Panter and Son Limited - Period Ending 2016-01-31

 
 
 
 
 
 
 
  Panter and Son Limited
 
  Unaudited Abbreviated Accounts
  Year Ended 31 January 2016
 
  Company Registration Number: 00450732

Panter and Son Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Panter and Son Limited
Abbreviated Balance Sheet
31 January 2016

		Note			2016 £			(As restated) 2015 £
Fixed assets
Tangible fixed assets		2			147,559			146,793
Investments		2			970			970
					148,529			147,763
Current assets
Stocks					299,347			307,000
Debtors					295,453			249,300
Cash at bank and in hand					138,489			217,906
					733,289			774,206
Creditors: Amounts falling due within one year					(324,923)			(349,245)
Net current assets					408,366			424,961
Total assets less current liabilities					556,895			572,724
Creditors: Amounts falling due after more than one year					-			(6,108)
Net assets					556,895			566,616
Capital and reserves
Called up share capital		4			77,990			77,990
Profit and loss account					478,905			488,626
Shareholders' funds					556,895			566,616

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Panter and Son Limited
Abbreviated Balance Sheet
31 January 2016 ......... continued

For the year ending 31 January 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 .

Approved by the Board on 27 October 2016 and signed on its behalf by:

Mr R Panter
Director

Company Registration Number: 00450732

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Panter and Son Limited
Notes to the Abbreviated Accounts
Year Ended 31 January 2016 ......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

The turnover shown in the Profit and Loss Account represents income from retail sales, credit sales and interest received on book debts.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Asset class	Depreciation method and rate
Leasehold and Freehold Property	2% straight line
Fixtures, Fittings & Equipment	15% to 20% straight line
Motor Vehicles	25% straight line
Website costs	33.3% straight line

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Stock

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

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes which have arisen but not reversed by the balance sheet date, except as required by the FRSSE.

Hire purchase and leasing

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pensions

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Page 3

Panter and Son Limited
Notes to the Abbreviated Accounts
Year Ended 31 January 2016 ......... continued

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 February 2015		226,605			970			227,575
Additions		8,000			-			8,000
At 31 January 2016		234,605			970			235,575
Depreciation
At 1 February 2015		79,812			-			79,812
Charge for the year		7,234			-			7,234
At 31 January 2016		87,046			-			87,046
Net book value
At 31 January 2016		147,559			970			148,529
At 31 January 2015		146,793			970			147,763

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		6,108			18,758
Amounts falling due after more than one year		-			6,108
Total secured creditors		6,108			24,866

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary A shares of £1 each		20,000			20,000			20,000			20,000
Ordinary B shares of £1 each		24			24			24			24
Ordinary C shares of £1 each		8			8			8			8
Ordinary D shares of £25.00 each		50			1,250			50			1,250

Page 4

Panter and Son Limited
Notes to the Abbreviated Accounts
Year Ended 31 January 2016 ......... continued

Preference shares of £100.00 each		1,810			181,000			1,810			181,000
Ordinary E shares of £1 each		56,708			56,708			56,708			56,708
		78,600			258,990			78,600			258,990

5	Prior period adjustments

The comparative figures for the year ended 31 January 2015 have been restated to reflect a change in classification of share capital. The Ordinary E shares totalling £56,708 have been reclassified from liabilities to equity as they are not redeemable and the preference shares totalling £181,000 have been reclassified from creditors due after more than one year to creditors due within one year as they are redeemable on demand. The effect of this restatement is to increase equity by £56,708, increase creditors due within one year by £181,000 and to reduce creditors due after more than one year by £237,708 for the year ended 31 January 2015. This restatement has no effect on the profit and loss account for the year ended 31 January 2015.

Page 5