Panelbond Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04563628 (England and Wales)

PANELBOND LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

Chartered Accountants' Report

8

DIRECTORS:

R Birkwood

L Rhoades

R H Haynes

SECRETARY:

R H Haynes

REGISTERED OFFICE:

Unit 3 Omega Business Park

Estate Road 6

Grimsby

N E Lincolnshire

DN31 2TG

REGISTERED NUMBER:

04563628 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

15 Chequergate

Louth

Lincolnshire

LN11 0LJ

BANKERS:

HSBC Bank plc

Cornmarket

Louth

Lincolnshire

LN11 9QB

SOLICITORS:

Bridge McFarland Haddon Owen

9 Cornmarket

Louth

Lincolnshire

LN11 9PY

FIXED ASSETS

Tangible assets

4

15,879

21,652

CURRENT ASSETS

Stocks

76,122

76,183

Debtors

5

128,230

160,874

Cash at bank and in hand

68,025

53,887

272,377

290,944

CREDITORS

Amounts falling due within one year

6

130,933

93,140

NET CURRENT ASSETS

141,444

197,804

TOTAL ASSETS LESS CURRENT LIABILITIES

157,323

219,456

PROVISIONS FOR LIABILITIES

2,814

3,889

NET ASSETS

154,509

215,567

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

154,409

215,467

SHAREHOLDERS' FUNDS

154,509

215,567

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 7 July 2017 and were signed on its behalf by:

R H Haynes - Director

1.	STATUTORY INFORMATION

Panelbond Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents amounts chargeable to clients for professional services provided during the year excluding

Value Added Tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to leasehold property

-

20% on cost

Plant and machinery

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

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.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Amounts to be billed to clients

Services provided to clients during the year, which at the balance sheet date have not been billed to clients,

have been recognised as turnover based on an assessment of the fair value of the services provided at the

balance sheet date as a proportion of the total value of the engagement. Provision is made against unbilled

amounts on those engagements where the right to receive payment is contingent on factors outside the

control of the company. Unbilled revenue is included in debtors.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 .

4.	TANGIBLE FIXED ASSETS

Improvements

to

leasehold

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 1 January 2016

and 31 December 2016

8,819

126,030

2,791

137,640

DEPRECIATION

At 1 January 2016

7,663

106,121

2,204

115,988

Charge for year

578

4,977

218

5,773

At 31 December 2016

8,241

111,098

2,422

121,761

NET BOOK VALUE

At 31 December 2016

578

14,932

369

15,879

At 31 December 2015

1,156

19,909

587

21,652

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

120,116

152,896

Other debtors

8,114

7,978

128,230

160,874

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

87,594

28,971

Amounts owed to associates

12,898

12,898

Taxation and social security

28,270

49,208

Other creditors

2,171

2,063

130,933

93,140

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2016

2015

£

£

Within one year

36,126

36,126

Between one and five years

-

36,126

36,126

72,252

8.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2016

2015

value:

£

£

100

Share capital 1

£1

100

100

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2016 and

31 December 2015:

2016

2015

£

£

R H Haynes

Balance outstanding at start of year

-

-

Amounts advanced

12,966

14,966

Amounts repaid

(12,966

)

(14,966

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

R Birkwood

Balance outstanding at start of year

-

-

Amounts advanced

38,900

44,899

Amounts repaid

(38,900

)

(44,899

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

L Rhoades

Balance outstanding at start of year

-

-

Amounts advanced

38,900

44,899

Amounts repaid

(38,900

)

(44,899

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

The loans made to the directors were unsecured, interest free and repayable on demand.

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £90,766 were paid to the directors .

11.	FIRST YEAR ADOPTION

The company's financial statements have not been materially affected by the transition to FRS 102.

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only

required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary

statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Panelbond Limited for the year ended 31 December 2016 which comprise the Income

Statement, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that Panelbond Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Panelbond Limited. You consider that Panelbond 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 financial statements of Panelbond 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 financial statements.

Duncan & Toplis Limited

15 Chequergate

Louth

Lincolnshire

LN11 0LJ

10 July 2017