The Panas Group of Companies Ltd 31/01/2023 iXBRL

The Panas Group of Companies Ltd 31/01/2023 iXBRL

THE PANAS GROUP OF COMPANIES LIMITED - Company Information

Print Friendly Version

0 31/01/2023 2023-01-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-02-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 3002889 2022-02-01 2023-01-31 3002889 2023-01-31 3002889 2022-01-31 3002889 2021-02-01 2022-01-31 3002889 2022-01-31 3002889 bus:RegisteredOffice 2022-02-01 2023-01-31 3002889 bus:LeadAgentIfApplicable 2022-02-01 2023-01-31 3002889 bus:Director1 2022-02-01 2023-01-31 3002889 bus:Director2 2022-02-01 2023-01-31 3002889 bus:Director3 2022-02-01 2023-01-31 3002889 bus:CompanySecretary1 2022-02-01 2023-01-31 3002889 core:LandBuildings core:ShortLeaseholdAssets 2022-01-31 3002889 core:FurnitureFittingsToolsEquipment 2022-01-31 3002889 core:MotorVehicles 2022-01-31 3002889 core:LandBuildings core:ShortLeaseholdAssets 2023-01-31 3002889 core:FurnitureFittingsToolsEquipment 2023-01-31 3002889 core:MotorVehicles 2023-01-31 3002889 core:WithinOneYear 2023-01-31 3002889 core:WithinOneYear 2022-01-31 3002889 core:RetainedEarningsAccumulatedLosses 2022-01-31 3002889 core:RetainedEarningsAccumulatedLosses 2023-01-31 3002889 core:RetainedEarningsAccumulatedLosses 2022-01-31 3002889 core:ShareCapital 2023-01-31 3002889 core:ShareCapital 2022-01-31 3002889 core:LandBuildings core:ShortLeaseholdAssets 2022-02-01 2023-01-31 3002889 core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 3002889 core:MotorVehicles 2022-02-01 2023-01-31 3002889 core:CostValuation core:Non-currentFinancialInstruments 2023-01-31 3002889 core:Non-currentFinancialInstruments 2023-01-31 3002889 core:Non-currentFinancialInstruments 2022-01-31 3002889 core:LandBuildings core:ShortLeaseholdAssets 2022-01-31 3002889 core:FurnitureFittingsToolsEquipment 2022-01-31 3002889 core:MotorVehicles 2022-01-31 3002889 bus:SmallEntities 2022-02-01 2023-01-31 3002889 bus:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 3002889 bus:FullAccounts 2022-02-01 2023-01-31 3002889 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 3002889 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31
Company registration number: 3002889
The Panas Group of Companies Ltd
Trading as P C Express
Unaudited financial statements
31 January 2023
The Panas Group of Companies Ltd
Contents
Directors and other information
Directors report
Statement of income and retained earnings
Statement of financial position
Notes to the financial statements
The Panas Group of Companies Ltd
Directors and other information
Directors Victor Panas
Kathleen Panas
Howard Simon Panas
Secretary H S Panas
Company number 3002889
Registered office 13 Whitchurch Lane
Edgware
HA8 6JZ
Business address 13 Whitchurch Lane
Edgware
HA8 6JZ
Accountant Alex Portnoy FCCA
19 Windsor Avenue
Edgware
HA8 8SR
The Panas Group of Companies Ltd
Directors report
Year ended 31 January 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 January 2023.
Directors
The directors who served the company during the year were as follows:
Victor Panas
Kathleen Panas
Howard Simon Panas
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 02 August 2023 and signed on behalf of the board by:
Victor Panas
Director
The Panas Group of Companies Ltd
Statement of income and retained earnings
Year ended 31 January 2023
2023 2022
Note £ £
Turnover 907,269 920,186
Cost of sales ( 560,283) ( 586,526)
_______ _______
Gross profit 346,986 333,660
Administrative expenses ( 347,656) ( 295,761)
Other operating income 5,000 68,400
_______ _______
Operating profit 4,330 106,299
Interest payable and similar expenses - ( 105)
Profit before taxation 5 4,330 106,194
Tax on profit ( 1,148) ( 16,975)
_______ _______
Profit for the financial year and total comprehensive income 3,182 89,219
_______ _______
Retained earnings at the start of the year 190,230 101,011
_______ _______
Retained earnings at the end of the year 193,412 190,230
_______ _______
All the activities of the company are from continuing operations.
The Panas Group of Companies Ltd
Statement of financial position
31 January 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 8,422 15,157
Investments 7 200 200
_______ _______
8,622 15,357
Current assets
Stocks 66,474 59,049
Debtors 8 47,930 68,795
Cash at bank and in hand 212,703 191,933
_______ _______
327,107 319,777
Creditors: amounts falling due
within one year 9 ( 95,379) ( 97,204)
_______ _______
Net current assets 231,728 222,573
_______ _______
Total assets less current liabilities 240,350 237,930
Provisions for liabilities 3,062 2,300
_______ _______
Net assets 243,412 240,230
_______ _______
Capital and reserves
Called up share capital 50,000 50,000
Profit and loss account 193,412 190,230
_______ _______
Shareholders funds 243,412 240,230
_______ _______
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 02 August 2023 , and are signed on behalf of the board by:
Victor Panas
Director
Company registration number: 3002889
The Panas Group of Companies Ltd
Notes to the financial statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 13 Whitchurch Lane, Edgware, HA8 6JZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 %
Motor vehicles - 25 %
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: 11 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2023 2022
£ £
Amortisation of intangible assets 710 710
Depreciation of tangible assets 6,025 ( 13,502)
_______ _______
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 February 2022 and 31 January 2023 3,096 8,908 18,990 30,994
_______ _______ _______ _______
Depreciation
At 1 February 2022 1,324 3,119 11,394 15,837
Charge for the year 710 2,227 3,798 6,735
_______ _______ _______ _______
At 31 January 2023 2,034 5,346 15,192 22,572
_______ _______ _______ _______
Carrying amount
At 31 January 2023 1,062 3,562 3,798 8,422
_______ _______ _______ _______
At 31 January 2022 1,772 5,789 7,596 15,157
_______ _______ _______ _______
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 February 2022 and 31 January 2023 200 200
_______ _______
Impairment
At 1 February 2022 and 31 January 2023 - -
_______ _______
Carrying amount
At 31 January 2023 200 200
_______ _______
At 31 January 2022 200 200
_______ _______
8. Debtors
2023 2022
£ £
Trade debtors 45,014 65,925
Other debtors 2,916 2,870
_______ _______
47,930 68,795
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 18,545 13,216
Corporation tax 1,909 13,023
Social security and other taxes 44,940 32,793
Other creditors 29,985 38,172
_______ _______
95,379 97,204
_______ _______
10. Controlling party
The Company is under the control of the Directors and their family members.