Company Registration No. 01592086 (England and Wales)
Panoramic Limited
Unaudited accounts
for the year ended 31 December 2017
Panoramic Limited
Unaudited accounts
Contents
Panoramic Limited
Company Information
for the year ended 31 December 2017
Directors
Steve Evans
Mahin Hill
Sylvia Evans
Company Number
01592086 (England and Wales)
Registered Office
2 Richmond Road
Mangotsfield
Bristol
BS16 9HB
Accountants
Space Advisory and Accountancy Limited
19 Malago Drive
Bristol
BS3 5DR
Panoramic Limited
Statement of financial position
as at 31 December 2017
Intangible assets
9,975
15,216
Tangible assets
16,078
26,927
Cash at bank and in hand
2,337,811
2,236,492
Creditors: amounts falling due within one year
(330,393)
(456,002)
Net current assets
2,219,224
2,048,313
Total assets less current liabilities
2,245,277
2,090,456
Provisions for liabilities
Deferred tax
(2,562)
(5,531)
Other provisions
(502,000)
(510,000)
Net assets
1,740,715
1,574,925
Called up share capital
1,000
1,000
Profit and loss account
1,739,715
1,573,925
Shareholders' funds
1,740,715
1,574,925
For the year ending 31 December 2017 the company was entitled to exemption from audit 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 29 August 2018.
Steve Evans
Director
Company Registration No. 01592086
Panoramic Limited
Notes to the Accounts
for the year ended 31 December 2017
Panoramic Limited is a private company, limited by shares, registered in England and Wales, registration number 01592086. The registered office is 2 Richmond Road, Mangotsfield, Bristol, BS16 9HB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Straight Line
Motor vehicles
25% Straight Line
Computer equipment
25% Straight Line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Website - 33% Straight Line
Software - 20% Straight Line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Panoramic Limited
Notes to the Accounts
for the year ended 31 December 2017
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Intangible fixed assets
Other
At 31 December 2017
22,125
At 31 December 2017
12,150
At 31 December 2016
15,216
Panoramic Limited
Notes to the Accounts
for the year ended 31 December 2017
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2017
8,461
137,146
9,563
155,170
At 31 December 2017
8,461
137,146
9,563
155,170
At 1 January 2017
7,208
112,167
8,868
128,243
Charge for the year
342
9,812
695
10,849
At 31 December 2017
7,550
121,979
9,563
139,092
At 31 December 2017
911
15,167
-
16,078
At 31 December 2016
1,253
24,979
695
26,927
Work in progress
41,563
47,552
Trade debtors
158,210
197,469
Other debtors
10,033
20,802
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Creditors: amounts falling due within one year
2017
2016
Trade creditors
61,806
155,126
Taxes and social security
62,123
75,635
Other creditors
3,091
11,578
Loans from directors
2,585
9,133
Deferred income
187,914
167,145
Panoramic Limited
Notes to the Accounts
for the year ended 31 December 2017
9
Provisions for liabilities
£
At 31 December 2017
502,000
The company provides a 10 year warranty from date of purchase on most sales. Provision is made for the likely future costs that will be incurred to settle the company's obligations under the warranties that have been given by the balance sheet date. The provision is calculated by reference to the company's current experience of these costs.
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors loan
590
325
5,600
(4,685)
Directors loan
(1,200)
4,966
1,333
2,433
Directors loan
(8,522)
8,522
333
(333)
(9,132)
13,813
7,266
(2,585)
Loans from directors are interest free.
Balances due to the company are charged in line with H M Revenue & Customs guidance.
11
Transactions with related parties
There are no related party transactions required to be disclosed not under normal market conditions.
12
Average number of employees
During the year the average number of employees was 11 (2016: 11).
