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 2020

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

1,126

1,039

1,126

1,039

CURRENT ASSETS

Stocks

381,549

-

Debtors

6

889,236

1,615,402

Cash at bank

251,843

275,138

1,522,628

1,890,540

CREDITORS

Amounts falling due within one year

7

1,087,719

1,704,258

NET CURRENT ASSETS

434,909

186,282

TOTAL ASSETS LESS CURRENT LIABILITIES

436,035

187,321

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

435,935

187,221

SHAREHOLDERS' FUNDS

436,035

187,321

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2020 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 18 August 2021 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 (2019 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2019

and 30 November 2020

30,000

AMORTISATION

At 1 December 2019

and 30 November 2020

30,000

NET BOOK VALUE

At 30 November 2020

-

At 30 November 2019

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 December 2019

9,379

11,027

7,854

28,260

Additions

-

-

483

483

At 30 November 2020

9,379

11,027

8,337

28,743

DEPRECIATION

At 1 December 2019

8,648

11,027

7,546

27,221

Charge for year

240

-

156

396

At 30 November 2020

8,888

11,027

7,702

27,617

NET BOOK VALUE

At 30 November 2020

491

-

635

1,126

At 30 November 2019

731

-

308

1,039

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.20

30.11.19

£

£

Trade debtors

796,329

1,496,113

Other debtors

-

1,767

Directors' current accounts

36,185

51,803

Taxation recoverable

56,093

64,959

Prepayments

629

760

889,236

1,615,402

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.20

30.11.19

£

£

Bank loans and overdrafts

314,571

53,117

Trade creditors

566,103

1,480,293

Taxation

107,373

43,558

Social security and other taxes

-

179

Other creditors

96,539

118,256

Accrued expenses

3,133

8,855

1,087,719

1,704,258

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2020 and 30 November 2019:

30.11.20

30.11.19

£

£

C C H Williams

Balance outstanding at start of year

51,803

66,654

Amounts advanced

56,185

51,803

Amounts repaid

(71,803

)

(66,654

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

36,185

51,803

The maximum amount outstanding during the year and due to the company by the director was £70,828 (2019 - £105,457). No interest was payable during the year on this balance.