PANELS DIRECT LIMITED

Company Registration Number:
04468359 (England and Wales)

Unaudited abridged accounts for the year ended 30 April 2024

Period of accounts

Start date: 01 May 2023

End date: 30 April 2024

PANELS DIRECT LIMITED

Contents of the Financial Statements

for the Period Ended 30 April 2024

Balance sheet
Notes

PANELS DIRECT LIMITED

Balance sheet

As at 30 April 2024


Notes

2024

2023


£

£
Fixed assets
Intangible assets: 3 0 500
Tangible assets: 4 299,500 261,000
Total fixed assets: 299,500 261,500
Current assets
Stocks: 130,000 130,000
Debtors: 5 480,483 456,378
Cash at bank and in hand: 111,145 179,242
Total current assets: 721,628 765,620
Creditors: amounts falling due within one year: 6 (540,532) (490,845)
Net current assets (liabilities): 181,096 274,775
Total assets less current liabilities: 480,596 536,275
Creditors: amounts falling due after more than one year: 7 (104,756) (183,702)
Provision for liabilities: (56,696) (46,760)
Total net assets (liabilities): 319,144 305,813
Capital and reserves
Called up share capital: 2 2
Profit and loss account: 319,142 305,811
Shareholders funds: 319,144 305,813

The notes form part of these financial statements

PANELS DIRECT LIMITED

Balance sheet statements

For the year ending 30 April 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 30 July 2024
and signed on behalf of the board by:

Name: B Canning
Status: Director

The notes form part of these financial statements

PANELS DIRECT LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

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.

Tangible fixed assets and depreciation policy

Tangible assetsTangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.DepreciationDepreciation 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:Plant, equipment and motors -15% reducing balance

Intangible fixed assets and amortisation policy

AmortisationAmortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:Goodwill-Over 20 yearsIf there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Valuation and information policy

StocksStocks 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 stock to its present location and condition.

Other accounting policies

Finance leases and hire purchase contractsAssets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.ProvisionsProvisions 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.

PANELS DIRECT LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

2. Employees

2024 2023
Average number of employees during the period 25 27

PANELS DIRECT LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

3. Intangible Assets

Total
Cost £
At 01 May 2023 60,000
At 30 April 2024 60,000
Amortisation
At 01 May 2023 59,500
Charge for year 500
At 30 April 2024 60,000
Net book value
At 30 April 2024 0
At 30 April 2023 500

PANELS DIRECT LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

4. Tangible Assets

Total
Cost £
At 01 May 2023 645,493
Additions 91,359
At 30 April 2024 736,852
Depreciation
At 01 May 2023 384,493
Charge for year 52,859
At 30 April 2024 437,352
Net book value
At 30 April 2024 299,500
At 30 April 2023 261,000

PANELS DIRECT LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

5. Debtors

2024 2023
££
Debtors due after more than one year: 0 0

PANELS DIRECT LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

6. Creditors: amounts falling due within one year note

Bank loans and overdrafts 60341 37266Trade creditors 476107 452775Corporation tax 3913 -Other creditors 171 804Total 540532 490845

PANELS DIRECT LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

7. Creditors: amounts falling due after more than one year note

Bank loans and overdrafts 104756 183702

PANELS DIRECT LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

8. Related party transactions

During the two years ended 30 April 2024, B Canning, a director together with members of his close family, controlled the company by virtue of a controlling interest of 100% of the issued ordinary share capital.Included in creditors is an amount due to B Canning of £171 (2023 - £804). This amount is interest free and due upon demand.During the year the company purchased goods to the value of £657,997 (2023 - £693,588) from Directform Plastics Limited, a company which is under the close control of B Canning. At the balance sheet date the amount due from Directform Plastics Limited was £132,131 (2023 - £127,668).During the year the company sold goods to the value of £275,390 (2023 - £272,406) to Directform Plastics Limited, a company which is under the close control of B Canning. At the balance sheet date the amount due to Directform Plastics Limited was £53,772 (2023 - £46,176).