Pangborn Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05902414 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2019

FOR

PANGBORN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Cooper

L Van Der Weijden

REGISTERED OFFICE:

Park Works

Bagillt Road

Greenfield

Holywell

Clwyd

CH8 7EP

REGISTERED NUMBER:

05902414 (England and Wales)

AUDITORS:

M. D. Coxey and Co. Limited

Chartered Accountants

and Statutory Auditors

25 Grosvenor Road

Wrexham

LL11 1BT

BANKERS:

National Westminster Bank Plc

33 Eastgate Street

Chester

Cheshire

CH1 1LG

SOLICITORS:

Aaron & Partners LLP

Grosvenor Court

Foregate Street

Chester

CH1 1HG

FIXED ASSETS

Tangible assets

4

169,629

157,657

CURRENT ASSETS

Stocks

501,124

566,907

Debtors

5

713,873

559,411

Cash at bank and in hand

97,996

285,618

1,312,993

1,411,936

CREDITORS

Amounts falling due within one year

6

905,147

1,024,838

NET CURRENT ASSETS

407,846

387,098

TOTAL ASSETS LESS CURRENT LIABILITIES

577,475

544,755

PROVISIONS FOR LIABILITIES

32,230

29,955

NET ASSETS

545,245

514,800

CAPITAL AND RESERVES

Called up share capital

8

323,658

323,658

Retained earnings

221,587

191,142

SHAREHOLDERS' FUNDS

545,245

514,800

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 27th March 2020 and were signed on its behalf by:

S Cooper - Director

1.	STATUTORY INFORMATION

Pangborn 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Principal activity

The principal activity of the company continued to be that of shotblast machine sales, repairs and service.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Turnover

The company recognises revenue, including amounts billed to customers for shipping and handling costs, when

persuasive evidence of an arrangement exists, delivery has occurred, the sales price or fee is fixed or

determinable, and the collection is reasonably assured. In instances where final acceptance of the product is

specified by the customer, revenue is deferred until all acceptance criteria have been met.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods

have passed to the buyer (usually on dispatch of the goods), 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.

Revenue from contracts for the provision of professional 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 comprising 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 it is probable will be recovered.

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

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Office equipment

-

15% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of

depreciation and any impairment losses.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises

direct materials and, where applicable, direct labour costs and those overheads that have been incurred in

bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and

cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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.

Financial instruments

The company has elected to apply the provisions of 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 balance sheet when the company becomes party to the

contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is

a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks,

other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference

shares that are classified as debt, 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 payments

discounted at a market rate of interest. Financial liabilities classified as payable within one year are not

amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade

creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business

from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If

not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and

subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

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

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are recorded at the monthly rate ruling at the date of the

transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2018 - 28 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Office

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1st January 2019

207,535

21,793

119,988

349,316

Additions

37,346

375

2,290

40,011

Disposals

(3,520

)

-

-

(3,520

)

At 31st December 2019

241,361

22,168

122,278

385,807

DEPRECIATION

At 1st January 2019

113,174

12,977

65,508

191,659

Charge for year

16,775

1,407

8,499

26,681

Eliminated on disposal

(2,162

)

-

-

(2,162

)

At 31st December 2019

127,787

14,384

74,007

216,178

NET BOOK VALUE

At 31st December 2019

113,574

7,784

48,271

169,629

At 31st December 2018

94,361

8,816

54,480

157,657

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

680,855

523,178

Amounts owed by group undertakings

100

100

Prepayments

32,918

36,133

713,873

559,411

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

217,307

173,015

Amounts owed to group undertakings

433,639

365,278

Corporation tax

11,867

16,931

Social security and other taxes

34,478

30,193

VAT

25,423

94,777

Other creditors

45,949

202,652

Accrued expenses

136,484

141,992

905,147

1,024,838

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.19

31.12.18

£

£

Within one year

64,682

60,200

Between one and five years

91,561

27,326

In more than five years

12,912

-

169,155

87,526

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

£

£

323,658

Ordinary shares

£1

323,658

323,658

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Anthony Lewis (Senior Statutory Auditor)

for and on behalf of M. D. Coxey and Co. Limited

10.	CAPITAL COMMITMENTS

31.12.19

31.12.18

£

£

Contracted but not provided for in the

financial statements

-

-

11.	PARENT COMPANY

The parent company of Pangborn Limited is Pangborn Europe S.r.l. and its registered office is Via Enrico Fermi

75, Caronno Pertusella, 21042, Italy.

The ultimate parent company of Pangborn Limited is United Generations LLC, a company incorporated in the

USA.