Pantek Limited - Limited company accounts 22.3
Pantek Limited - Limited company accounts 22.3
| REGISTERED NUMBER: 03353540 (England and Wales) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Year Ended 31 August 2022 |
| for |
| Pantek Limited |
| Pantek Limited (Registered number: 03353540) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 August 2022 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 5 |
| Report of the Independent Auditors | 7 |
| Consolidated Income Statement | 11 |
| Consolidated Other Comprehensive Income | 12 |
| Consolidated Balance Sheet | 13 |
| Company Balance Sheet | 15 |
| Consolidated Statement of Changes in Equity | 16 |
| Company Statement of Changes in Equity | 17 |
| Consolidated Cash Flow Statement | 18 |
| Notes to the Consolidated Cash Flow Statement | 19 |
| Notes to the Consolidated Financial Statements | 21 |
| Pantek Limited |
| Company Information |
| for the Year Ended 31 August 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| and Statutory Auditors |
| Ebenezer House |
| Ryecroft |
| Newcastle under Lyme |
| Staffordshire |
| ST5 2BE |
| Pantek Limited (Registered number: 03353540) |
| Group Strategic Report |
| for the Year Ended 31 August 2022 |
| The directors present their strategic report of the company and the group for the year ended 31 August 2022. |
| REVIEW OF BUSINESS |
| Group revenue grew by 25% with all subsidiary companies contributing. Growth is expected to continue in the next financial year as we pursue our strategy of developing recurring revenue, and our market adapts to a subscription-based software environment. The Pantek Group continues to invest significant amounts, around 4% of revenue during the year to 31st August 2022, in both product and market development. Operating profits remain healthy. The income statement for the year includes Investment fund revaluation losses. |
| Financial key performance indicators |
| 2022 | 2021 |
| Gross profit margin | 47.77% | 44.56% |
| Net profit margin | 4.05% | 9.15% |
| Debtor days | 63 | 45 |
| Creditor days | 34 | 32 |
| Stock turnover days | 6 | 4 |
| Non financial key performance indicators |
| - Customer satisfaction - measured using Net Promoter score |
| - Employee engagement - measured through Best Companies Survey and Sunday Times Top 100 program |
| - Sales effectiveness - revenue per employee and salesman |
| - Business mix - percentage of annuity business; percentage of non-Aveva business. |
| Pantek Limited (Registered number: 03353540) |
| Group Strategic Report |
| for the Year Ended 31 August 2022 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Management continually monitors the key risks facing the business such as: economic indicators, competitor pressure, reliance on key suppliers, loss of key personnel, and reliance on key customers. |
| Economic indicators - the group acknowledges the importance of monitoring the economic climate to be able to identify the early signs of potential financial difficulties and opportunities. This is done in several ways including maintaining close relationships with our customers, system integrators and suppliers to share knowledge of our markets, whilst taking input from our relationships with Industry bodies and professional advisors, together with attendance at economic forum events. |
| Competitor pressure - the market in which the group operates is competitive. The group aims to combine its deep knowledge of the industrial environment with a blend of market leading products and services together with great customer service to build and maintain strong relationships with its key customers. |
| Reliance on key suppliers - the group has had an established relationship with its principal supplier since 1991. The importance of this relationship within the organisation is well understood and the group actively manages this relationship to ensure goals, objectives, and success for both parties are achieved. We have recently signed a new agreement with the principal supplier, becoming an Aveva Select Partner, giving us access to a larger portfolio of products. Management is also focussed on growing other parts of the business to compliment the offerings from our principal supplier. |
