Panter and Son Limited - Period Ending 2021-01-31
Panter and Son Limited - Period Ending 2021-01-31
Year Ended
Registration number:
Panter and Son Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Panter and Son Limited
Company Information
Director |
Mr R Panter |
Registered office |
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Accountants |
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Panter and Son Limited
Balance Sheet
31 January 2021
Note |
2021 |
2020 |
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Fixed assets |
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Investment property |
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Other financial assets |
970 |
970 |
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Current assets |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
77,993 |
77,993 |
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Capital redemption reserve |
38,000 |
23,000 |
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Revaluation reserve |
116,484 |
116,484 |
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Profit and loss account |
164,877 |
177,241 |
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Shareholders' funds |
397,354 |
394,718 |
Panter and Son Limited
Balance Sheet
31 January 2021
For the financial year ending 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
The director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 00450732
Panter and Son Limited
Notes to the Unaudited Financial Statements
Year Ended 31 January 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
3 Monmouth Street
Topsham
EX3 0AJ
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', including Section 1A, and the Companies Act 2006. There are no material departures from FRS 102.
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 director of the company has considered the impact of COVID-19. In the opinion of the director, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of, returns, rebates and discounts and after eliminating sales within the company.
Panter and Son Limited
Notes to the Unaudited Financial Statements
Year Ended 31 January 2021
2 |
Accounting policies (continued) |
Government grants
Government grants are recognised once there is reasonable assurance that:
(a) the company will comply with the conditions attaching to them; and
(b) the grants will be received.
The company has chosen to recognise government grants using the accruals model. During the year
the company recieved £201 in government grants in relation to the Bounce Back Loan Scheme.
Tangible assets
Tangible assets are stated in the balance sheet 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 |
Fixtures, fittings and equipment |
15% to 20% straight line |
Motor vehicles |
25% straight line |
Website costs |
33.3% straight line |
Investment property
Panter and Son Limited
Notes to the Unaudited Financial Statements
Year Ended 31 January 2021
2 |
Accounting policies (continued) |
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Panter and Son Limited
Notes to the Unaudited Financial Statements
Year Ended 31 January 2021
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 February 2020 |
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At 31 January 2021 |
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Depreciation |
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At 1 February 2020 |
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At 31 January 2021 |
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Carrying amount |
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At 31 January 2021 |
- |
- |
At 31 January 2020 |
- |
- |
Investment properties |
2021 |
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At 1 February |
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The investment property has been valued by the director, no independent valuation has been carried out during the year.
Panter and Son Limited
Notes to the Unaudited Financial Statements
Year Ended 31 January 2021
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 February 2020 |
970 |
970 |
At 31 January 2021 |
970 |
970 |
Carrying amount |
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At 31 January 2021 |
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970 |
Debtors |
2021 |
2020 |
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Trade debtors |
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Creditors |
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Accruals and deferred income |
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Other creditors |
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Panter and Son Limited
Notes to the Unaudited Financial Statements
Year Ended 31 January 2021
Loans and borrowings |
2021 |
2020 |
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Loans and borrowings due after one year |
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Bank borrowings |
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- |
2021 |
2020 |
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Current loans and borrowings |
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Redeemable preference shares |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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20,000 |
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20,000 |
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24 |
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24 |
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8 |
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8 |
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1,250 |
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1,250 |
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56,708 |
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56,708 |
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143,000 |
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158,000 |
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During the year, 150 (2020: 230) Preference shares were redeemed at their nominal value of £100 each for consideration of £15,000 (2019: £23,000).
Panter and Son Limited
Notes to the Unaudited Financial Statements
Year Ended 31 January 2021
10 |
Share capital (continued) |
Rights, preferences and restrictions
The A, B, C and D ordinary shares all carry the same rights and privileges and rank pari passu in all respects except that on winding up, the B, C and D ordinary shares shall be entitled to receive only a return at par. The holders of A, B, C and D ordinary shares shall be entitled to vote at meetings. In respect of dividends the directors shall not be bound to treat the A, B, C and D ordinary shares in the same manner.
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