Pannell Commercials Limited - Period Ending 2017-03-31

Registration number: 04499240

Pannell Commercials Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Pannell Commercials Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Financial Statements	4 to 5

Pannell Commercials Limited

Company Information

Director

Mr Mike Pannell

Company secretary

Mr John Lewis

Registered office

6 Houndiscombe Road Plymouth Devon PL4 6HH

Accountants

Houndiscombe Consultants Limited T/A Condy Mathias Chartered Accountants 6 Houndiscombe Road Plymouth Devon PL4 6HH

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Pannell Commercials Limited
for the Year Ended 31 March 2017

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 2017 as set out on pages 3 to 5 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 the Board of Directors of Pannell Commercials Limited, 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.

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

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

19 December 2017

Page 2

Pannell Commercials Limited

(Registration number: 04499240)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Current assets
Investments	3	268,875	249,875
Cash at bank and in hand		-	389
		268,875	250,264
Creditors: Amounts falling due within one year	4	(8,094)	(7,672)
Net assets		260,781	242,592
Capital and reserves
Called up share capital		1,000	1,000
Share premium reserve		6	6
Profit and loss account		259,775	241,586
Total equity		260,781	242,592

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 19 December 2017
 

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

Mr Mike Pannell

Director

The notes on pages 4 to 5 form an integral part of these financial statements.

Page 3

Pannell Commercials Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance
These financial statements have been prepared using the historic cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A- The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
These are the company's first set of financial statements prepared in accordance with FRS102. No adjustments have been necessary in making the transition.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3	Current asset investments

	2017 £	2016 £
Other investments	268,875	249,875

4

Creditors

Page 4

Pannell Commercials Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

	2017 £	2016 £
Due within one year
Bank loans and overdrafts	70	-
Other creditors	8,024	7,672
	8,094	7,672

5	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Bank overdrafts	70	-

6	Transition to FRS 102

This is the company's first year applying the FRS102 framework. No adjustments were required on transition to FRS102.

Page 5