| Loss of key personnel - this would present significant operational difficulties for the group. Management seeks to ensure that key personnel are appropriately motivated and rewarded to ensure that good performance is recognised. |
| Reliance on key customers - the Group monitors the amount of revenue per customer to ensure that it is not over reliant on any one customer. The breadth of sectors within which the group operates helps to mitigate its exposure to individual customers. |
| The group's operations expose it to a variety of financial risks that include the effect of changes in debt market prices, credit risk, liquidity risk, exchange rate risk and interest rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs. The group does not use derivative financial instruments to manage interest rate or exchange rate costs and as such, no hedge accounting is applied although forward currency contracts are at times utilised. |
| Given the size of the group the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by each group's finance department. The department has a policy and procedures manual that sets out specific guidelines to manage interest rate risk, credit risk, and circumstances where it would be appropriate to use financial instruments to manage these. |
| Credit risk |
| The group has implemented policies that require appropriate credit checks on potential customers before sales are made. Where debt finance is utilised, this is subject to pre-approval by the Board of Directors. The amount of exposure to any individual counterparty is subject to a limit reassessed annually by the board. |
| Liquidity risk |
| The group actively maintains a mixture of long- and short-term debt finance that is designed to ensure the group has sufficient available funds for operations and planned expansions. |
| Pantek Limited (Registered number: 03353540) |
| Group Strategic Report |
| for the Year Ended 31 August 2022 |
| FUTURE DEVELOPMENTS |
| The Group will pursue its goal of being a leading player in the convergence of Information and Operational Technology, bringing the benefits of the IT world to the industrial world. Our development plans include extending our SCADA expertise by broadening our product offering and extending our market reach through partner collaboration and to the new markets of Industrial digitalisation. |
| We will further support our customers by developing a portfolio of managed services allowing our customers to minimise the risks in managing their Industrial IT infrastructures. |
| ON BEHALF OF THE BOARD: |
| Pantek Limited (Registered number: 03353540) |
| Report of the Directors |
| for the Year Ended 31 August 2022 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 August 2022. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of the provision of digital transformation solutions and services for the industrial world, in particular the manufacturing and infrastructure sectors. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 31 August 2022 will be £ 120,000 . |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 September 2021 to the date of this report. |
| DISCLOSURE IN THE STRATEGIC REPORT |
| Future developments and principal risks and uncertainties are disclosed in the strategic report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| Pantek Limited (Registered number: 03353540) |
| Report of the Directors |
| for the Year Ended 31 August 2022 |
| AUDITORS |
| The auditors, Thompson Wright Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Pantek Limited |
| Opinion |
| We have audited the financial statements of Pantek Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 August 2022 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Report of the Independent Auditors to the Members of |
| Pantek Limited |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Pantek Limited |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
| -the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
| -we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the IT industry; |
| -we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, and health and safety legislation as well as regulations relating to the management and storage of data as well as the safe disposal of electrical equipment. |
| -we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
| -identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
| We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
