Panther Warehousing Plc - Accounts

Registered number

07068367

Panther Warehousing Plc

Report and Accounts

31 December 2015

Panther Warehousing Plc

Company Information

Directors

W Barrett

C McCarthy

S W George

R E Bungey

Secretary

S W George

Auditors

DSN Accountants Ltd

Barn 8 Office 4

Dunston Business Village

Penkridge

Staffordshire

ST18 9AB

Bankers

NatWest

The Drapery Branch

41 The Drapery

Northampton

NN1 2EY

Registered office

Unit 22 Lodge Way

Lodge Farm Industrial Estate

Northampton

NN5 7US

Registered number

07068367

Panther Warehousing Plc
Registered number:				07068367
Directors' Report
The directors present their report and accounts for the year ended 31 December 2015.
Principal activities
The company's principal activity during the year continued to be the provision of 2 man delivery services. The company continues to enjoy significant growth on the back of additional volumes and new customer wins.
Future developments
The strategy of the directors is to drive significant growth through investment in people, infrastructure and IT whilst working to lower the carbon footprint of the business.
Research and development
The Company spent £156,895 expenditure on research and development in the year (2014 - £93,908).
Financial Risk Management
The Company uses various financial instruments, including loan, cash and various products such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments are to raise finance for the Company's operations. As a result of the existence of these financial instruments, the Company is exposed to a number of financial risks. Liquidity Risk The Company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs to invest cash assets safely and profitably. The Company has achieved this objective through the day to day involvement of management in business decisions rather than through setting maximum or minimum liquidity ratios. Interest Rate Risk The Company finances its operations through third party and bank loans which do not attract high rates of interest and therefore are subject to fair value interest rate risk. However, as the Company continues to grow it is more likely to rely more upon bank borrowings and will therefore become more exposed to interest rate fluctuations. The Company actively seeks to manage this through the day to day involvement of management in business decisions. Credit Risk The Company's principal financial assets are cash and debtors. The credit risk associated with cash in limited as the counterparties have high credit ratings assigned by international credit-rating agencies. In order to manage risk the Directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history.
Payment of Suppliers
It is the Company's aim to pay suppliers for invoices which are due, valid and undisputed between 30 and 60 days from the month end following the date of invoice. In 2014, the average number of days between invoice date and date of payment of invoice was 54 days, (2013 - 58 days). It is the company's intention to reduce this further during 2015 and the company has achieved an average of 36 days in January and February 2015.
Results and Dividends
The results in the year's trading, the financial position of the Company and the transfer to reserves are shown in the financial statements. The profit for the year after taxation amounted to £935,552 (2014 - £167,874) and is attributable to the principal activity of the Company. The Directors paid a dividend of £120,000 during the year.
Directors
The following persons served as directors during the year:
W Barrett
C McCarthy
R E Bungey
S W George
Political and charitable donations
There were no political or charitable donations made during the year.
Directors' responsibilities

The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts 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 accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and estimates that are reasonable and prudent;
●	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts;
●	prepare the accounts 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board on 23 February 2016 and signed on its behalf.

Mr C McCarthy

Director

Panther Warehousing Plc

Independent auditors' report

to the members of Panther Warehousing Plc

We have audited the accounts of Panther Warehousing Plc for the year ended 31 December 2015 which comprise the Profit and Loss Account, the Balance Sheet, the Cash Flow Statement, the Statement of Total Recognised Gains and Losses and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 an auditors' report 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.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the accounts in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the accounts

A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/apb/scope/private.cfm

Opinion on the accounts

In our opinion the accounts:
●	give a true and fair view of the state of the company's affairs as at 31 December 2015 and of its 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.

Opinion on other matters prescribed by the Companies Act 2006
In our opinion the information given in the Directors' Report for the financial year for which the accounts are prepared is consistent with the accounts.
Matters on which we are required to report by exception
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, or returns adequate for our audit have not been received from branches not visited by us; or
●	the accounts 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.
Mr D Norman
(Senior Statutory Auditor)		Barn 8 Office 4
for and on behalf of		Dunston Business Village
DSN Accountants Ltd		Penkridge
Accountants and Statutory Auditors		Staffordshire
23 February 2016		ST18 9AB

Panther Warehousing Plc
Profit and Loss Account
for the year ended 31 December 2015
Notes						2015		2014
£							£
Turnover				2		27,372,035		20,101,505
Cost of sales						(19,017,583)		(15,324,968)
Gross profit						8,354,452		4,776,537
Administrative expenses						(6,920,928)		(4,105,680)
Operating profit				3		1,433,524		670,857
Exceptional items				4		(27,580)		(290,561)
						1,405,944		380,296
Interest receivable						318		-
Interest payable				7		(145,034)		(125,302)
Profit on ordinary activities before taxation						1,261,228		254,994
Tax on profit on ordinary activities				8		(325,676)		(87,120)
Profit for the financial year						935,552		167,874
Continuing operations
None of the company's activities were acquired or discontinued during the above two financial years.

