Pannell Commercials Limited - Period Ending 2016-03-31

Registration number: 04499240

Pannell Commercials Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Condy Mathias
Condy Mathias
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Pannell Commercials Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 3) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Pannell Commercials Limited
for the Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pannell Commercials Limited for the year ended 31 March 2016 set out on pages 4 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Pannell Commercials Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Pannell Commercials Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pannell Commercials Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Pannell Commercials Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Pannell Commercials Limited. You consider that Pannell Commercials Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Pannell Commercials Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Condy Mathias
Condy Mathias
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

9 December 2016

Page 1

Pannell Commercials Limited
(Registration number: 04499240)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Current assets
Investments					249,875			239,875
Cash at bank and in hand					388			2,464
					250,263			242,339
Creditors: Amounts falling due within one year					(7,671)			(17,581)
Net assets					242,592			224,758
Capital and reserves
Called up share capital		2			1,000			1,000
Share premium account					6			6
Profit and loss account					241,586			223,752
Shareholders' funds					242,592			224,758

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 director acknowledges his 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 director on 9 December 2016

.........................................
Mr Mike Pannell
Director

The notes on page 3 form an integral part of these financial statements.
Page 2

Pannell Commercials Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 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

Turnover represents the company's share of the profit and return on investment from the Pannell Commercials Partnership

Current asset investments

Current asset investments are included at the lower of cost and net realisable value.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary A of £1 each		900			900			900			900
Ordinary B of £1 each		100			100			100			100
		1,000			1,000			1,000			1,000

Page 3