| -making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
| -considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
| To address the risk of fraud through management bias and override of controls, we: |
| -performed analytical procedures to identify any unusual or unexpected relationships; |
| -tested journal entries to identify unusual transactions; |
| -assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
| -investigated the rationale behind significant or unusual transactions. |
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
| -agreeing financial statement disclosures to underlying supporting documentation; |
| Report of the Independent Auditors to the Members of |
| Pantek Limited |
| -reading the minutes of meetings of those charged with governance; |
| -enquiring of management as to actual and potential litigation and claims; and |
| -reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
| There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
| Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants |
| and Statutory Auditors |
| Ebenezer House |
| Ryecroft |
| Newcastle under Lyme |
| Staffordshire |
| ST5 2BE |
| Pantek Limited (Registered number: 03353540) |
| Consolidated Income Statement |
| for the Year Ended 31 August 2022 |
| 31.8.22 | 31.8.21 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 3 | 24,540,717 | 19,562,286 |
| Cost of sales | 12,791,969 | 10,844,439 |
| GROSS PROFIT | 11,748,748 | 8,717,847 |
| Administrative expenses | 10,037,024 | 8,295,285 |
| 1,711,724 | 422,562 |
| Other operating income | 25,944 | 43,575 |
| OPERATING PROFIT | 5 | 1,737,668 | 466,137 |
| Income from fixed asset investments | 132,216 | 138,537 |
| Interest receivable and similar income | 16,372 | 26,718 |
| 148,588 | 165,255 |
| 1,886,256 | 631,392 |
| Amounts written off investments | 6 | 5,248 | 33,073 |
| Gain/loss on revaluation of investments | 809,958 | (1,218,783 | ) |
| 815,206 | (1,185,710 | ) |
| 1,071,050 | 1,817,102 |
| Interest payable and similar expenses | 7 | 51,535 | 27,898 |
| PROFIT BEFORE TAXATION | 1,019,515 | 1,789,204 |
| Tax on profit | 8 | 113,891 | 391,634 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 768,623 | 1,291,362 |
| Non-controlling interests | 137,001 | 106,208 |
| 905,624 | 1,397,570 |
| Pantek Limited (Registered number: 03353540) |
| Consolidated Other Comprehensive Income |
| for the Year Ended 31 August 2022 |
| 31.8.22 | 31.8.21 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 905,624 | 1,397,570 |
| OTHER COMPREHENSIVE INCOME |
| Currency translation differences | 24,622 | (4,039 | ) |
| Income tax relating to other comprehensive income |
- |
- |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
24,622 |
(4,039 |
) |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
930,246 |
| Prior year adjustment | 18,773 |
| TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
1,412,304 |
| Total comprehensive income attributable to: |
| Owners of the parent | 793,245 | 1,306,096 |
| Non-controlling interests | 137,001 | 106,208 |
| 930,246 | 1,412,304 |
| Pantek Limited (Registered number: 03353540) |
| Consolidated Balance Sheet |
| 31 August 2022 |
| 31.8.22 | 31.8.21 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 12 | 1,802,004 | 2,126,399 |
| Tangible assets | 13 | 305,985 | 165,653 |
| Investments | 14 | - | 5,248 |
| 2,107,989 | 2,297,300 |
| CURRENT ASSETS |
| Stocks | 15 | 190,530 | 130,605 |
| Debtors | 16 | 4,953,436 | 3,111,496 |
| Investments | 17 | 8,425,397 | 9,036,283 |
| Cash at bank and in hand | 4,223,248 | 3,703,293 |
| 17,792,611 | 15,981,677 |
| CREDITORS |
| Amounts falling due within one year | 18 | 8,418,638 | 6,852,032 |
| NET CURRENT ASSETS | 9,373,973 | 9,129,645 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 11,481,962 | 11,426,945 |
| CREDITORS |
| Amounts falling due after more than one year | 19 | (24,032 | ) | (518,799 | ) |
| PROVISIONS FOR LIABILITIES | 21 | (192,769 | ) | (326,593 | ) |
| NET ASSETS | 11,265,161 | 10,581,553 |
| Pantek Limited (Registered number: 03353540) |
| Consolidated Balance Sheet - continued |
| 31 August 2022 |
| 31.8.22 | 31.8.21 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 22 | 10,000 | 5,000 |
| Share premium | 23 | (5,000 | ) | - |
| Other reserves | 23 | 233,375 | 233,375 |
