Company registration number 7277250 (England and Wales)
A & H PANTELI LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
A & H PANTELI LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
A & H PANTELI LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
50,730
67,640
Tangible assets
4
41,148
43,392
91,878
111,032
Current assets
Stocks
6,150
6,140
Debtors
5
43,756
39,984
Cash at bank and in hand
4,924
10,540
54,830
56,664
Creditors: amounts falling due within one year
6
(51,323)
(49,464)
Net current assets
3,507
7,200
Total assets less current liabilities
95,385
118,232
Creditors: amounts falling due after more than one year
7
(69,446)
(86,788)
Provisions for liabilities
8
(8,023)
(8,244)
Net assets
17,916
23,200
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
17,816
23,100
Total equity
17,916
23,200
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 October 2023 and are signed on its behalf by:
Alexandros Nicky Panteli
Director
Company Registration No. 7277250
A & H PANTELI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
A & H Panteli Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Queens Parade, Brownlow Road, London, N11 2DN and the principal place of business is 246 Croft Road, Nuneaton, CV10 7DP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents sales of goods and net of VAT and trade discounts. Turnover is recognised at the point of sales.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of an incorporated business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
10% on straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value. Stocks are determined on a first in first out basis.
A & H PANTELI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
A & H PANTELI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Retirement benefits
The company operates two defined contribution schemes for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 11 (2022 - 13).
2023
2022
Number
Number
Total
11
13
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
222,500
Amortisation and impairment
At 1 July 2022
154,860
Amortisation charged for the year
16,910
At 30 June 2023
171,770
Carrying amount
At 30 June 2023
50,730
At 30 June 2022
67,640
A & H PANTELI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2022
1
103,545
103,546
Additions
5,064
5,064
At 30 June 2023
1
108,609
108,610
Depreciation and impairment
At 1 July 2022
60,154
60,154
Depreciation charged in the year
7,308
7,308
At 30 June 2023
67,462
67,462
Carrying amount
At 30 June 2023
1
41,147
41,148
At 30 June 2022
1
43,391
43,392
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
26,083
25,854
Other debtors (note 11)
17,673
14,130
43,756
39,984
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
19,039
14,388
Trade creditors
790
3,617
Corporation tax
6,727
7,160
Other taxation and social security
15,963
15,845
Other creditors
8,804
8,454
51,323
49,464
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
69,446
86,788
A & H PANTELI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 6 -
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
24,490
31,818
One of the bank loan is secured by personal guarantees provided by the directors. The other long term bank loan is under the government 'Bounce Back Loan Scheme' which is 100% secured by the UK government.
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities brought forward
8,244
9,945
Deferred tax movement
(221)
(1,701)
8,023
8,244
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
12,750
11,000
Between two and five years
51,000
44,000
In over five years
12,750
22,000
76,500
77,000
11
Related party transactions
A & H PANTELI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
11
Related party transactions
(Continued)
- 7 -
Included in other debtors (note5) there is an amount of £13,111 (2022: £10,043) due by A & H Panteli Executive Pension Scheme, in which the two directors are the only non independent members of the scheme.
12
Parent company
The company was controlled throughout the current and previous year by its parent company, A & H Panteli (Holdings) Limited, a company registered in England and Wales.