Registration number:
Panad Site Services Ltd
for the Year Ended 31 March 2023
Panad Site Services Ltd
Contents
Company Information |
|
Directors' Report |
|
Accountants' Report |
|
Statement of Income and Retained Earnings |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
|
Detailed Profit and Loss Account |
Panad Site Services Ltd
Company Information
Directors |
Mrs JE Goodier Mr A McKie Mr J Goodier |
Registered office |
|
Accountants |
|
Panad Site Services Ltd
Directors' Report for the Year Ended 31 March 2023
The directors present their report and the financial statements for the year ended 31 March 2023.
Director of the company
The directors who held office during the year were as follows:
Small companies provision statement
This report has 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.
Approved and authorised by the
......................................... |
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Panad Site Services Ltd
for the Year Ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Panad Site Services Ltd for the year ended 31 March 2023 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Panad Site Services Ltd, 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 Panad Site Services Ltd and state those matters that we have agreed to state to the Board of Directors of Panad Site Services Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Panad Site Services Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Panad Site Services Ltd 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 Panad Site Services Ltd. You consider that Panad Site Services Ltd 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 Panad Site Services Ltd. 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.
......................................
Certified chartered accountants
Crewe
Cheshire
CW1 6EA
Panad Site Services Ltd
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
- |
|
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar charges |
( |
( |
|
(1,807) |
(3,382) |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
59,265 |
49,299 |
|
Dividends paid |
( |
- |
|
Retained earnings carried forward |
85,716 |
59,265 |
Panad Site Services Ltd
(Registration number: 07121939)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
Panad Site Services Ltd
(Registration number: 07121939)
Balance Sheet as at 31 March 2023
For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their 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 Directors Report and Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Panad Site Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The principal place of business is:
18 Macon Court
Crewe
Cheshire
CW1 1EA
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 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.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.
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.
Tax
The tax expense for the period comprises of current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Panad Site Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% reducing balance |
Motor vehicles |
25% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
over 10 years |
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Panad Site Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 April 2022 |
|
|
At 31 March 2023 |
|
|
Amortisation |
||
At 1 April 2022 |
|
|
At 31 March 2023 |
|
|
Carrying amount |
||
At 31 March 2023 |
- |
- |
Panad Site Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Tangible assets |
Motor vehicles |
Plant and equipment |
Total |
|
Cost or valuation |
|||
At 1 April 2022 |
|
|
|
Additions |
|
|
|
At 31 March 2023 |
|
|
|
Depreciation |
|||
At 1 April 2022 |
|
|
|
Charge for the year |
|
|
|
At 31 March 2023 |
|
|
|
Carrying amount |
|||
At 31 March 2023 |
|
|
|
At 31 March 2022 |
|
|
|
Stocks |
2023 |
2022 |
|
Other inventories |
|
|
Debtors |
2023 |
2022 |
|
Trade debtors |
|
|
Other debtors |
|
|
Total current trade and other debtors |
|
|
Panad Site Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Included in other creditors is an amount of £278,550 (2022: £270,975) which is secured on the trade debtors of the company.
2023 |
2022 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
HP and finance lease liabilities |
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Panad Site Services Ltd
Detailed Profit and Loss Account for the Year Ended 31 March 2023
2023 |
2022 |
|
Turnover (analysed below) |
4,013,888 |
3,432,706 |
Cost of sales (analysed below) |
(3,334,798) |
(2,953,439) |
Gross profit |
679,090 |
479,267 |
Gross profit (%) |
16.92% |
13.96% |
Administrative expenses |
||
Employment costs (analysed below) |
(346,547) |
(252,329) |
Establishment costs (analysed below) |
(46,858) |
(42,343) |
General administrative expenses (analysed below) |
(154,609) |
(133,050) |
Finance charges (analysed below) |
(55,890) |
(39,376) |
Depreciation costs (analysed below) |
(10,924) |
(7,501) |
(614,828) |
(474,599) |
|
Other operating income (analysed below) |
- |
11,579 |
Operating profit |
64,262 |
16,247 |
Other interest receivable and similar income (analysed below) |
1 |
6 |
Interest payable and similar charges (analysed below) |
(1,808) |
(3,388) |
(1,807) |
(3,382) |
|
Profit before tax |
62,455 |
12,865 |
Panad Site Services Ltd
Detailed Profit and Loss Account for the Year Ended 31 March 2023
2023 |
2022 |
Turnover |
||
Sales |
4,013,888 |
3,432,706 |
Cost of sales |
||
Purchases |
370,539 |
199,687 |
Wages and salaries |
2,964,259 |
2,753,752 |
3,334,798 |
2,953,439 |
Employment costs |
||
Wages and salaries |
119,051 |
115,494 |
Directors remuneration |
90,036 |
88,801 |
Staff pensions |
135,824 |
45,017 |
Staff training |
1,636 |
3,017 |
346,547 |
252,329 |
Establishment costs |
||
Rent and rates |
16,480 |
16,444 |
Light, heat and power |
3,173 |
3,663 |
Insurance |
27,205 |
22,236 |
46,858 |
42,343 |
General administrative expenses |
||
Repairs and maintenance |
109 |
239 |
Telephone and fax |
9,684 |
6,970 |
Call centre fees |
7,953 |
7,856 |
Computer software and maintenance costs |
6,178 |
5,958 |
Printing, postage and stationery |
1,612 |
1,844 |
Equipment hire |
6,312 |
4,177 |
Trade subscriptions |
4,494 |
4,357 |
Sundry expenses |
27,663 |
19,653 |
Motor and travel expenses |
63,168 |
52,311 |
Accountancy fees |
13,592 |
13,384 |
Legal and professional fees |
13,844 |
16,301 |
154,609 |
133,050 |
Finance charges |
||
Bank charges |
55,890 |
39,376 |
Panad Site Services Ltd
Detailed Profit and Loss Account for the Year Ended 31 March 2023
2023 |
2022 |
Depreciation costs |
||
Amortisation of goodwill |
- |
1,375 |
Depreciation of plant and machinery |
1,017 |
1,272 |
Depreciation of motor vehicles |
9,907 |
4,854 |
10,924 |
7,501 |
Other operating income |
||
Government grants receivable |
- |
11,579 |
Other interest receivable and similar income |
||
Bank interest receivable |
1 |
6 |
Interest payable and similar expenses |
||
Hire purchase interest |
599 |
336 |
Other loan interest |
1,114 |
2,892 |
Other interest payable |
95 |
160 |
1,808 |
3,388 |