| Retained earnings | 23 | 10,891,733 | 10,218,488 |
| SHAREHOLDERS' FUNDS | 11,130,108 | 10,456,863 |
| NON-CONTROLLING INTERESTS | 24 | 135,053 | 124,690 |
| TOTAL EQUITY | 11,265,161 | 10,581,553 |
| The financial statements were approved by the Board of Directors and authorised for issue on 15 March 2023 and were signed on its behalf by: |
| J E Bailey - Director |
| Pantek Limited (Registered number: 03353540) |
| Company Balance Sheet |
| 31 August 2022 |
| 31.8.22 | 31.8.21 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 12 |
| Tangible assets | 13 |
| Investments | 14 |
| CURRENT ASSETS |
| Debtors | 16 |
| Investments | 17 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 18 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 19 | ( |
) |
| PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 22 |
| Share premium | 23 | ( |
) |
| Retained earnings | 23 |
| SHAREHOLDERS' FUNDS |
| Company's (loss)/profit for the financial year | (3,398 | ) | 1,615,276 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Pantek Limited (Registered number: 03353540) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 August 2022 |
| Called up |
| share | Retained | Share |
| capital | earnings | premium |
| £ | £ | £ |
| Balance at 1 September 2020 | 5,000 | 9,032,392 | - |
| Prior year adjustment | - | 18,773 | - |
| As restated | 5,000 | 9,051,165 | - |
| Changes in equity |
| Dividends | - | (120,000 | ) | - |
| Total comprehensive income | - | 1,287,323 | - |
| Balance at 31 August 2021 | 5,000 | 10,218,488 | - |
| Changes in equity |
| Issue of share capital | 5,000 | - | (5,000 | ) |
| Dividends | - | (120,000 | ) | - |
| Total comprehensive income | - | 793,245 | - |
| Balance at 31 August 2022 | 10,000 | 10,891,733 | (5,000 | ) |
| Other | Non-controlling | Total |
| reserves | Total | interests | equity |
| £ | £ | £ | £ |
| Balance at 1 September 2020 | 233,375 | 9,270,767 | 110,168 | 9,380,935 |
| Prior year adjustment | - | 18,773 | - | 18,773 |
| As restated | 233,375 | 9,289,540 | 110,168 | 9,399,708 |
| Changes in equity |
| Dividends | - | (120,000 | ) | (91,686 | ) | (211,686 | ) |
| Total comprehensive income | - | 1,287,323 | 106,208 | 1,393,531 |
| Balance at 31 August 2021 | 233,375 | 10,456,863 | 124,690 | 10,581,553 |
| Changes in equity |
| Dividends | - | (120,000 | ) | (126,638 | ) | (246,638 | ) |
| Total comprehensive income | - | 793,245 | 137,001 | 930,246 |
| Balance at 31 August 2022 | 233,375 | 11,130,108 | 135,053 | 11,265,161 |
| Pantek Limited (Registered number: 03353540) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 August 2022 |
| Called up |
| share | Retained | Share | Total |
| capital | earnings | premium | equity |
| £ | £ | £ | £ |
| Balance at 1 September 2020 |
| Prior year adjustment | - | - |
| As restated |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 August 2021 |
| Changes in equity |
| Issue of share capital | - | ( |
) |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - | ( |
) | - | ( |
) |
| Balance at 31 August 2022 | ( |
) |
| Pantek Limited (Registered number: 03353540) |
| Consolidated Cash Flow Statement |
| for the Year Ended 31 August 2022 |
| 31.8.22 | 31.8.21 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,218,026 | 1,888,519 |
| Interest paid | (51,535 | ) | (27,898 | ) |
| Tax paid | (149,656 | ) | (293,577 | ) |
| Net cash from operating activities | 1,016,835 | 1,567,044 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (226,473 | ) | (50,296 | ) |
| Purchase of fixed asset investments | - | (138,537 | ) |
| Sale of tangible fixed assets | 66,715 | 1,468 |
| Purchase of subsidiary undertakings | - | (1,804,162 | ) |
| Purchase of short term listed investment | (199,072 | ) | (416,667 | ) |
| Interest received | 16,372 | 26,718 |
| Dividends received | 132,216 | 138,537 |
| Net cash from investing activities | (210,242 | ) | (2,242,939 | ) |
| Cash flows from financing activities |
| Amount withdrawn by directors | (40,000 | ) | - |
| Cash acquired on purchase of subsidiary | - | 584,490 |
| Equity dividends paid | (120,000 | ) | (120,000 | ) |
| Dividends paid to minority interests | (126,638 | ) | (91,686 | ) |
| Net cash from financing activities | (286,638 | ) | 372,804 |
| Increase/(decrease) in cash and cash equivalents | 519,955 | (303,091 | ) |
| Cash and cash equivalents at beginning of year |
