Pangborn Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 05902414 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2022

FOR

PANGBORN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

S Cooper

REGISTERED OFFICE:

Park Works

Bagillt Road

Greenfield

Holywell

Flintshire

CH8 7EP

REGISTERED NUMBER:

05902414 (England and Wales)

AUDITORS:

M. D. Coxey and Co. Limited

Chartered Accountants

and Statutory Auditors

25 Grosvenor Road

Wrexham

LL11 1BT

BANKERS:

National Westminster Bank Plc

33 Eastgate Street

Chester

Cheshire

CH1 1LG

FIXED ASSETS

Tangible assets

4

240,816

153,112

CURRENT ASSETS

Stocks

5

780,913

782,618

Debtors

6

782,791

421,998

Cash at bank

606,333

436,328

2,170,037

1,640,944

CREDITORS

Amounts falling due within one year

7

1,163,255

883,470

NET CURRENT ASSETS

1,006,782

757,474

TOTAL ASSETS LESS CURRENT LIABILITIES

1,247,598

910,586

CREDITORS

Amounts falling due after more than one year

8

(24,167

)

(34,167

)

PROVISIONS FOR LIABILITIES

(60,204

)

(29,091

)

NET ASSETS

1,163,227

847,328

CAPITAL AND RESERVES

Called up share capital

9

323,658

323,658

Retained earnings

839,569

523,670

SHAREHOLDERS' FUNDS

1,163,227

847,328

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 4th April 2023 and were signed by:

S Cooper - Director

1.	STATUTORY INFORMATION

Pangborn Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Principal activity

The principal activity of the company continued to be that of shotblast machine sales, repairs and service.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

The company recognises revenue, including amounts billed to customers for shipping and handling costs, when persuasive evidence of an arrangement exists, delivery has occurred, the sales price or fee is fixed or determinable, and the collection is reasonably assured. In instances where final acceptance of the product is specified by the customer, revenue is deferred until all acceptance criteria have been met.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comprising costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Office equipment

-

15% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

The company has elected to apply the provisions of of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction

is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 recorded at the monthly rate ruling at the date of the 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2021 - 24 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Office

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1st January 2022

256,118

26,080

129,750

411,948

Additions

111,913

662

3,363

115,938

Disposals

(16,200

)

-

-

(16,200

)

At 31st December 2022

351,831

26,742

133,113

511,686

DEPRECIATION

At 1st January 2022

153,242

16,987

88,607

258,836

Charge for year

20,309

1,441

6,484

28,234

Eliminated on disposal

(16,200

)

-

-

(16,200

)

At 31st December 2022

157,351

18,428

95,091

270,870

NET BOOK VALUE

At 31st December 2022

194,480

8,314

38,022

240,816

At 31st December 2021

102,876

9,093

41,143

153,112

5.

STOCKS

31.12.22

31.12.21

£

£

Stocks

689,248

704,941

Work-in-progress

91,665

77,677

780,913

782,618

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

676,875

394,356

Amounts owed by group undertakings

-

100

Tax

64,205

-

Prepayments

41,711

27,542

782,791

421,998

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

10,000

10,000

Trade creditors

257,330

47,676

Amounts owed to group undertakings

-

190,520

Corporation tax

172,290

61,451

Social security and other taxes

21,498

23,404

VAT

188,031

15,885

Other creditors

267,525

400,951

Accrued expenses

246,581

133,583

1,163,255

883,470

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans - 1-2 years

10,000

10,000

Bank loans - 2-5 years

14,167

24,167

24,167

34,167

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

323,658

Ordinary

£1

323,658

323,658

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Anthony Lewis (Senior Statutory Auditor)

for and on behalf of M. D. Coxey and Co. Limited

11.	PARENT COMPANY

The parent company of Pangborn Limited is Centriblast Global Holdings Limited and its registered office is Park Works, Bagillt Road, Greenfield, Holywell, Flintshire, CH8 7EP.