27
30/06/2023
2023-06-30
false
false
false
false
false
false
false
false
false
false
true
false
false
true
false
false
false
false
false
true
false
No description of principal activities is disclosed
2022-07-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
03786051
2022-07-01
2023-06-30
03786051
2023-06-30
03786051
2022-06-30
03786051
2021-07-01
2022-06-30
03786051
2022-06-30
03786051
2021-06-30
03786051
core:LandBuildings
core:ShortLeaseholdAssets
2022-07-01
2023-06-30
03786051
core:FurnitureFittingsToolsEquipment
2022-07-01
2023-06-30
03786051
bus:RegisteredOffice
2022-07-01
2023-06-30
03786051
bus:LeadAgentIfApplicable
2022-07-01
2023-06-30
03786051
bus:Director1
2022-07-01
2023-06-30
03786051
bus:Director2
2022-07-01
2023-06-30
03786051
bus:CompanySecretary1
2022-07-01
2023-06-30
03786051
core:LandBuildings
core:LongLeaseholdAssets
2022-06-30
03786051
core:FurnitureFittingsToolsEquipment
2022-06-30
03786051
core:LandBuildings
core:LongLeaseholdAssets
2023-06-30
03786051
core:FurnitureFittingsToolsEquipment
2023-06-30
03786051
core:WithinOneYear
2023-06-30
03786051
core:WithinOneYear
2022-06-30
03786051
core:AfterOneYear
2023-06-30
03786051
core:AfterOneYear
2022-06-30
03786051
bus:AllOrdinaryShares
2022-07-01
2023-06-30
03786051
bus:AllOrdinaryShares
2021-07-01
2022-06-30
03786051
core:ShareCapital
2023-06-30
03786051
core:ShareCapital
2022-06-30
03786051
core:RetainedEarningsAccumulatedLosses
2023-06-30
03786051
core:RetainedEarningsAccumulatedLosses
2022-06-30
03786051
core:AcceleratedTaxDepreciationDeferredTax
2023-06-30
03786051
core:AcceleratedTaxDepreciationDeferredTax
2022-06-30
03786051
core:LandBuildings
core:LongLeaseholdAssets
2022-06-30
03786051
core:FurnitureFittingsToolsEquipment
2022-06-30
03786051
core:DeferredTaxation
2022-06-30
03786051
core:DeferredTaxation
2023-06-30
03786051
core:DeferredTaxation
2022-07-01
2023-06-30
03786051
bus:Director1
2022-06-30
03786051
bus:Director1
2023-06-30
03786051
bus:Director2
2022-06-30
03786051
bus:Director2
2023-06-30
03786051
bus:Director1
2021-06-30
03786051
bus:Director1
2022-06-30
03786051
bus:Director2
2021-06-30
03786051
bus:Director2
2022-06-30
03786051
bus:Director1
2021-07-01
2022-06-30
03786051
bus:Director2
2021-07-01
2022-06-30
03786051
bus:SmallEntities
2022-07-01
2023-06-30
03786051
bus:AuditExemptWithAccountantsReport
2022-07-01
2023-06-30
03786051
bus:FullAccounts
2022-07-01
2023-06-30
03786051
bus:SmallCompaniesRegimeForAccounts
2022-07-01
2023-06-30
03786051
bus:PrivateLimitedCompanyLtd
2022-07-01
2023-06-30
03786051
core:KeyManagementIndividualGroup1
core:RentalExpenseTransactions
2022-07-01
2023-06-30
03786051
core:KeyManagementIndividualGroup1
core:RentalExpenseTransactions
2021-07-01
2022-06-30
03786051
core:KeyManagementIndividualGroup2
core:ManagementRechargesServices
2022-07-01
2023-06-30
03786051
core:KeyManagementIndividualGroup2
core:ManagementRechargesServices
2021-07-01
2022-06-30
03786051
1
2022-07-01
2023-06-30
Company registration number:
03786051
Pani Limited
Unaudited filleted financial statements
30 June 2023
Pani Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Pani Limited
Directors and other information
|
|
|
|
Directors |
Mr W Pani |
|
|
Mr R Pani |
|
|
|
|
|
|
|
Secretary |
Mr W Pani |
|
|
|
|
|
|
|
Company number |
03786051 |
|
|
|
|
|
|
|
Registered office |
Exchange Building |
|
|
66 Church Street |
|
|
Hartlepool |
|
|
TS24 7DN |
|
|
|
|
|
|
|
Business address |
61 High Bridge Street |
|
|
Newcastle upon Tyne |
|
|
NE1 6BX |
|
|
|
|
|
|
|
Accountants |
Censis |
|
|
Exchange Building |
|
|
66 Church Street |
|
|
Hartlepool |
|
|
TS24 7DN |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers |
Barclays Bank Plc |
|
|
Gosforth |
|
|
Newcastle |
|
|
|
Pani Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Pani Limited
Year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pani Limited for the year ended 30 June 2023 which comprise the statement of financial position and 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 at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Pani Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Pani Limited and state those matters that we have agreed to state to the board of directors of Pani Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pani Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Pani 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 Pani Limited. You consider that Pani 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 Pani 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.