2 |
3,703,293 |
4,006,384 |
| Cash and cash equivalents at end of year | 2 | 4,223,248 | 3,703,293 |
| Pantek Limited (Registered number: 03353540) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 31 August 2022 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.8.22 | 31.8.21 |
| £ | £ |
| Profit before taxation | 1,019,515 | 1,789,204 |
| Depreciation charges | 307,194 | 327,863 |
| Profit on disposal of fixed assets | (65,084 | ) | (118,555 | ) |
| Loss/(gain) on revaluation of fixed assets | 809,958 | (1,218,783 | ) |
| Amounts written off investment | 5,248 | 33,073 |
| Foreign exchange | 24,622 | (4,039 | ) |
| Impairment of goodwill | 101,711 | - |
| Finance costs | 51,535 | 27,898 |
| Finance income | (148,588 | ) | (165,255 | ) |
| 2,106,111 | 671,406 |
| (Increase)/decrease in stocks | (59,925 | ) | 152,683 |
| (Increase)/decrease in trade and other debtors | (1,809,093 | ) | 548,592 |
| Increase in trade and other creditors | 980,933 | 515,838 |
| Cash generated from operations | 1,218,026 | 1,888,519 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 August 2022 |
| 31.8.22 | 1.9.21 |
| £ | £ |
| Cash and cash equivalents | 4,223,248 | 3,703,293 |
| Year ended 31 August 2021 |
| 31.8.21 | 1.9.20 |
| £ | £ |
| Cash and cash equivalents | 3,703,293 | 4,006,384 |
| Pantek Limited (Registered number: 03353540) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 31 August 2022 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.9.21 | Cash flow | At 31.8.22 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 3,703,293 | 519,955 | 4,223,248 |
| 3,703,293 | 519,955 | 4,223,248 |
| Liquid resources |
| Current asset investments | 9,036,283 | (610,886 | ) | 8,425,397 |
| 9,036,283 | (610,886 | ) | 8,425,397 |
| Total | 12,739,576 | (90,931 | ) | 12,648,645 |
| Pantek Limited (Registered number: 03353540) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 August 2022 |
| 1. | STATUTORY INFORMATION |
| Pantek Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared on a going concern basis which assumes the Group will have |
| sufficient funds to continue to pay its debts as and when they fall due and thus continue to trade. The directors have a reasonable expectation that the Group and Group has adequate resources to continue in operational existence for the foreseeable future based on its forecasts and projections. In making their assessment, the directors have considered a period of at least 12 months from the date of signing these financial statements. |
| Basis of consolidation |
| The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. |
| The consolidated financial statements incorporate the results of the business combinations using the acquisition method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the date of acquisition. The results of acquired operations are included in the consolidated Profit and Loss Account from the date on which control is obtained. |
| Pantek Limited (Registered number: 03353540) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Critical accounting judgements and key sources of estimation uncertainty |
| The critical judgments that the directors have made in the process of applying the company's accounting policies and key sources of estimation uncertainty that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below. |
| Key judgements |
| Determining residual values of tangible assets |
| Judgement is applied by management when determining the residual values for fixed assets. When determining the residual value management aim to assess the amount that the group would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices. |
| Assessing indicators of impairment |
| In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year. |
| Key sources of estimation uncertainty |
| The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. |
| Recoverability of trade debtors |
| The group establishes a provision for trade debtors that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the aging of the trade debtors, past experience of recoverability and the credit profile of individual or groups of customers. |
| Estimated useful life of tangible assets |
| The group depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of tangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes. |
