Pan Glo UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02607937 (England and Wales)

PAN GLO UK LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G L Bundy

R A Bundy

W Bundy

R Bundy Jr

SECRETARY:

M Picconi

REGISTERED OFFICE:

8 Seddon Place

Skelmersdale

Lancashire

WN8 8EB

REGISTERED NUMBER:

02607937 (England and Wales)

AUDITORS:

Rothmans Audit LLP

Statutory Auditors

Chartered Accountants

Fryern House

125 Winchester Road

Chandlers Ford

Hampshire

SO53 2DR

FIXED ASSETS

Tangible assets

4

2,539,340

2,877,704

CURRENT ASSETS

Stocks

5

323,827

412,853

Debtors

6

2,753,275

2,882,486

Cash at bank

871,561

807,780

3,948,663

4,103,119

CREDITORS

Amounts falling due within one year

7

2,062,819

2,634,409

NET CURRENT ASSETS

1,885,844

1,468,710

TOTAL ASSETS LESS CURRENT LIABILITIES

4,425,184

4,346,414

PROVISIONS FOR LIABILITIES

217,168

214,364

NET ASSETS

4,208,016

4,132,050

CAPITAL AND RESERVES

Called up share capital

8,500

8,500

Revaluation reserve

157,442

157,442

Other reserves

371,500

371,500

Retained earnings

3,670,574

3,594,608

4,208,016

4,132,050

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 and authorised for issue on 27 September 2021 and were signed on its behalf by:

W Bundy - Director

1.	STATUTORY INFORMATION

Pan Glo UK Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02607937 and its registered office is 8 Seddon Place, Skelmersdale, Lancashire, WN8 8EB.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A ''Small Entities'' of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is £ sterling.

Turnover

Turnover represents net sales during the year (excluding value added tax) adjusted for accrued and deferred income where applicable.

Turnover for the sale of goods is recognised on despatch.

Tangible fixed assets

All fixed assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

The cost of fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life as follows:

Freehold property

30 years straight line

Plant and machinery

7 years straight line

Fixtures and fittings

3 - 7 years straight line

Motor vehicles

25% reducing balance

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the income statement.

During the year, the directors re-assessed the useful lives and depreciation methods applied to freehold property and plant and machinery. The useful life of freehold property was reduced from 50 to 30 years. The depreciation method for plant and machinery was changed from 10 years reducing balance to 7 years straight line. The impact of these changes was to include an additional £268,050 of depreciation as an expense in the current year.

The directors are of the opinion that the land element of the freehold property cannot be separately identified. Therefore all elements of freehold property have been depreciated.

Stocks

Stocks are valued at the lower of cost and net realisable value, on a 'first in, first out' basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

For work in progress and finished goods manufactured by the company, cost is taken as production cost, which includes an appropriate proportion of fixed and variable overheads.

Taxation

The charge for taxation is based on the profit for the year and takes into account taxation deferred.

Current tax is measured at amounts expected to be paid using tax rates and laws that been enacted or substantively enacted at the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax with the following exception:

- deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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 translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Financial instruments

Basic financial instruments are measured at amortised cost.

Grants

Grants of a revenue nature are credited to the Income Statement in the period to which they relate in accordance with the terms of the grant. Any accrued or deferred element of the grant is included in debtors or creditors as applicable.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

1) Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as market conditions, the remaining life of the asset and projected disposal values.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2019 - 34 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2020

1,416,923

2,039,259

288,052

10,700

3,754,934

Additions

12,736

106,253

29,446

399

148,834

At 31 December 2020

1,429,659

2,145,512

317,498

11,099

3,903,768

DEPRECIATION

At 1 January 2020

160,782

560,550

155,452

446

877,230

Charge for year

45,467

399,047

39,943

2,741

487,198

At 31 December 2020

206,249

959,597

195,395

3,187

1,364,428

NET BOOK VALUE

At 31 December 2020

1,223,410

1,185,915

122,103

7,912

2,539,340

At 31 December 2019

1,256,141

1,478,709

132,600

10,254

2,877,704

5.

STOCKS

2020

2019

as restated

£

£

Raw materials

67,944

54,598

Work-in-progress

122,813

127,875

Finished goods

133,070

230,380

323,827

412,853

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

as restated

£

£

Trade debtors

902,577

1,458,347

Amounts owed by group undertakings

1,647,528

1,345,738

Prepayments and accrued income

203,170

78,401

2,753,275

2,882,486

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

as restated

£

£

Bank loans and overdrafts

-

842,479

Trade creditors

661,109

541,689

Corporation tax

86,731

107,256

Social security and other taxes

43,659

-

VAT

35,634

102,236

Other creditors

650,344

497,196

Accruals and deferred income

585,342

543,553

2,062,819

2,634,409

8.	LEASING AGREEMENTS

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

2020

2019

as restated

£

£

Within one year

62,400

62,400

Between one and five years

150,800

213,200

213,200

275,600

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

The Report of the Auditors was unqualified.

Kevin Richards (Senior Statutory Auditor)

for and on behalf of Rothmans Audit LLP

10.	ULTIMATE CONTROLLING PARTY

The Company is a subsidiary undertaking of DSD Investments Limited, which is a subsidiary of American Pan Company UK Holdings Limited.

The directors do not consider there to be any one ultimate controlling party.