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REGISTERED NUMBER: 01492450 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

R. P. PANELS LIMITED

R. P. PANELS LIMITED (REGISTERED NUMBER: 01492450)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


R. P. PANELS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: Mr Terence George Prosser
Mr Raymond Howard Prosser





SECRETARY: Mr Terence George Prosser





REGISTERED OFFICE: Unit 3 New England Estate
Pindar Road
Hoddesdon
Hertfordshire
EN11 0BZ





REGISTERED NUMBER: 01492450 (England and Wales)





ACCOUNTANTS: SRG Newmans Ltd
Chartered Certified Accountants
Five Ways
57/59 Hatfield Road
Potters Bar
Hertfordshire
EN6 1HS

R. P. PANELS LIMITED (REGISTERED NUMBER: 01492450)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 39,707 56,519

CURRENT ASSETS
Stocks 223,185 201,304
Debtors 5 288,210 386,877
Cash at bank and in hand 1,057,235 842,475
1,568,630 1,430,656
CREDITORS
Amounts falling due within one year 6 455,946 505,864
NET CURRENT ASSETS 1,112,684 924,792
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,152,391

981,311

CAPITAL AND RESERVES
Called up share capital 500 500
Retained earnings 1,151,891 980,811
SHAREHOLDERS' FUNDS 1,152,391 981,311

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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.

R. P. PANELS LIMITED (REGISTERED NUMBER: 01492450)

BALANCE SHEET - continued
31 MAY 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2023 and were signed on its behalf by:





Mr Raymond Howard Prosser - Director


R. P. PANELS LIMITED (REGISTERED NUMBER: 01492450)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

R. P. Panels Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements for the year ended 31 May 2017 were the first financial statements that comply with FRS 102 Section 1A small entities. The date of transition was the 1 June 2015.

The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in accounting policies to those used previously.

There have been no changes to opening equity nor profit for the comparative period.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


R. P. PANELS LIMITED (REGISTERED NUMBER: 01492450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2022
and 31 May 2023 34,610 18,702 124,496 24,498 202,306
DEPRECIATION
At 1 June 2022 34,602 17,629 69,871 23,685 145,787
Charge for year 2 161 16,447 202 16,812
At 31 May 2023 34,604 17,790 86,318 23,887 162,599
NET BOOK VALUE
At 31 May 2023 6 912 38,178 611 39,707
At 31 May 2022 8 1,073 54,625 813 56,519

R. P. PANELS LIMITED (REGISTERED NUMBER: 01492450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 280,298 356,456
Other debtors 7,298 29,813
Prepayments 614 608
288,210 386,877

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 195,141 188,215
Tax 87,941 99,465
Social security and other taxes 3,151 3,356
VAT 57,104 86,859
Other creditors 26,312 90,000
Directors' loan accounts 81,255 20,067
Accrued expenses 5,042 17,902
455,946 505,864

7. RELATED PARTY DISCLOSURES

As at 31 May 2023, there was an amount of £81,255 owed to R H Prosser from the company (2022:£20,056). No interest is charged in respect of these loans. All transactions took place at an arms length basis.

The premises that the company occupies are leased from one of the directors and his wife at an annual rent of £66,000 per annum. The lease was for a term of 25 years.

8. ULTIMATE CONTROLLING PARTY

Throughout the current year the director, Mr R H Prosser, has controlled the company by virtue of holding the majority of the issued share capital. (2022 Mr R H Prosser was also the controlling party).