Panther Warehousing Plc
Statement of total recognised gains and losses
for the year ended 31 December 2015
Notes					2015		2014
£						£
Profit for the financial year					935,552		167,874
Total recognised gains and losses related to the year					935,552		167,874

Panther Warehousing Plc
Balance Sheet
as at 31 December 2015
Notes				2015			2014
£					£
Fixed assets
Intangible assets	9			1,528,137			1,721,544
Tangible assets	10			1,387,250			1,464,738
				2,915,387			3,186,282
Current assets
Stocks	11		50,142			38,360
Debtors	12		4,937,975			2,567,764
Cash at bank and in hand			879,489			264,551
			5,867,606			2,870,675
Creditors: amounts falling due within one year	13		(6,782,389)			(4,570,225)
Net current liabilities				(914,783)			(1,699,550)
Total assets less current liabilities				2,000,604			1,486,732
Creditors: amounts falling due after more than one year	14			(80,637)			(395,567)
Provisions for liabilities
Deferred taxation	16			(13,250)			-
Net assets				1,906,717			1,091,165
Capital and reserves
Called up share capital	17			83,333			83,333
Profit and loss account	18			1,823,384			1,007,832
Shareholders' funds	20			1,906,717			1,091,165
Mr W Barrett
Director
Approved by the board on 23 February 2016

