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REGISTERED NUMBER: 04563628 (England and Wales)















PANELBOND LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






PANELBOND LIMITED (REGISTERED NUMBER: 04563628)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6

Accountants' Report 7

PANELBOND LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: L Rhoades
A L Rhoades





REGISTERED OFFICE: Unit 3 Omega Business Park
Estate Road 6
Grimsby
N E Lincolnshire
DN31 2TG





REGISTERED NUMBER: 04563628 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
Oxley House
Lincoln Way
Louth
Lincolnshire
LN11 0LS

PANELBOND LIMITED (REGISTERED NUMBER: 04563628)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 31,513 24,723

CURRENT ASSETS
Stocks 202,331 91,407
Debtors 5 375,903 591,660
Cash at bank 458,065 126,079
1,036,299 809,146
CREDITORS
Amounts falling due within one year 6 271,590 190,279
NET CURRENT ASSETS 764,709 618,867
TOTAL ASSETS LESS CURRENT LIABILITIES 796,222 643,590

PROVISIONS FOR LIABILITIES 6,564 4,697
NET ASSETS 789,658 638,893

CAPITAL AND RESERVES
Called up share capital 8 60 60
Retained earnings 789,598 638,833
SHAREHOLDERS' FUNDS 789,658 638,893

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

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

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 9 July 2024 and were signed on its behalf by:





A L Rhoades - Director


PANELBOND LIMITED (REGISTERED NUMBER: 04563628)

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

1. STATUTORY INFORMATION

Panelbond 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover represents amounts chargeable to clients for professional services provided during the year excluding Value Added Tax.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Improvements to leasehold property - 20% on cost
Plant and machinery - 25% on reducing balance
Computer equipment - 33% on cost

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

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Amounts to be billed to clients
Services provided to clients during the year, which at the balance sheet date have not been billed to clients, have been recognised as turnover based on an assessment of the fair value of the services provided at the balance sheet date as a proportion of the total value of the engagement. Provision is made against unbilled amounts on those engagements where the right to receive payment is contingent on factors outside the control of the company. Unbilled revenue is included in debtors.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


PANELBOND LIMITED (REGISTERED NUMBER: 04563628)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Government grants
Grants are recognised as income in the period in which they become receivable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to
leasehold Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 January 2023 8,819 138,274 2,328 149,421
Additions 5,914 8,981 - 14,895
At 31 December 2023 14,733 147,255 2,328 164,316
DEPRECIATION
At 1 January 2023 8,819 113,711 2,168 124,698
Charge for year 657 7,292 156 8,105
At 31 December 2023 9,476 121,003 2,324 132,803
NET BOOK VALUE
At 31 December 2023 5,257 26,252 4 31,513
At 31 December 2022 - 24,563 160 24,723

PANELBOND LIMITED (REGISTERED NUMBER: 04563628)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 355,279 393,184
Other debtors 20,624 198,476
375,903 591,660

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 156,299 128,836
Taxation and social security 101,727 55,840
Other creditors 13,564 5,603
271,590 190,279

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 27,864 39,787
Between one and five years 27,864 39,787
55,728 79,574

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
60 Ordinary 1 60 60

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
L Rhoades
Balance outstanding at start of year 79,154 5,000
Amounts advanced 866 87,904
Amounts repaid (78,750 ) (13,750 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,270 79,154

A L Rhoades
Balance outstanding at start of year 356 3,519
Amounts advanced - 12,086
Amounts repaid - (15,249 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 356 356

PANELBOND LIMITED (REGISTERED NUMBER: 04563628)

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

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

The Directors' Loan Accounts are unsecured, repayable on demand and interest has been charged at 2%.

10. RELATED PARTY DISCLOSURES

Included in other debtors is £1,367 (2022: £101,505) due from Lisa Rhoades, a shareholder of the company. Interest has been charged at 2% on the balance.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PANELBOND LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Panelbond Limited for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Panelbond Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Panelbond Limited and state those matters that we have agreed to state to the Board of Directors of Panelbond Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Panelbond 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 Panelbond Limited. You consider that Panelbond 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 Panelbond 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.






Duncan & Toplis Limited
Oxley House
Lincoln Way
Louth
Lincolnshire
LN11 0LS


9 July 2024