IRIS Accounts Production v23.2.0.158 05967177 Board of Directors Board of Directors 1.11.21 31.10.22 31.10.22 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh059671772021-10-31059671772022-10-31059671772021-11-012022-10-31059671772020-10-31059671772020-11-012021-10-31059671772021-10-3105967177ns10:Originalns15:EnglandWales2021-11-012022-10-3105967177ns14:PoundSterlingns10:Original2021-11-012022-10-3105967177ns10:Originalns10:Director12021-11-012022-10-3105967177ns10:Original2021-11-012022-10-3105967177ns10:Originalns10:Director22021-11-012022-10-3105967177ns10:Original2022-10-3105967177ns10:Originalns10:PrivateLimitedCompanyLtd2021-11-012022-10-3105967177ns10:Originalns10:SmallEntities2021-11-012022-10-3105967177ns10:Originalns10:AuditExemptWithAccountantsReport2021-11-012022-10-3105967177ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2021-11-012022-10-3105967177ns10:SmallCompaniesRegimeForAccountsns10:Original2021-11-012022-10-3105967177ns10:Originalns10:FullAccounts2021-11-012022-10-3105967177ns10:CompanySecretary1ns10:Original2021-11-012022-10-3105967177ns10:Originalns10:RegisteredOffice2021-11-012022-10-3105967177ns10:Original2021-10-3105967177ns10:Originalns5:CurrentFinancialInstruments2022-10-3105967177ns10:Originalns5:CurrentFinancialInstruments2021-10-3105967177ns5:ShareCapitalns10:Original2022-10-3105967177ns5:ShareCapitalns10:Original2021-10-3105967177ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-10-3105967177ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-10-3105967177ns10:Originalns5:PlantMachinery2021-11-012022-10-3105967177ns10:Originalns5:FurnitureFittings2021-11-012022-10-3105967177ns10:Originalns5:MotorVehicles2021-11-012022-10-3105967177ns10:Originalns5:ComputerEquipment2021-11-012022-10-3105967177ns10:Original2020-11-012021-10-3105967177ns10:Originalns5:PlantMachinery2021-10-3105967177ns10:Originalns5:FurnitureFittings2021-10-3105967177ns10:Originalns5:MotorVehicles2021-10-3105967177ns10:Originalns5:ComputerEquipment2021-10-3105967177ns10:Original2021-10-3105967177ns10:Originalns5:PlantMachinery2022-10-3105967177ns10:Originalns5:FurnitureFittings2022-10-3105967177ns10:Originalns5:MotorVehicles2022-10-3105967177ns10:Originalns5:ComputerEquipment2022-10-3105967177ns10:Originalns5:PlantMachinery2021-10-3105967177ns10:Originalns5:FurnitureFittings2021-10-3105967177ns10:Originalns5:MotorVehicles2021-10-3105967177ns10:Originalns5:ComputerEquipment2021-10-3105967177ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3105967177ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2021-10-31



PANELWORX LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2022






PANELWORX LIMITED (REGISTERED NUMBER: 05967177)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 7

PANELWORX LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST OCTOBER 2022







DIRECTORS: B Stockwell
M Stockwell





SECRETARY: M Stockwell





REGISTERED OFFICE: 33 Longfield Road
Shotgate
Wickford
Essex
SS11 8PU





REGISTERED NUMBER: 05967177 (England and Wales)





ACCOUNTANTS: Clouders
Chartered Certified Accountants
Charter House
103-105 Leigh Road
Leigh-on-Sea
Essex
SS9 1JL

PANELWORX LIMITED (REGISTERED NUMBER: 05967177)

BALANCE SHEET
31ST OCTOBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,264 5,811

CURRENT ASSETS
Debtors 5 18,350 15,325
Cash at bank 771 551
19,121 15,876
CREDITORS
Amounts falling due within one year 6 62,954 53,819
NET CURRENT LIABILITIES (43,833 ) (37,943 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(38,569

)

(32,132

)

PROVISIONS FOR LIABILITIES 509 1,104
NET LIABILITIES (39,078 ) (33,236 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (39,178 ) (33,336 )
SHAREHOLDERS' FUNDS (39,078 ) (33,236 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2022 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.

PANELWORX LIMITED (REGISTERED NUMBER: 05967177)

BALANCE SHEET - continued
31ST OCTOBER 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 16th October 2023 and were signed on its behalf by:




B Stockwell - Director



M Stockwell - Director


PANELWORX LIMITED (REGISTERED NUMBER: 05967177)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2022

1. STATUTORY INFORMATION

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures & equipment - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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.

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.

PANELWORX LIMITED (REGISTERED NUMBER: 05967177)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2022

2. ACCOUNTING POLICIES - continued

Going concern
The accounts have been drawn up on the going concern basis. Of the company's liabilities £1,007 (2021 £732) is owed to the directors, who have agreed not to demand repayment of these loans until the company can meet all future liabilities and to continue to support the company for at least one year from the balance sheet date.

If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets as current assets and creditors due in more than one year as current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and Fixtures Motor Computer
machinery & equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1st November 2021 2,783 19,124 14,550 6,239 42,696
Additions - 894 - - 894
At 31st October 2022 2,783 20,018 14,550 6,239 43,590
DEPRECIATION
At 1st November 2021 2,689 14,822 13,731 5,643 36,885
Charge for year 24 901 204 312 1,441
At 31st October 2022 2,713 15,723 13,935 5,955 38,326
NET BOOK VALUE
At 31st October 2022 70 4,295 615 284 5,264
At 31st October 2021 94 4,302 819 596 5,811

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 12,195 10,196
Amounts recoverable on contracts 6,155 4,834
Other debtors - 295
18,350 15,325

PANELWORX LIMITED (REGISTERED NUMBER: 05967177)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2022

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 12,520 17,667
Trade creditors 33,685 19,487
Corporation tax 984 990
Social security and other taxes 1,248 3,970
Other creditors 8,162 8,526
Directors' loan accounts 1,007 732
Accrued expenses 5,348 2,447
62,954 53,819

7. RELATED PARTY DISCLOSURES

The company has a loan from KCS Industries Limited of £2,904 (2021 £2,904). One of the directors of this company is also a director of KCS Industries Limited. The loan remains outstanding at the year end and is shown in Other creditors.

8. ULTIMATE CONTROLLING PARTY

The company is controlled by its directors.

PANELWORX LIMITED

REPORT OF THE ACCOUNTANTS TO THE DIRECTORS OF
PANELWORX LIMITED

The following reproduces the text of the report prepared for the directors 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.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31st October 2022 set out on pages three to nine and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Clouders
Chartered Certified Accountants
Charter House
103-105 Leigh Road
Leigh-on-Sea
Essex
SS9 1JL


16th October 2023