Panther Warehousing Plc
Notes to the Accounts
for the year ended 31 December 2015
1	Accounting policies
	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with applicable United Kingdom Accounting Standards.
	Turnover
	Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
	Depreciation
	Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
	Short Term Leasehold Property			over 3 years
	Plant and equipment			over 3 years
	Motor Vehicles			over 5 years
	Goodwill
	Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
	Deferred taxation
	Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred tax is calculated at the tax rates which are expected to apply in the periods when the timing differences will reverse, and discounted to reflect the time value of money using rates based on the post-tax yields to maturity that could be obtained at the balance sheet date on government bonds with similar maturity dates.
	Leasing and hire purchase commitments
	Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
	Pensions
	The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2	Analysis of turnover					2015		2014
£							£
	By activity:
	Logistics and two man services					27,372,035		20,101,505
	By geographical market:
	UK					27,372,035		20,101,505
3	Operating profit					2015		2014
£							£
	This is stated after charging:
	Depreciation of owned fixed assets					559,202		464,443
	Amortisation of goodwill					193,407		120,490
	Auditors' remuneration for audit services					6,000		4,500
	Auditors' remuneration for other services					15,205		4,809
4	Exceptional items					2015		2014
£							£
	One-off costs							(284,214)
	Loss on disposal of assets					(27,580)		(6,347)
						(27,580)		(290,561)
5	Directors' emoluments					2015		2014
£							£
	Emoluments					17,860		285,496
	Number of directors in company pension schemes:					2015		2014
Number							Number
	Defined contribution scheme					-		1
6	Staff costs					2015		2014
£							£
	Wages and salaries					4,880,568		3,181,995
	Social security costs					364,179		235,841
	Other pension costs					-		10,200
						5,244,747		3,428,036
	Average number of employees during the year					Number	Number
	Administration					62		35
	Warehousing and drivers					165		111
	Sales					4		4
						231		150
7	Interest payable					2015		2014
£							£
	Bank loans and overdrafts					48		438
	Finance charges payable under finance leases and hire purchase contracts					144,986		124,864
						145,034		125,302
8	Taxation					2015		2014
£							£
	Analysis of charge in period
	Current tax:
	UK corporation tax on profits of the period					312,426		87,120
	Deferred tax:
	Utilisation of group relief					13,250		-
	Tax on profit on ordinary activities					325,676		87,120
	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
						2015		2014
£							£
	Profit on ordinary activities before tax					1,261,228		254,994
	Standard rate of corporation tax in the UK					20%		21%
£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					252,246		53,549
	Effects of:
	Expenses not deductible for tax purposes					28,605		182,225
	Capital allowances for period in excess of depreciation					75,374		(105,654)
	Marginal rate relief							(1,000)
	Research and development credits					(43,799)		(42,000)
	Current tax charge for period					312,426		87,120
9	Intangible fixed assets							£
	Goodwill:
	Cost
	At 1 January 2015							1,917,034
	At 31 December 2015							1,917,034
	Amortisation
	At 1 January 2015							195,490
	Provided during the year							193,407
	At 31 December 2015							388,897
	Net book value
	At 31 December 2015							1,528,137
	At 31 December 2014							1,721,544
	Goodwill is currently being written off in equal annual instalments over its estimated economic life of 10 years. However, the directors have agreed a change to policy to write off goodwill over 5 years for the 2015 financial year.
10	Tangible fixed assets
		Land and buildings		Plant and machinery		Fixtures, fittings, tools and equipment		Total
£			£		£		£
	Cost
	At 1 January 2015	228,284		1,520,881		366,595		2,115,760
	Additions	181,015		161,910		203,314		546,239
	Disposals	-		(98,344)		-		(98,344)
	At 31 December 2015	409,299		1,584,447		569,909		2,563,655
	Depreciation
	At 1 January 2015	54,661		527,174		69,187		651,022
	Charge for the year	100,844		356,980		101,378		559,202
	On disposals	-		(33,819)		-		(33,819)
	At 31 December 2015	155,505		850,335		170,565		1,176,405
	Net book value
	At 31 December 2015	253,794		734,112		399,344		1,387,250
	At 31 December 2014	173,623		993,707		297,408		1,464,738
11	Stocks					2015		2014
£							£
	Fuel held					50,142		38,360
	The difference between purchase price or production cost of stocks and their replacement cost is not material.
12	Debtors					2015		2014
£							£
	Trade debtors					4,189,241		1,899,852
	Other debtors					181,989		239,755
	Prepayments and accrued income					566,745		428,157
						4,937,975		2,567,764
13	Creditors: amounts falling due within one year					2015		2014
£							£
	Obligations under finance lease and hire purchase contracts					271,477		323,323
	Invoice Discounting (secured)					3,443,973		1,751,129
	Trade creditors					1,448,982		1,118,344
	Corporation tax					311,780		61,910
	Other taxes and social security costs					754,719		659,303
	Other creditors					1,358		49,242
	Accruals					550,100		606,974
						6,782,389		4,570,225
	The Company Invoice Discounting is secured by a Debenture, creating a charge over the Company's fixed asset and book debts, together with a legal charge over cash in the Company's deposit account.
14	Creditors: amounts falling due after one year					2015		2014
£							£
	Obligations under finance lease and hire purchase contracts					80,637		395,567
15	Obligations under finance leases and hire purchase					2015		2014
	contracts					£	£
	Amounts payable:
	Within one year					271,477		323,323
	Within two to five years					80,637		395,567
						352,114		718,890
16	Deferred taxation					2015		2014
£							£
	Accelerated capital allowances					13,250		-
	Undiscounted provision for deferred tax					13,250		-
						2015		2014
£							£
	Deferred tax charge in profit and loss account					13,250		-
	At 31 December					13,250		-
17	Share capital	Nominal		2015		2015		2014
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		83,333		83,333		83,333
18	Profit and loss account					2015
£
	At 1 January 2015					1,007,832
	Profit for the financial year					935,552
	Dividends					(120,000)
	At 31 December 2015					1,823,384
19	Dividends					2015		2014
£							£
	Dividends for which the company became liable during the year:
	Dividends paid					120,000		60,000
20	Reconciliation of movement in shareholders' funds					2015		2014
£							£
	At 1 January					1,091,165		983,291
	Profit for the financial year					935,552		167,874
	Dividends					(120,000)		(60,000)
	At 31 December					1,906,717		1,091,165
21	Pension commitments
	The company contributes to a defined contributions scheme. The pension costs of £nil (2014 - £10,200) charged to the profit and loss account represent contributions payable by the company.
22	Other financial commitments
	At the year end the company had annual commitments under non-cancellable operating leases as set out below:
		Land and buildings		Land and buildings	Other		Other
		2015		2014		2015		2014
£			£		£		£
	Operating leases which expire:
	within two to five years	509,808		472,758		152,882		69,380
23	Contingent liabilities
	The Directors are unaware of any Contingent Liabilities which might affect the Financial Statements.