Registered number
06645957
PANESAR ENTERPRISE UK LIMITED
Filleted Accounts
31 October 2023
PANESAR ENTERPRISE UK LIMITED
Registered number: 06645957
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 111,765 74,620
Tangible assets 4 1,223,498 439,936
1,335,263 514,556
Current assets
Stocks 50,000 25,000
Debtors 5 344,449 248,009
Cash at bank and in hand 7,379 11,934
401,828 284,943
Creditors: amounts falling due within one year 6 (1,051,741) (644,578)
Net current liabilities (649,913) (359,635)
Total assets less current liabilities 685,350 154,921
Creditors: amounts falling due after more than one year 7 (486,364) -
Provisions for liabilities (15,464) (15,464)
Net assets 183,522 139,457
Capital and reserves
Called up share capital 4 4
Profit and loss account 183,518 139,453
Shareholders' funds 183,522 139,457
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Sukhwinder Singh Panesar
Director
Approved by the board on 31 July 2024
PANESAR ENTERPRISE UK LIMITED
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Franchise Fees Over a 15 year period
Leasehold Premises Over a 10 year period
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 64 46
3 Intangible fixed assets £
Franchise fees:
Cost
At 1 November 2022 134,559
Additions 49,410
At 31 October 2023 183,969
Amortisation
At 1 November 2022 59,939
Provided during the year 12,265
At 31 October 2023 72,204
Net book value
At 31 October 2023 111,765
At 31 October 2022 74,620
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 178,071 1,059,906 16,990 1,254,967
Additions 48,969 840,038 38,166 927,173
At 31 October 2023 227,040 1,899,944 55,156 2,182,140
Depreciation
At 1 November 2022 115,015 695,768 4,248 815,031
Charge for the year 19,861 115,794 7,956 143,611
At 31 October 2023 134,876 811,562 12,204 958,642
Net book value
At 31 October 2023 92,164 1,088,382 42,952 1,223,498
At 31 October 2022 63,056 364,138 12,742 439,936
5 Debtors 2023 2022
£ £
Trade debtors 45,177 38,357
Amounts owed by group undertakings and undertakings in which the company has a participating interest 264,760 186,364
Other debtors 34,512 23,288
344,449 248,009
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 121,886 -
Trade creditors 336,686 106,443
Amounts owed to group undertakings and undertakings in which the company has a participating interest 201,944 377,649
Taxation and social security costs 165,344 108,641
Other creditors 225,881 51,845
1,051,741 644,578
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 486,364 -
8 Other information
PANESAR ENTERPRISE UK LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Charter House
8-10 Station Road
Manor Park
London
E12 5BT
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