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Registration number: 07121939

Panad Site Services Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Panad Site Services Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Statement of Income and Retained Earnings

4

Balance Sheet

5 to 6

Notes to the Unaudited Financial Statements

7 to 11

Detailed Profit and Loss Account

12 to 14

 

Panad Site Services Ltd

Company Information

Directors

Mrs JE Goodier

Mr A McKie

Mr J Goodier

Registered office

7-9 Macon Court
Crewe
Cheshire
CW1 6EA

Accountants

Alextra Group Limited
Certified chartered accountants
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

 

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:

Mrs JE Goodier

Mr A McKie

Mr J Goodier

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 Board on 15 November 2023 and signed on its behalf by:
 

.........................................
Mr J Goodier
Director

 

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.

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

Alextra Group Limited
Certified chartered accountants
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

15 November 2023

 

Panad Site Services Ltd

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2023

Note

2023
£

2022
£

Turnover

 

4,013,888

3,432,706

Cost of sales

 

(3,334,798)

(2,953,439)

Gross profit

 

679,090

479,267

Administrative expenses

 

(614,828)

(474,599)

Other operating income

 

-

11,579

Operating profit

 

64,262

16,247

Other interest receivable and similar income

 

1

6

Interest payable and similar charges

 

(1,808)

(3,388)

 

(1,807)

(3,382)

Profit before tax

62,455

12,865

Taxation

 

(13,199)

(2,899)

Profit for the financial year

 

49,256

9,966

Retained earnings brought forward

 

59,265

49,299

Dividends paid

 

(22,805)

-

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

5

32,772

19,880

Current assets

 

Stocks

6

7,500

7,500

Debtors

7

763,691

664,444

Cash at bank and in hand

 

58,479

31,984

 

829,670

703,928

Creditors: Amounts falling due within one year

8

(732,610)

(622,986)

Net current assets

 

97,060

80,942

Total assets less current liabilities

 

129,832

100,822

Creditors: Amounts falling due after more than one year

8

(43,116)

(40,557)

Net assets

 

86,716

60,265

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

85,716

59,265

Shareholders' funds

 

86,716

60,265

 

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 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 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 Board on 15 November 2023 and signed on its behalf by:
 

.........................................
Mr J Goodier
Director

 

Panad Site Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

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

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 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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 177 (2022 - 162).

 

Panad Site Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

53,570

53,570

At 31 March 2023

53,570

53,570

Amortisation

At 1 April 2022

53,570

53,570

At 31 March 2023

53,570

53,570

Carrying amount

At 31 March 2023

-

-

 

Panad Site Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Motor vehicles
 £

Plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

39,664

16,053

55,717

Additions

23,566

250

23,816

At 31 March 2023

63,230

16,303

79,533

Depreciation

At 1 April 2022

23,601

12,236

35,837

Charge for the year

9,907

1,017

10,924

At 31 March 2023

33,508

13,253

46,761

Carrying amount

At 31 March 2023

29,722

3,050

32,772

At 31 March 2022

16,063

3,817

19,880

6

Stocks

2023
£

2022
£

Other inventories

7,500

7,500

7

Debtors

2023
£

2022
£

Trade debtors

735,721

636,440

Other debtors

27,970

28,004

Total current trade and other debtors

763,691

664,444

 

Panad Site Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

13,420

11,339

Trade creditors

 

93,973

35,227

Taxation and social security

 

329,317

287,391

Other creditors

 

295,900

289,029

 

732,610

622,986

Due after one year

 

Loans and borrowings

43,116

40,557

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

8,873

8,659

HP and finance lease liabilities

4,547

2,680

13,420

11,339

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

43,116

40,557

 

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