Accounts filed on 31-03-2016

Accounts filed on 31-03-2016

PANAGUA LTD - Company Information

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PANAGUA LTD

Company Registration Number:
08397739 (England and Wales)

Report of the Directors and Unaudited Financial Statements

Period of accounts

Start date: 01 April 2015

End date: 31 March 2016

PANAGUA LTD

Contents of the Financial Statements

for the Period Ended 31 March 2016

Company Information
Report of the Directors
Profit and Loss Account
Gains and Losses
Balance sheet
Notes to the Financial Statements

PANAGUA LTD

Company Information

for the Period Ended 31 March 2016




Director: R Mogford
Secretary: R Mogford
Registered office: 50
Hayes Street
Bromley
Kent
BR2 7LD
Company Registration Number: 08397739 (England and Wales)

PANAGUA LTD

Directors' Report Period Ended 31 March 2016

The directors present their report with the financial statements of the company for the period ended 31 March 2016

Principal Activities

Panagua Bikes is a retail shop focused on the service repair and supply of bicycles and related accessories.

Directors
 The directors shown below have held office during the whole of the period from
01 April 2015 to 31 March 2016
R Mogford

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on 12 September 2016
And Signed On Behalf Of The Board By:

Name: R Mogford
Status: Director

PANAGUA LTD

Profit and Loss Account

for the Period Ended 31 March 2016


Notes
2016
£
2015
£
Turnover: 348,597 384,424
Cost of sales: ( 264,237 ) ( 287,659 )
Gross profit or (loss): 84,360 96,765
Distribution costs: 0 0
Administrative expenses: ( 115,691 ) ( 105,925 )
Other operating income: 0 0
Operating profit or (loss): ( 31,331 ) ( 9,160 )
Interest receivable and similar income: 0 0
Interest payable and similar charges: 0 0
Profit or (loss) on ordinary activities before taxation: ( 31,331 ) ( 9,160 )
Tax on profit or (loss) on ordinary activities: 0 0
Profit or (loss) for the financial year: ( 31,331 ) ( 9,160 )

The notes form part of these financial statements

PANAGUA LTD

Statement of total recognised gains and losses

The company does not have any gains and losses other than Profit and Loss for the period to report

PANAGUA LTD

Balance sheet

As at 31 March 2016


Notes
2016
£
2015
£
Fixed assets
Intangible assets: 2 8,100 11,050
Tangible assets: 3 36,540 37,401
Total fixed assets: 44,640 48,451
Current assets
Stocks: 164,921 153,019
Debtors: 3,176 3,902
Cash at bank and in hand: 21,219 24,315
Total current assets: 189,316 181,236
Creditors: amounts falling due within one year: ( 42,633 ) ( 46,000 )
Net current assets (liabilities): 146,683 135,236
Total assets less current liabilities: 191,323 183,687
Creditors: amounts falling due after more than one year: ( 170,558 ) ( 181,591 )
Provision for liabilities: 0 0
Total net assets (liabilities): 20,765 2,096

The notes form part of these financial statements

PANAGUA LTD

Balance sheet continued

As at 31 March 2016


Notes
2016
£
2015
£
Capital and reserves
Called up share capital: 4 100,000 50,000
Revaluation reserve: 0 0
Profit and loss account: 5 ( 79,235 ) ( 47,904 )
Shareholders funds: 20,765 2,096

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 12 September 2016

SIGNED ON BEHALF OF THE BOARD BY:

Name: R Mogford
Status: Director

The notes form part of these financial statements

PANAGUA LTD

Notes to the Financial Statements

for the Period Ended 31 March 2016

  • 1. Accounting policies

    Basis of measurement and preparation of accounts

    The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities

    Turnover policy

    The turnover shown in the profit and loss account represents revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.

    Tangible fixed assets depreciation policy

    Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life. Leasehold building improvements - 20% on cost or revalued amounts, Plant and Machinery - 20% on cost, Fixtures and fittings - 20% on cost, Computer Equipment - 33% on cost, Motor Vehicles - 20% on Cost.

