 30 May 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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Page 2 |
Panel People Limited
(Registration number: 04208946)
Balance Sheet as at 30 May 2019
For the financial year ending 30 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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
Page 3 |
Panel People Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 May 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Group accounts not prepared
Government grants
Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 4 |
Panel People Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 May 2019
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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 |
Buildings |
2% on Net Book Value |
Plant and Machinery |
15% on Net Book Value |
Motor Vehicles |
25% on Net Book Value |
Investment property
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
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 initially at the transaction price. 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Page 5 |
Panel People Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 May 2019
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 initially at the transaction price.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 6 |
Panel People Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 May 2019
Tangible assets |
Land and buildings |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 31 May 2018 |
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Additions |
- |
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Disposals |
- |
( |
- |
( |
At 30 May 2019 |
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Depreciation |
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At 31 May 2018 |
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Charge for the year |
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At 30 May 2019 |
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Carrying amount |
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At 30 May 2019 |
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At 30 May 2018 |
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Included within the net book value of land and buildings above is £631,507 (2018 - £647,391) in respect of freehold land and buildings.
Investment properties |
2019 |
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At 31 May |
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Additions |
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Disposals |
( |
At 30 May |
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There has been no valuation of investment property by an independent valuer.
Investments |
2019 |
2018 |
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Investments in subsidiaries |
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Page 7 |
Panel People Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 May 2019
Subsidiaries |
£ |
Cost or valuation |
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At 31 May 2018 |
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Provision |
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Carrying amount |
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At 30 May 2019 |
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At 30 May 2018 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2019 |
2018 |
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Subsidiary undertakings |
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Unit 1A
England and Wales |
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Subsidiary undertakings |
Anchor Windows (Ebbw Vale) Limited The principal activity of Anchor Windows (Ebbw Vale) Limited is |
Stocks |
2019 |
2018 |
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Stocks |
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Page 8 |
Panel People Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 May 2019
Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Bank loans and overdrafts |
- |
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Trade creditors |
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Director loan account |
- |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
- |
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Deferred income |
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100,389 |
205,392 |
Page 9 |
Panel People Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 May 2019
Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
- |
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Deferred income |
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100,389 |
205,392 |
Loans and borrowings |
2019 |
2018 |
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Non-current loans and borrowings |
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Bank borrowings |
- |
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2019 |
2018 |
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Current loans and borrowings |
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Bank borrowings |
- |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Transactions with directors |
2019 |
At 31 May 2018 |
Advances to directors |
At 30 May 2019 |
Mr G C Bond |
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Overdrawn directors loan, interest charged at 2.5% totalling £619 has been added to the balance |
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Page 10 |