Company registration number 07671991 (England and Wales)
PANACHE CONTRACT LINGERIE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
PANACHE CONTRACT LINGERIE LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
PANACHE CONTRACT LINGERIE LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
369,022
363,176
Cash at bank and in hand
1,369
1,453
370,391
364,629
Creditors: amounts falling due within one year
4
(276)
Net current assets
370,391
364,353
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
370,291
364,253
Total equity
370,391
364,353
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
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 and signed by the director and authorised for issue on 23 November 2023
J A Power
Director
Company registration number 07671991 (England and Wales)
PANACHE CONTRACT LINGERIE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2021
100
377,940
378,040
Year ended 30 June 2022:
Loss
-
(1,930)
(1,930)
Other comprehensive income:
Currency translation differences
-
(11,757)
(11,757)
Total comprehensive income
-
(13,687)
(13,687)
Balance at 30 June 2022
100
364,253
364,353
Year ended 30 June 2023:
Loss
-
(84)
(84)
Other comprehensive income:
Currency translation differences
-
6,122
6,122
Total comprehensive income
-
6,038
6,038
Balance at 30 June 2023
100
370,291
370,391
PANACHE CONTRACT LINGERIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
Panache Contract Lingerie Limited is a private company, limited by shares and incorporated in England and Wales. The registered office is 7 Drake House Crescent, Waterthorpe, Sheffield, S20 7HT.
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 £.
1.2
Going concern
The company has ceased trading, its principal activity was that of holding contracts for specialised ladies undergarments. The directors have a reasonable expectation that the company has adequate resources and group support to continue for at least 12 months from the date of signing these financial statements, however until another contract is made it is expected that the company will be dormant. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as it is the directors expectation that the company will recommence trading in the future.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
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.
1.5
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
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.
PANACHE CONTRACT LINGERIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss. Non monetary items which represent investment in overseas operations that are denominated in foreign currencies are retranslated on the reporting date, gains and losses are recognised in other comprehensive income.
2
Employees
The company has no direct employees other than the director.
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
369,022
363,176
Amounts owed by group are not secured, no interest is charged and they are repayable on demand.
4
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
276
Amounts owed to group are not secured, no interest is charged and they are repayable on demand.
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Adam Shield
Statutory Auditor:
Hart Shaw LLP
PANACHE CONTRACT LINGERIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
7
Financial commitments, guarantees and contingent liabilities
The company has given an unlimited cross guarantee in favour of Barclays Bank plc in respect of bank borrowings of fellow group undertakings. The outstanding borrowings of these companies at the balance sheet date were £1,704,000 (2022 - £845,000).
8
Related party transactions
The company has taken advantage of the exemptions allowed by FRS 102 section 33.1A and has not disclosed transactions with wholly owned subsidiaries. The company's accounts are consolidated into the accounts of the parent company as a wholly owned subsidiary.
9
Parent company
The parent of the company is Panache Lingerie Limited, a company incorporated in England and Wales. The registered office is 7 Drake House Crescent, Waterthorpe, Sheffield, S20 7HT.
The ultimate parent company is Panache Holdings Limited, a company registered in England & Wales, who are the largest and smallest group company to prepare group accounts. The group accounts are available at companies house. The registered office is 7 Drake House Crescent, Waterthorpe, Sheffield, S20 7HT.