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A PANNELL LIMITED
REGISTERED NUMBER: 00244721
ABBREVIATED BALANCE SHEET
AS AT 31 JANUARY 2015
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CREDITORS: amounts falling due within one year
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NET CURRENT ASSETS/(LIABILITIES)
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS: amounts falling due after more than one year
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 January 2015 and of its profit for the period in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
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A PANNELL LIMITED
ABBREVIATED BALANCE SHEET (continued)
AS AT 31 JANUARY 2015
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by:
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D C Pannell
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The notes on pages 3 to 6 form part of these financial statements.
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A PANNELL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 31 JANUARY 2015
1.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention as modified by the revaluation of Investment property and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.
Rental revenue is recognised over the period to which it relates, any amounts received in advance are carried forward in deferred income.
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TANGIBLE FIXED ASSETS AND DEPRECIATION
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Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Investment properties are included in the Balance sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.
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The company contributes to personal pension plans for two of the directors and the pension charge represents the amounts payable by the company to the plans in respect of the year.
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A PANNELL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 31 JANUARY 2015
2.TANGIBLE FIXED ASSETS
3.INVESTMENT PROPERTY
The 2015 valuations were made by directors, on an open market value for existing use basis.
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A PANNELL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 31 JANUARY 2015
4.CREDITORS:
AMOUNTS FALLING DUE WITHIN ONE YEAR
The total amount of secured liabilites was £8,300 (2010: £69,686).
5.CREDITORS:
AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
The total amount of secured liabilites was £534,200 (2010: £99,132).
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A PANNELL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 31 JANUARY 2015
6.SHARE CAPITAL
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ALLOTTED, CALLED UP AND FULLY PAID
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93,239 Ordinary shares of £1 each
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7.ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY
The ultimate parent undertaking is Pannell (Properties) Limited, a company registered in England and Wales.
The ultimate controlling party is the Pannell Family.
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