    Intangible fixed assets amortisation policy

    Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives, not to exceed five years.

    Valuation information and policy

    Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

PANAGUA LTD

Notes to the Financial Statements

for the Period Ended 31 March 2016

  • 2. Intangible assets

    Goodwill Other Total
    Cost £ £ £
    01 April 2015: - 14,750 14,750
    Additions: - 0 0
    Disposals: - 0 0
    Revaluations: - 0 0
    Transfers: - 0 0
    31 March 2016: - 14,750 14,750
    Amortisation
    01 April 2015: - 3,700 3,700
    Provided during the period: - 2,950 2,950
    On disposals: - 0 0
    Other Adjustments: - 0 0
    31 March 2016: - 6,650 6,650
    Net book value
    31 March 2016: - 8,100 8,100
    31 March 2015: - 11,050 11,050

PANAGUA LTD

Notes to the Financial Statements

for the Period Ended 31 March 2016

  • 3. Tangible assets

    Land and buildings Plant and Machinery Fixtures and fittings Office Equipment Motor vehicles Total
    Cost £ £ £ £ £ £
    01 April 2015: 33,355 9,177 21,247 - 0 63,779
    Additions: 0 0 362 - 14,537 14,899
    Disposals: 0 0 0 - 0 0
    Revaluations: 0 0 0 - 0 0
    Transfers: 0 0 0 - 0 0
    31 March 2016: 33,355 9,177 21,609 - 14,537 78,678
    Depreciation
    01 April 2015: 12,787 5,863 7,728 - 0 26,378
    Charge for year: 6,670 3,314 4,322 - 1,454 15,760
    On disposals: 0 0 0 - 0 0
    Other adjustments: 0 0 0 - 0 0
    31 March 2016: 19,457 9,177 12,050 - 1,454 42,138
    Net book value
    31 March 2016: 13,898 0 9,559 - 13,083 36,540
    31 March 2015: 20,568 3,314 13,519 - 0 37,401

PANAGUA LTD

Notes to the Financial Statements

for the Period Ended 31 March 2016

  • 4. Called up share capital

    Allotted, called up and paid

    Previous period
    2015
    Class Number of shares Nominal value per share (£) Total (£)
    Ordinary shares: 50,000 1.00 50,000
    Preference shares: 0 0.00 0
    Total share capital (£): 50,000
    Current period
    2016
    Class Number of shares Nominal value per share (£) Total (£)
    Ordinary shares: 100,000 1.00 100,000
    Preference shares: 0 0.00 0
    Total share capital (£): 100,000

    The sole director is also the sole shareholder of the Company. On 3rd March 2016 the Company issued to the sole shareholder a further 50,000 Ordinary Shares at a par value of £1 per share.

PANAGUA LTD

Notes to the Financial Statements

for the Period Ended 31 March 2016

  • 5. Profit and loss account


    2016
    £
    2015
    £
    Opening balance: ( 47,904 ) ( 38,744 )
    Profit or (loss) for the period: ( 31,331 ) ( 9,160 )
    Equity dividends paid: 0 0
    Retained profit: ( 79,235 ) ( 47,904 )

PANAGUA LTD

Notes to the Financial Statements

for the Period Ended 31 March 2016

  • 6. Related party disclosures

    Name of the ultimate controlling party during the period: R Mogford
    Name of related party: R Mogford
    Relationship: Director and sole shareholder
    Description of the transaction Unsecured long term loan to the company
    Balance at 01 April 2015 181,592
    Balance at 31 March 2016 170,558

PANAGUA LTD

Notes to the Financial Statements

for the Period Ended 31 March 2016

  • 7. Transactions with directors

    Name of director receiving advance or credit R Mogford
    Description of the transaction Cash advance
    Balance at 01 April 2015 0
    Advances or credits made 50
    Advances or credits repaid 50
    Balance at 31 March 2016 0