Pannell Commercials Limited - Period Ending 2018-03-31

Registration number: 04499240

Pannell Commercials Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

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 M Pannell

Company secretary

Mr J 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 2018

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 2018 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 2018

Page 2

Pannell Commercials Limited

(Registration number: 04499240)
Balance Sheet as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Investments	3	287,875	268,875
Creditors: Amounts falling due within one year	4	(8,334)	(8,094)
Net assets		279,541	260,781
Capital and reserves
Called up share capital		1,000	1,000
Share premium reserve		6	6
Profit and loss account		278,535	259,775
Total equity		279,541	260,781

For the financial year ending 31 March 2018 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 2018
 

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

Mr M 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 2018

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

The principal place of business is:
Quarry Crescent
Pennygillam Ind. Estate
Launceston
Cornwall
PL15 7PF

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Business combinations

Investments in associates are accounted for using the cost method, with the associates valued at cost less any impairment losses. All distributions received from associates are recognised as income through the profit and loss account.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Page 4

Pannell Commercials Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

3	Investments

	2018 £	2017 £
Investments in associates	287,875	268,875

4

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Bank loans and overdrafts	149	70
Other creditors	8,185	8,024
	8,334	8,094

5	Loans and borrowings

	2018 £	2017 £
Current loans and borrowings
Bank overdrafts	149	70

Page 5