| Pantek Limited (Registered number: 03353540) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
| Sale of goods |
| Revenue from the sale of goods is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and the company retains no ownership or effective control over the goods sold. |
| Long term licensing contracts |
| Revenue from licensing contracts is calculated as the proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen. |
| Long term support contracts |
| Long term support contract revenue is recognised on a straight line basis over the period of the contract. |
| Goodwill |
| 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 under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as described below. |
| Motor vehicles - 33% straight line |
| Fixtures and fittings - 10-100% straight line |
| Computer equipment - 20-100% straight line |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Pantek Limited (Registered number: 03353540) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 |
| 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. |
| 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by geographical market is given below: |
| 31.8.22 | 31.8.21 |
| £ | £ |
| United Kingdom | 17,168,646 | 13,760,096 |
| Rest of world | 7,372,071 | 5,802,190 |
| 24,540,717 | 19,562,286 |
| Pantek Limited (Registered number: 03353540) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2022 |
| 4. | EMPLOYEES AND DIRECTORS |
| 31.8.22 | 31.8.21 |
| £ | £ |
| Wages and salaries | 6,352,578 | 5,663,009 |
| Social security costs | 880,594 | 757,436 |
| Other pension costs | 549,025 | 526,375 |
| 7,782,197 | 6,946,820 |
| The average number of employees during the year was as follows: |
| 31.8.22 | 31.8.21 |
| Administrative staff | 26 | 24 |
| Sales and technical staff | 109 | 114 |
| 31.8.22 | 31.8.21 |
| £ | £ |
| Directors' remuneration | 52,577 | 52,576 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 31.8.22 | 31.8.21 |
| £ | £ |
| Hire of plant and machinery | 1,524 | 1,265 |
| Other operating leases | 472,276 | 518,959 |
| Depreciation - owned assets | 84,510 | 92,241 |
| Profit on disposal of fixed assets | (65,084 | ) | (118,555 | ) |
| Goodwill amortisation | 209,274 | 220,575 |
| Patents and licences amortisation | 13,410 | 16,907 |
| Auditors' remuneration | 26,500 | 27,000 |
| Auditors' remuneration for non audit work | 12,541 | 5,292 |
| Foreign exchange differences | 14,448 | 3,944 |
| 6. | AMOUNTS WRITTEN OFF INVESTMENTS |
| 31.8.22 | 31.8.21 |
| £ | £ |
| Amounts written off investments | 5,248 | 33,073 |
| Pantek Limited (Registered number: 03353540) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2022 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.8.22 | 31.8.21 |
| £ | £ |
| Bank interest | 51,156 | 27,870 |
| Bank loan interest | 379 | 28 |
| 51,535 | 27,898 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.8.22 | 31.8.21 |
| £ | £ |
| Current tax: |
| UK corporation tax | 289,833 | 157,366 |
| previous years | (44,775 | ) | 2,161 |
| Total current tax | 245,058 | 159,527 |
| Deferred tax | (131,167 | ) | 232,107 |
| Tax on profit | 113,891 | 391,634 |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.8.22 | 31.8.21 |
| £ | £ |
| Profit before tax | 1,019,515 | 1,789,204 |
| Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2021 - 19 %) |
193,708 |
339,949 |
| Effects of: |
| Expenses not deductible for tax purposes | 8,010 | 71,083 |
| Income not taxable for tax purposes | (10,339 | ) | (26,322 | ) |
| Capital allowances in excess of depreciation | - | (851 | ) |
| Adjustments to tax charge in respect of previous periods | (27,243 | ) | 2,161 |
| Tax losses carried forward | - | 5,614 |
| Research & development refund | (49,400 | ) | - |
| Other timing difference | (845 | ) | - |
| Total tax charge | 113,891 | 391,634 |
| Pantek Limited (Registered number: 03353540) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2022 |
| 8. | TAXATION - continued |
| Tax effects relating to effects of other comprehensive income |
| 31.8.22 |
| Gross | Tax | Net |
| £ | £ | £ |
| Currency translation differences | 24,622 | - | 24,622 |
| 31.8.21 |
| Gross | Tax | Net |
| £ | £ | £ |
| Currency translation differences | (4,039 | ) | - | (4,039 | ) |
| 9. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 10. | DIVIDENDS |
