Panter and Son Limited - Period Ending 2022-01-31

Panter and Son Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Panter and Son Limited

Company Information

Director

Mr R Panter

Registered office

Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Accountants

Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Panter and Son Limited

Balance Sheet

31 January 2022

	Note	2022 £	2021 £
Fixed assets
Investment property	5	250,000	250,000
Other financial assets	6	970	970
		250,970	250,970
Current assets
Debtors	7	282,494	268,264
Cash at bank and in hand		18,223	42,168
		300,717	310,432
Creditors: Amounts falling due within one year	8	(120,628)	(150,298)
Net current assets		180,089	160,134
Total assets less current liabilities		431,059	411,104
Creditors: Amounts falling due after more than one year	8	-	(13,750)
Net assets		431,059	397,354
Capital and reserves
Called up share capital		77,993	77,993
Capital redemption reserve		68,000	38,000
Revaluation reserve		116,484	116,484
Profit and loss account		168,582	164,877
Shareholders' funds		431,059	397,354

Panter and Son Limited

Balance Sheet

31 January 2022

For the financial year ending 31 January 2022 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 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 director on 22 August 2022
 

............................... Mr R Panter Director

Company Registration Number: 00450732

Panter and Son Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2022

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:
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

The principal place of business is:
3 Monmouth Street
Topsham
EX3 0AJ

These financial statements were authorised for issue by the director on 22 August 2022.

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', 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.

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.

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.

Panter and Son Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2022

2	Accounting policies (continued)

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Panter and Son Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2022

2	Accounting policies (continued)

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

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.

 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

Panter and Son Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2022

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 February 2021	2,621	2,621
At 31 January 2022	2,621	2,621
Depreciation
At 1 February 2021	2,621	2,621
At 31 January 2022	2,621	2,621
Carrying amount
At 31 January 2022	-	-
At 31 January 2021	-	-

5	Investment properties

	2022 £
At 1 February	250,000

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 2022

6	Other financial assets (current and non-current)

	Financial assets at cost less impairment £	Total £
Non-current financial assets
Cost or valuation
At 1 February 2021	970	970
At 31 January 2022	970	970
Carrying amount
At 31 January 2022	970	970

7

Debtors

	2022 £	2021 £
Trade debtors	282,494	268,264
	282,494	268,264

8

Creditors

	Note	2022 £	2021 £
Due within one year
Loans and borrowings	9	113,000	143,000
Other creditors		4,088	4,088
Accruals and deferred income		3,540	3,210
		120,628	150,298

Panter and Son Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2022

9	Loans and borrowings

	2022 £	2021 £
Loans and borrowings due after one year
Bank borrowings	-	13,750

	2022 £	2021 £
Current loans and borrowings
Redeemable preference shares	113,000	143,000

10	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary A shares of £1 each	20,000	20,000	20,000	20,000
Ordinary B shares of £1 each	24	24	24	24
Ordinary C shares of £1 each	8	8	8	8
Ordinary D shares of £25 each	50	1,250	50	1,250
Ordinary E shares of £1 each	56,708	56,708	56,708	56,708
Preference shares of £100 each	1,130	113,000	1,430	143,000
	77,920	190,990	78,220	220,990

During the year, 300 (2021: 150) Preference shares were redeemed at their nominal value of £100 each for consideration of £30,000 (2021: £15,000).

Panter and Son Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2022

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. The E ordinary shares have a right to a fixed cumulative preference dividend at the rate of 7% per annum on the capital. On winding up or other return of capital the shareholder is entitled to the amount paid and any arrears on the fixed dividends. The ordinary E shares do not carry an entitlement to vote at meetings. The redeemable preference shares have a right to a fixed cumulative preference dividend at the rate of 7% per annum on the capital. On winding up or other return of capital the shareholder is entitled to the amount paid and any arrears on the fixed dividends. The right to vote at any meeting of the company carries one vote for each redeemable preference share. The holder of the preference share or the company has the right at any time after the anniversary of the date of allotment to redemption at par.