Censis
Chartered Accountants
Exchange Building
66 Church Street
Hartlepool
TS24 7DN
12 April 2024
Pani Limited
Statement of financial position
30 June 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
6 |
69,362 |
|
|
|
71,921 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
69,362 |
|
|
|
71,921 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
9,299 |
|
|
|
9,050 |
|
|
Debtors |
|
7 |
1,674 |
|
|
|
8,565 |
|
|
Cash at bank and in hand |
|
|
332,506 |
|
|
|
348,654 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
343,479 |
|
|
|
366,269 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
126,832) |
|
|
|
(
154,103) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
216,647 |
|
|
|
212,166 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
286,009 |
|
|
|
284,087 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
9 |
|
|
(
20,782) |
|
|
|
(
31,652) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
10 |
|
|
(
17,055) |
|
|
|
(
17,627) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
248,172 |
|
|
|
234,808 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
41,000 |
|
|
|
41,000 |
Profit and loss account |
|
|
|
|
207,172 |
|
|
|
193,808 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
248,172 |
|
|
|
234,808 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
12 April 2024
, and are signed on behalf of the board by:
Mr W Pani
Director
Company registration number:
03786051
Pani Limited
Notes to the financial statements
Year ended 30 June 2023
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is Exchange Building, 66 Church Street, Hartlepool, TS24 7DN.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Short leasehold property |
- |
15 % |
straight line |
|
Fittings fixtures and equipment |
- |
15 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
27
(2022:
22
).
The average number of employees figure includes directors.
5.
Dividends
Equity dividends
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) |
|
2,000 |
80,000 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Tangible assets
|
|
Long leasehold property |
Fixtures, fittings and equipment |
Total |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 July 2022 |
99,357 |
310,315 |
409,672 |
|
|
|
|
|
Additions |
- |
8,628 |
8,628 |
|
|
|
|
|
Disposals |
- |
(
653) |
(
653) |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 30 June 2023 |
99,357 |
318,290 |
417,647 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 July 2022 |
99,353 |
238,398 |
337,751 |
|
|
|
|
|
Charge for the year |
- |
11,026 |
11,026 |
|
|
|
|
|
Disposals |
- |
(
492) |
(
492) |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 30 June 2023 |
99,353 |
248,932 |
348,285 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 30 June 2023 |
4 |
69,358 |
69,362 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 30 June 2022 |
4 |
71,917 |
71,921 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
There are some assets which have been fully depreciated are still used in the business. In this case the full original cost and depreciation to date are included within the fixed assets note within the financial statements.
7.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Other debtors |
|
1,674 |
8,565 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
10,011 |
8,864 |
|
Trade creditors |
|
43,693 |
37,375 |
|
Corporation tax |
|
3,978 |
46,975 |
|
Social security and other taxes |
|
60,745 |
55,698 |
|
Other creditors |
|
8,405 |
5,191 |
|
|
|
_______ |
_______ |
|
|
|
126,832 |
154,103 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The company took out a Coronavirus Bounce Back Loan in June 2020 of £50,000. The loan was issued at an interest rate of 2.5% with no repayments being payable in the 12 months following drawdown. The loan is repayable over 6 years in total (including the twelve month payment holiday period). The loan is underwritten by the UK Government.
9.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
20,782 |
31,652 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The company took out a Coronavirus Bounce Back Loan in June 2020 of £50,000. The loan was issued at an interest rate of 2.5% with no repayments being payable in the 12 months following drawdown. The loan is repayable over 6 years in total (including the twelve month payment holiday period). The loan is underwritten by the UK Government.
10.
Provisions
|
|
Deferred tax (note 11) |
Total |
|
|
|
|
|
£ |
£ |
|
|
|
|
At 1 July 2022 |
17,627 |
17,627 |
|
|
|
|
Unused amounts reversed |
(
572) |
(
572) |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
At 30 June 2023 |
17,055 |
17,055 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
11.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Included in provisions (note 10) |
|
17,055 |
17,627 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Accelerated capital allowances |
|
17,055 |
17,627 |
|
|
|
_______ |
_______ |
|
|
|
|
|
12.
Government grants
The amounts recognised in the for government grants are as follows:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Recognised in other operating income: |
|
|
|
|
Government grants recognised directly in income |
|
- |
17,182 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The company was in receipt of various business rates grants and Covid restart grants from Newcastle City Council in 2022 amounting to £4,000 across the year. The company received no such grants in 2023.In 2022 the company was also in receipt of the Coronvirus Job Retention Scheme grant in respect of its furloughed employees amounting to £13,182. The amounts receiveable in respect of this grant were taken directly to the profit & loss account. The company received no such grants in 2023
13.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Mr W Pani |
(
99) |
902 |
(
1,312) |
(
509) |
|
|
|
Mr R Pani |
(
99) |
902 |
(
1,312) |
(
509) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
(
198) |
1,804 |
(
2,624) |
(
1,018) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Mr W Pani |
(
1,224) |
1,437 |
(
312) |
(
99) |
|
|
|
Mr R Pani |
(
1,224) |
1,437 |
(
312) |
(
99) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
(
2,448) |
2,874 |
(
624) |
(
198) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
14.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
|
|
|
|
2023 |
2022 |
|
|
|
|
£ |
£ |
|
|
|
Rent paid on property owned by directors |
64,920 |
64,920 |
|
|
|
Service charges paid on property owned by directors |
7,200 |
7,200 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
During the year the company rented its trading property from its directors under the terms of a formal lease, the company also paid service charges in respect of the usage of this property.
15.
Controlling party
For the whole year the company was under the control of the directors.