| 31.8.22 | 31.8.21 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim | 120,000 | 120,000 |
| 11. | PRIOR YEAR ADJUSTMENT |
| During the preparation of the 2021 financial statements for Pantek Limited an error was discovered relating to the provision of corporation and deferred taxation in previous years. |
| It was discovered that a deferred taxation provision had not been included on the revaluation of certain investments and corporation taxation had not been provided on realised gains. |
| The correction of these errors has resulted in an increase in the corporation and deferred tax charge by £114,887 and has created a liability of an equal amount. |
| Pantek Limited (Registered number: 03353540) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2022 |
| 12. | INTANGIBLE FIXED ASSETS |
| Group |
| Patents |
| and |
| Goodwill | licences | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2021 | 2,205,749 | 291,076 | 2,496,825 |
| Disposals | - | (47,832 | ) | (47,832 | ) |
| Impairments | (101,711 | ) | - | (101,711 | ) |
| At 31 August 2022 | 2,104,038 | 243,244 | 2,347,282 |
| AMORTISATION |
| At 1 September 2021 | 220,575 | 149,851 | 370,426 |
| Amortisation for year | 209,274 | 13,410 | 222,684 |
| Eliminated on disposal | - | (47,832 | ) | (47,832 | ) |
| At 31 August 2022 | 429,849 | 115,429 | 545,278 |
| NET BOOK VALUE |
| At 31 August 2022 | 1,674,189 | 127,815 | 1,802,004 |
| At 31 August 2021 | 1,985,174 | 141,225 | 2,126,399 |
| 13. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 September 2021 | 495,406 | 77,806 | 471,184 | 1,044,396 |
| Additions | 129,472 | 29,578 | 67,423 | 226,473 |
| Disposals | (108,411 | ) | - | (110,514 | ) | (218,925 | ) |
| At 31 August 2022 | 516,467 | 107,384 | 428,093 | 1,051,944 |
| DEPRECIATION |
| At 1 September 2021 | 454,967 | 62,186 | 361,590 | 878,743 |
| Charge for year | 18,196 | 8,678 | 57,636 | 84,510 |
| Eliminated on disposal | (106,639 | ) | - | (110,655 | ) | (217,294 | ) |
| At 31 August 2022 | 366,524 | 70,864 | 308,571 | 745,959 |
| NET BOOK VALUE |
| At 31 August 2022 | 149,943 | 36,520 | 119,522 | 305,985 |
| At 31 August 2021 | 40,439 | 15,620 | 109,594 | 165,653 |
| Pantek Limited (Registered number: 03353540) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2022 |
| 14. | FIXED ASSET INVESTMENTS |
| Group |
| Listed |
| investments |
| £ |
| COST |
| At 1 September 2021 | 38,321 |
| Impairments | (5,248 | ) |
| At 31 August 2022 | 33,073 |
| PROVISIONS |
| At 1 September 2021 |
| and 31 August 2022 | 33,073 |
| NET BOOK VALUE |
| At 31 August 2022 | - |
| At 31 August 2021 | 5,248 |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 September 2021 |
| Impairments | ( |
) |
| At 31 August 2022 |
| NET BOOK VALUE |
| At 31 August 2022 |
| At 31 August 2021 |
| Pantek Limited (Registered number: 03353540) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2022 |
| 14. | FIXED ASSET INVESTMENTS - continued |
| The list of subsidiaries is as follows; |
| Name | Registered office | Nature of business | Interest |
| Solutions PT Limited | Unit 1 Oakfield road, Cheadle Royal Business Park, Cheadle, Cheshire, SK8 3GX |
Sale of hardware, software and consultancy |
100% ordinary shares |
| Pantek (CS) Limited | Susilova 1528/1, 500 02 Hrdec, Kralove, Czech Republic |
Sale of hardware, software and consultancy |
76.2% ordinary shares |
| M.A.C. Solutions (UK) Limited | Unit 1 Oakfield road, Cheadle Royal Business Park, Cheadle, Cheshire, SK8 3GX |
Sale of hardware, software and consultancy |
100% ordinary shares |
| 15. | STOCKS |
| Group |
| 31.8.22 | 31.8.21 |
| £ | £ |
| Stocks | 190,530 | 130,605 |
| 16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.8.22 | 31.8.21 | 31.8.22 | 31.8.21 |
| £ | £ | £ | £ |
| Trade debtors | 4,193,214 | 2,410,407 |
| Other debtors | 442,075 | 390,624 |
| Directors' current accounts | 40,000 | - | 40,000 | - |
| Tax | - | 7,153 |
| Prepayments | 278,147 | 303,312 |
| 4,953,436 | 3,111,496 |
| 17. | CURRENT ASSET INVESTMENTS |
| Group | Company |
| 31.8.22 | 31.8.21 | 31.8.22 | 31.8.21 |
| £ | £ | £ | £ |
| Listed investments | 8,425,397 | 9,036,283 | 8,425,397 | 9,036,283 |
| Market value of listed investments at 31 August 2022 held by the group and the company - £ (8,425,397) (2021 - £ (9,036,283) ). |
| Pantek Limited (Registered number: 03353540) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2022 |
