Accounts filed on 31-03-2015

Accounts filed on 31-03-2015

PANAGUA LTD - Company Information

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PANAGUA LTD

Company Registration Number:
08397739 (England and Wales)

Report of the Directors and Unaudited Financial Statements

Period of accounts

Start date: 01 April 2014

End date: 31 March 2015

PANAGUA LTD

Contents of the Financial Statements

for the Period Ended 31 March 2015

Company Information
Report of the Directors
Profit and Loss Account
Gains and Losses
Balance sheet
Notes to the Financial Statements

PANAGUA LTD

Company Information

for the Period Ended 31 March 2015




Director: R Mogford
Secretary: R Mogford
Registered office: 50
Hayes Street
Bromley
Kent
BR2 7LD
Company Registration Number: 08397739 (England and Wales)

PANAGUA LTD

Directors' Report Period Ended 31 March 2015

The directors present their report with the financial statements of the company for the period ended 31 March 2015

Principal activities

Panagua Bikes is a retail shop based in South East London. The shop focuses on the retail of bicycles, clothing and equipment for Road, Trail and Urban use and provides Service and Repair facilities through a fully equipped workshop.

Directors
 The directors shown below have held office during the whole of the period from
01 April 2014 to 31 March 2015
R Mogford

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on 13 October 2015
And Signed On Behalf Of The Board By:

Name: R Mogford
Status: Director

PANAGUA LTD

Profit and Loss Account

for the Period Ended 31 March 2015


Notes
2015
£		 14 months to
31 Mar 2014
£
Turnover: 2 384,424 187,663
Cost of sales: ( 287,660 ) ( 133,271 )
Gross profit or (loss): 96,764 54,392
Distribution costs: 0 0
Administrative expenses: 3, 4 ( 105,924 ) ( 93,136 )
Other operating income: 0 0
Operating profit or (loss): 5 ( 9,160 ) ( 38,744 )
Interest receivable and similar income: 0 0
Interest payable and similar charges: 0 0
Profit or (loss) on ordinary activities before taxation: ( 9,160 ) ( 38,744 )
Tax on profit or (loss) on ordinary activities: 0 0
Profit or (loss) for the financial year: ( 9,160 ) ( 38,744 )

The notes form part of these financial statements

PANAGUA LTD

Statement of total recognised gains and losses

The company does not have any gains and losses other than Profit and Loss for the period to report

PANAGUA LTD

Balance sheet

As at 31 March 2015


Notes
2015
£		 14 months to
31 Mar 2014
£
Fixed assets
Intangible assets: 6 11,050 3,000
Tangible assets: 7 37,402 49,109
Total fixed assets: 48,452 52,109
Current assets
Stocks: 153,019 131,980
Debtors: 8 3,902 11,317
Cash at bank and in hand: 24,315 6,617
Total current assets: 181,236 149,914
Creditors: amounts falling due within one year: 10 ( 46,000 ) ( 41,840 )
Net current assets (liabilities): 135,236 108,074
Total assets less current liabilities: 183,688 160,183
Creditors: amounts falling due after more than one year: 9 ( 181,592 ) ( 148,927 )
Provision for liabilities: 0 0
Total net assets (liabilities): 2,096 11,256

The notes form part of these financial statements

PANAGUA LTD

Balance sheet continued

As at 31 March 2015


Notes
2015
£		 14 months to
31 Mar 2014
£
Capital and reserves
Called up share capital: 11 50,000 50,000
Revaluation reserve: 0 0
Profit and loss account: 12 ( 47,904 ) ( 38,744 )
Shareholders funds: 2,096 11,256

For the year ending 31 March 2015 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 13 October 2015

SIGNED ON BEHALF OF THE BOARD BY:

Name: R Mogford
Status: Director

The notes form part of these financial statements

PANAGUA LTD

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 1. Accounting policies

    Basis of measurement and preparation of accounts

    The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008)

    Turnover policy

    The turnover shown in the profit and loss account represents revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.

    Tangible fixed assets depreciation policy

    Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life. Leasehold building improvements - 20% on cost or revalued amounts, Plant and Machinery - 20% on cost, Fixtures and fittings - 20% on cost, Computer Equipment - 33% on cost.

    Intangible fixed assets amortisation policy

    Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives, not to exceed five years.

PANAGUA LTD

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 2. Turnover

    All of the company's turnover for the year was from its principal business activities in the UK

PANAGUA LTD

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 3. Directors' remuneration


    2015
    £    		 14 months to
    31 Mar 2014
    £
    Directors' remuneration: 0 0
    Value of contributions to directors' pensions: 0 0
    TOTAL: 0 0

    Whilst the business establishes itself the sole Director has elected not to take any remuneration from the Company.

PANAGUA LTD

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 4. Employees


    2015
    £    		 14 months to
    31 Mar 2014
    £
    Wages and salaries: 63,490 53,937
    Social security costs: 3,337 4,613
    Pension costs: 0 0
    Total staff costs: 66,827 58,550
    Average number of employees including directors during the period: 4 4

PANAGUA LTD

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 5. Operating profit or (loss)

    Operating profit or (loss) before tax as stated after charging the following.


