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REGISTERED NUMBER: 02607937 (England and Wales)















PAN GLO UK LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022






PAN GLO UK LIMITED (REGISTERED NUMBER: 02607937)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022










Page

Company Information 1

Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


PAN GLO UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTORS: G L Bundy
R A Bundy
W Bundy
R Bundy Jr





SECRETARY: J Bowman





REGISTERED OFFICE: 8 Seddon Place
Skelmersdale
Lancashire
WN8 8EB





REGISTERED NUMBER: 02607937 (England and Wales)





ACCOUNTANTS: Rothmans LLP
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PAN GLO UK 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.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pan Glo UK Limited for the year ended 31 December 2022 which comprise the Statement of Income and Retained Earnings, 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 Pan Glo UK 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 Pan Glo UK Limited and state those matters that we have agreed to state to the Board of Directors of Pan Glo UK 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 Pan Glo UK Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Pan Glo UK 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 Pan Glo UK Limited. You consider that Pan Glo UK 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 Pan Glo UK 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.






Rothmans LLP
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR


26 September 2023

PAN GLO UK LIMITED (REGISTERED NUMBER: 02607937)

BALANCE SHEET
31 DECEMBER 2022

2022 2021
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 513,280 573,080
Tangible assets 5 2,107,724 2,422,717
2,621,004 2,995,797

CURRENT ASSETS
Stocks 6 954,838 533,345
Debtors 7 3,213,243 3,436,085
Cash at bank 1,365,747 403,980
5,533,828 4,373,410
CREDITORS
Amounts falling due within one year 8 2,435,286 2,943,024
NET CURRENT ASSETS 3,098,542 1,430,386
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,719,546

4,426,183

CREDITORS
Amounts falling due after more than one
year

9

(807,502

)

-

PROVISIONS FOR LIABILITIES (212,053 ) (209,592 )
NET ASSETS 4,699,991 4,216,591

CAPITAL AND RESERVES
Called up share capital 8,500 8,500
Revaluation reserve 157,442 157,442
Other reserves 371,500 371,500
Retained earnings 4,162,549 3,679,149
4,699,991 4,216,591

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

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

PAN GLO UK LIMITED (REGISTERED NUMBER: 02607937)

BALANCE SHEET - continued
31 DECEMBER 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2023 and were signed on its behalf by:





W Bundy - Director


PAN GLO UK LIMITED (REGISTERED NUMBER: 02607937)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022


1. STATUTORY INFORMATION

Pan Glo UK Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02607937 and its registered office is 8 Seddon Place, Skelmersdale, Lancashire, WN8 8EB.

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.

The presentation currency of the financial statements is £ sterling.

Going concern
The financial statements have been prepared on the going concern basis.

Turnover
Turnover represents net sales during the year (excluding value added tax) adjusted for accrued and deferred income where applicable.

Turnover for the sale of goods is recognised on despatch.

Intangible fixed assets
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of 10 years.

Tangible fixed assets
All fixed assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

The cost of fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management.

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

Freehold property30 years straight line
Plant and machinery7 years straight line
Fixtures and fittings3 - 7 years straight line
Motor vehicles4 years straight line

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Statement of Income and Retained Earnings.

The directors are of the opinion that the land element of the freehold property cannot be separately identified. Therefore all elements of freehold property have been depreciated.

Stocks
Stocks are valued at the lower of cost and net realisable value, on a 'first in, first out' basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

For work in progress and finished goods manufactured by the company, cost is taken as production cost, which includes an appropriate proportion of fixed and variable overheads.


PAN GLO UK LIMITED (REGISTERED NUMBER: 02607937)

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


2. ACCOUNTING POLICIES - continued
Taxation
The charge for taxation is based on the profit for the year and takes into account taxation deferred.

Current tax is measured at amounts expected to be paid using tax rates and laws that been enacted or substantively enacted at the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax with the following exception:

- deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Financial instruments
Basic financial instruments are measured at amortised cost.

Grants
Grants of a revenue nature are credited to the Statement of Income and Retained Earnings in the period to which they relate in accordance with the terms of the grant. Any accrued or deferred element of the grant is included in debtors or creditors as applicable.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

1) Goodwill
On acquisition, the directors use their judgement to determine the fair value of any intangibles to recognise separately from goodwill. This is based on their knowledge and experience in the sector.

Other key sources of estimation uncertainty

1) Useful life of goodwill
A reliable estimate is made of the useful life of goodwill arising on acquisitions. The estimate is based on the directors knowledge of the underlying company and sector.

2) Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as market conditions, the remaining life of the asset and projected disposal values.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2021 - 35 ) .

PAN GLO UK LIMITED (REGISTERED NUMBER: 02607937)

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


4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 January 2022
and 31 December 2022 597,997
AMORTISATION
At 1 January 2022 24,917
Charge for year 59,800
At 31 December 2022 84,717
NET BOOK VALUE
At 31 December 2022 513,280
At 31 December 2021 573,080

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
COST
At 1 January 2022 1,429,659 2,465,038 348,255 11,099 4,254,051
Additions 11,600 181,144 3,264 - 196,008
At 31 December 2022 1,441,259 2,646,182 351,519 11,099 4,450,059
DEPRECIATION
At 1 January 2022 252,139 1,336,995 236,238 5,962 1,831,334
Charge for year 46,368 426,753 35,105 2,775 511,001
At 31 December 2022 298,507 1,763,748 271,343 8,737 2,342,335
NET BOOK VALUE
At 31 December 2022 1,142,752 882,434 80,176 2,362 2,107,724
At 31 December 2021 1,177,520 1,128,043 112,017 5,137 2,422,717

6. STOCKS
2022 2021
£ £
Raw materials 90,340 48,765
Work-in-progress 712,352 166,918
Finished goods 152,146 317,662
954,838 533,345

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Trade debtors 1,322,635 1,809,067
Amounts owed by group undertakings 1,430,119 1,490,223
Corporation tax - 21,911
Prepayments and accrued income 460,489 114,884
3,213,243 3,436,085

PAN GLO UK LIMITED (REGISTERED NUMBER: 02607937)

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


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Bank loans and overdrafts 171,172 -
Trade creditors 648,599 956,130
Corporation tax 143,282 -
Social security and other taxes 61,544 63,476
VAT 151,944 171,655
Other creditors 839,781 777,430
Accruals and deferred income 418,964 974,333
2,435,286 2,943,024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£ £
Bank loans - 1-2 years 171,770 -
Bank loans - 2-5 years 519,393 -
Bank loans more than 5 years 116,339 -
807,502 -

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 116,339 -

The company has a loan with Santander UK Plc. Repayments are due on the loan monthly. The loan is due for repayment in full by September 2028.

The loan currently bears interest at a rate of 2.75% above base rate, charged monthly.

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£ £
Within one year 86,177 112,776
Between one and five years 23,562 66,729
109,739 179,505

11. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£ £
Bank loans 978,674 -

The bank loans are secured by a fixed and floating charge over all the assets of the company.

PAN GLO UK LIMITED (REGISTERED NUMBER: 02607937)

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


12. CAPITAL COMMITMENTS
2022 2021
£ £
Contracted but not provided for in the
financial statements 299,583 -

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

14. ULTIMATE CONTROLLING PARTY

The Company was a subsidiary of DSD Investments Limited until 27 August 2021. DSD Investments was a subsidiary of American Pan Company UK Holdings Limited. From 28 August 2021 the Company became a direct subsidiary of American Pan Company UK Holdings Limited.

The directors do not consider there to be any one ultimate controlling party.