Panel People Limited - Period Ending 2016-05-30

Registration number: 04208946

 

Panel People Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 May 2016
 

Panel People Limited
Contents

Page

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Panel People Limited
balance sheet as at 30 May 2016

		Note			30 May 2016 £			30 May 2015 £
Fixed assets
Tangible fixed assets					1,204,742			1,529,329
Investments					10			10
					1,204,752			1,529,339
Current assets
Stocks					527,786			499,378
Debtors					447,520			543,287
Cash at bank and in hand					679,347			451,185
					1,654,653			1,493,850
Creditors: Amounts falling due within one year					(243,134)			(440,794)
Net current assets					1,411,519			1,053,056
Total assets less current liabilities					2,616,271			2,582,395
Creditors: Amounts falling due after more than one year					(254,775)			(278,566)
Provisions for liabilities					(19,750)			(17,492)
Total net assets					2,341,746			2,286,337
Capital and reserves
Called up share capital		3			19,500			19,500
Capital redemption reserve					476,625			476,625
Revaluation reserve					71,483			103,136
Profit and loss account					1,774,138			1,687,076
Shareholders' funds					2,341,746			2,286,337

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

Panel People Limited
balance sheet as at 30 May 2016
......... continued

For the year ending 30 May 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 February 2017 and signed on its behalf by:

.........................................
Mr G C Bond
Director

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

Panel People Limited
Notes to the Abbreviated Accounts for the Year Ended 30 May 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 amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Buildings	2% on Net Book Value
Plant and Machinery	15% on Net Book Value
Motor Vehicles	25% on Net Book Value

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Fixed asset investments

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

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

Page 3

Panel People Limited
Notes to the Abbreviated Accounts for the Year Ended 30 May 2016
......... continued

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at teh balance sheet date.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 31 May 2015		2,139,306			10			2,139,316
Revaluations		(31,653)			-			(31,653)
Additions		21,668			-			21,668
Disposals		(291,430)			-			(291,430)
At 30 May 2016		1,837,891			10			1,837,901
Depreciation
At 31 May 2015		609,977			-			609,977
Charge for the year		39,493			-			39,493
Eliminated on disposals		(16,321)			-			(16,321)
At 30 May 2016		633,149			-			633,149
Net book value
At 30 May 2016		1,204,742			10			1,204,752
At 30 May 2015		1,529,329			10			1,529,339

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
Anchor Windows (Ebbw Vale) Limited		Ordinary Shares	100%	Dormant

Page 4

Panel People Limited
Notes to the Abbreviated Accounts for the Year Ended 30 May 2016
......... continued

3	Share capital

Allotted, called up and fully paid shares

	30 May 2016						30 May 2015
		No.			£			No.			£
Ordinary Shares of £1 each		19,500			19,500			19,500			19,500

4	Related party transactions

Directors' advances and credits

	Year ended 30 May 2016 Advance/ Credit £	Year ended 30 May 2016 Repaid £	1 June 2014 to 30 May 2015 Advance/ Credit £	1 June 2014 to 30 May 2015 Repaid £
Mr G C Bond
Interest charged on loan to the directors at 3% (2015 - 4%)	3,871	-	4,000	-

Page 5