    2015
    £    		 14 months to
    31 Mar 2014
    £
    Depreciation - owned assets: 13,979 12,398
    Depreciation - assets on hire purchase contract: 0 0
    Amortisation of goodwill: 0 0
    Amortisation of other intangible assets: 2,950 750
    Profit or (loss) on disposal of fixed assets: 0 0
    Operating lease rentals: 0 0
    Bad debts written off: 0 0

PANAGUA LTD

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 6. Intangible assets

    Goodwill Other Total
    Cost £ £ £
    01 April 2014: - 3,750 3,750
    Additions: - 11,000 11,000
    Disposals: - 0 0
    Revaluations: - 0 0
    Transfers: - 0 0
    31 March 2015: - 14,750 14,750
    Amortisation
    01 April 2014: - 750 750
    Provided during the period: - 2,950 2,950
    On disposals: - 0 0
    Other Adjustments: - 0 0
    31 March 2015: - 3,700 3,700
    Net book value
    31 March 2015: - 11,050 11,050
    31 March 2014: - 3,000 3,000

PANAGUA LTD

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 7. Tangible assets

    Land and buildings Plant and Machinery Fixtures and fittings Office Equipment Motor vehicles Total
    Cost £ £ £ £ £ £
    01 April 2014: 33,356 - 18,974 9,177 - 61,507
    Additions: 0 - 2,273 0 - 2,273
    Disposals: 0 - 0 0 - 0
    Revaluations: 0 - 0 0 - 0
    Transfers: 0 - 0 0 - 0
    31 March 2015: 33,356 - 21,247 9,177 - 63,780
    Depreciation
    01 April 2014: 6,116 - 3,478 2,804 - 12,398
    Charge for year: 6,671 - 4,250 3,059 - 13,980
    On disposals: 0 - 0 0 - 0
    Other adjustments: 0 - 0 0 - 0
    31 March 2015: 12,787 - 7,728 5,863 - 26,378
    Net book value
    31 March 2015: 20,569 - 13,519 3,314 - 37,402
    31 March 2014: 27,240 - 15,496 6,373 - 49,109

    Tangible assets principally comprise the costs assosciated with refurbishing and outfitting the leasehold premises at 50 Hayes Street, Bromley. This is the main site for the retail operation which trades as Panagua Bikes. Computer equipment includes the costs of installing an EPOS (Electronic Point of Sale) system in the store.

PANAGUA LTD

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 8. Debtors


    2015
    £    		 14 months to
    31 Mar 2014
    £
    Trade debtors: 2,928 2,818
    Prepayments and accrued income: 974 6,624
    Other debtors: 0 1,875
    Total: 3,902 11,317

    All debtors fall due within one year. Included within debtors is a rent prepayment in relation to the Leasehold property totalling £500 (2013 £5,000).

PANAGUA LTD

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 9. Creditors: amounts falling due after more than one year


    2015
    £    		 14 months to
    31 Mar 2014
    £
    Other creditors: 181,592 148,927
    Total: 181,592 148,927

    Other creditors is a loan provided by R Mogford the sole director and sole shareholder of the business. More details are included within the Borrowings note below.

PANAGUA LTD

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 10. Borrowings


    2015
    £    		 14 months to
    31 Mar 2014
    £
    Within one year: 0 0
    Between one and five years: 181,592 148,927
    Over five years: 0 0
    Total: 181,592 148,927

    Other creditors is a loan provided by R Mogford the sole director and sole shareholder for the purposes of funding the start-up of the new business. The loan has been made in tranches from incorporation to fund the refurbishment of the leasehold property and provide ongoing working capital for the business. The loan is unsecured and interest free and does not have a set repayment schedule. Repayments will be made as and when the director deems the business has sufficient surplus cash resources after taking account of all other liabilities to third party creditors.

PANAGUA LTD

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 11. Called up share capital

    Allotted, called up and paid

    Previous period 14 months to
    31 Mar 2014
    Class Number of shares Nominal value per share (£) Total (£)
    Ordinary shares: 50,000 1.00 50,000
    Preference shares: 0
    Total share capital (£): 50,000
    Current period
    2015
    Class Number of shares Nominal value per share (£) Total (£)
    Ordinary shares: 50,000 1.00 50,000
    Preference shares: 0
    Total share capital (£): 50,000

    The sole director is also the sole shareholder of the Company.

PANAGUA LTD

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 12. Profit and loss account


    2015
    £    		 14 months to
    31 Mar 2014
    £
    Opening balance: ( 38,744 ) 0
    Profit or (loss) for the period: ( 9,160 ) ( 38,744 )
    Equity dividends paid: 0 0
    Retained profit: ( 47,904 ) ( 38,744 )

PANAGUA LTD

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 13. Related party disclosures

    Name of the ultimate controlling party during the period: R Mogford
    Name of related party: R Mogford
    Relationship: Sole Director and sole shareholder of the Company
    Description of the transaction Loan to Panagua Ltd
    Balance at 01 April 2014 148,927
    Balance at 31 March 2015 181,592