| 18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.8.22 | 31.8.21 | 31.8.22 | 31.8.21 |
| £ | £ | £ | £ |
| Trade creditors | 1,037,070 | 757,146 |
| Amounts owed to group undertakings | - | - |
| Tax | 227,207 | 136,301 |
| Social security and other taxes | 910,607 | 622,697 |
| VAT | 66,972 | 72,211 | - | - |
| Other creditors | 1,641,540 | 1,847,278 |
| Accruals and deferred income | 4,535,242 | 3,416,399 |
| 8,418,638 | 6,852,032 |
| 19. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 31.8.22 | 31.8.21 | 31.8.22 | 31.8.21 |
| £ | £ | £ | £ |
| Other creditors | - | 480,000 |
| Accruals and deferred income | 24,032 | 38,799 |
| 24,032 | 518,799 |
| 20. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Non-cancellable operating | leases |
| 31.8.22 | 31.8.21 |
| £ | £ |
| Within one year | 145,121 | 359,884 |
| Between one and five years | 68,998 | 95,969 |
| In more than five years | 38,684 | - |
| 252,803 | 455,853 |
| Pantek Limited (Registered number: 03353540) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2022 |
| 21. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 31.8.22 | 31.8.21 | 31.8.22 | 31.8.21 |
| £ | £ | £ | £ |
| Deferred tax |
| Accelerated capital allowances | 32,759 | 22,409 |
| Revaluation gains | 161,313 | 312,292 |
| Other timing differences | (1,303 | ) | (8,108 | ) | - | - |
| 192,769 | 326,593 | 161,313 | 312,292 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2021 | 326,593 |
| Accelerated capital allowances | 10,350 |
| Revaluation gains | (150,979 | ) |
| Other timing differences | 6,805 |
| Balance at 31 August 2022 | 192,769 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2021 |
| Provided during year | ( |
) |
| Balance at 31 August 2022 |
| 22. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.8.22 | 31.8.21 |
| value: | £ | £ |
| NIL | Ordinary | £1 | - | 5,000 |
| Ordinary A | £1 | 5,000 | - |
| Ordinary B | £1 | 5,000 | - |
| 10,000 | 5,000 |
| On 11th January 2022, the ordinary shares were redesignated as Ordinary A and Ordinary B. On the same date a bonus share issues was completed. |
| Pantek Limited (Registered number: 03353540) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2022 |
| 23. | RESERVES |
| Group |
| Retained | Share | Other |
| earnings | premium | reserves | Totals |
| £ | £ | £ | £ |
| At 1 September 2021 | 10,218,488 | - | 233,375 | 10,451,863 |
| Profit for the year | 768,623 | 768,623 |
| Dividends | (120,000 | ) | (120,000 | ) |
| Bonus share issue | - | (5,000 | ) | - | (5,000 | ) |
| Exchange rate adjustment on consolidation |
24,622 |
- |
- |
24,622 |
| At 31 August 2022 | 10,891,733 | (5,000 | ) | 233,375 | 11,120,108 |
| Company |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 September 2021 | 4,103,857 |
| Deficit for the year | ( |
) | ( |
) |
| Dividends | ( |
) | ( |
) |
| Bonus share issue | ( |
) | ( |
) |
| At 31 August 2022 | ( |
) | 3,975,459 |
| 24. | NON-CONTROLLING INTERESTS |
| The non controlling interest represents a 23.8% holding in Pantek (CS). |
| 25. | OTHER FINANCIAL COMMITMENTS |
| As at 31st August 2022, the group had forward exchange contracts in place to purchase USD $NIL (2021 $876,264) and sell $NIL (2021 $NIL). |
| As at 31st August 2022, the group had forward exchange contracts in place to purchase Euro €NIL (2021 €NIL) and sell €800,000 (2021 €475,000). |
| Pantek Limited (Registered number: 03353540) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2022 |
| 26. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 August 2022 and 31 August 2021: |
| 31.8.22 | 31.8.21 |
| £ | £ |
| J E Bailey |
| Balance outstanding at start of year | - | - |
| Amounts advanced | 40,000 | - |
| Amounts repaid | - | - |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 40,000 | - |
| 27. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £120,000 (2021 - £120,000) were paid to the directors . |
| J E Bailey |
| Director |
| During the year, the group rented its premises from Mr J E Bailey. Total rent and service charges paid by the group was £282,204 (2021 £282,204). |
| 31.8.22 | 31.8.21 |
| £ | £ |
| Amount due from related party at the balance sheet date | 40,000 | - |
| The loan is interest free and repayable on demand. |
| 28. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling parties are the directors/shareholders of Pantek Limited. |