Company Registration No. 01592086 (England and Wales)
Panoramic Limited
Unaudited accounts
for the year ended 31 December 2021
Panoramic Limited
Unaudited accounts
Contents
Panoramic Limited
Company Information
for the year ended 31 December 2021
Directors
Steve Evans
John Lynch
Company Number
01592086 (England and Wales)
Registered Office
2 Richmond Road
Mangotsfield
Bristol
BS16 9HB
Accountants
Space Advisory and Accountancy Limited
19 Malago Drive
Bristol
BS3 5DR
Panoramic Limited
Statement of financial position
as at 31 December 2021
Tangible assets
32,379
15,154
Inventories
147,417
59,862
Cash at bank and in hand
299,619
375,678
Creditors: amounts falling due within one year
(662,258)
(430,049)
Net current assets
322,815
738,502
Total assets less current liabilities
355,194
753,656
Creditors: amounts falling due after more than one year
(213,541)
(47,500)
Provisions for liabilities
Deferred tax
(5,446)
(2,609)
Other provisions
-
(502,000)
Net assets
136,207
201,547
Called up share capital
1,000
1,000
Profit and loss account
135,207
200,547
Shareholders' funds
136,207
201,547
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2022 and were signed on its behalf by
John Lynch
Director
Company Registration No. 01592086
Panoramic Limited
Notes to the Accounts
for the year ended 31 December 2021
Panoramic Limited is a private company, limited by shares, registered in England and Wales, registration number 01592086. The registered office is 2 Richmond Road, Mangotsfield, Bristol, BS16 9HB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Straight Line
Motor vehicles
25% Straight Line
Computer equipment
25% Straight Line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Website - 33% Straight Line
Software - 20% Straight Line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Panoramic Limited
Notes to the Accounts
for the year ended 31 December 2021
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Intangible fixed assets
Other
At 31 December 2021
22,125
At 31 December 2021
22,125
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2021
15,461
177,224
10,505
203,190
Additions
17,680
18,003
-
35,683
At 31 December 2021
33,141
195,227
10,505
238,873
At 1 January 2021
10,562
167,203
10,271
188,036
Charge for the year
3,704
14,520
234
18,458
At 31 December 2021
14,266
181,723
10,505
206,494
At 31 December 2021
18,875
13,504
-
32,379
At 31 December 2020
4,899
10,021
234
15,154
Panoramic Limited
Notes to the Accounts
for the year ended 31 December 2021
6
Debtors: amounts falling due within one year
2021
2020
Trade debtors
107,115
91,636
Other debtors
430,922
641,375
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Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
36,459
2,500
Trade creditors
83,830
68,655
Taxes and social security
119,532
48,247
Other creditors
2,087
2,138
Deferred income
410,854
275,742
8
Creditors: amounts falling due after more than one year
2021
2020
9
Provisions for liabilities
£
The company provides a 10 year warranty from date of purchase on most sales. Provision is made for the likely future costs that will be incurred to settle the company's obligations under the warranties that have been given by the balance sheet date. The provision is calculated by reference to the company's current experience of these costs.
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Transactions with related parties
The company has taken advantage of the exemption under section 33 of FRS102 to not disclose balances between group companies.
The company is controlled by Panoramic Windows Holdings (No2) Limited, company no 12499019 ,a company incorporated in England & Wales.
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Average number of employees
During the year the average number of employees was 10 (2020: 10).