Company Registration No. 02892031 (England and Wales)
FISCHER PANDA U.K. LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
FISCHER PANDA U.K. LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
FISCHER PANDA U.K. LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. B Fower
Mr. C Fower
Mr. D Payne
Mr. C Baker
Ms. A Fower
Company number
02892031
Registered office
17 Black Moor Road
Ebblake Industrial Estate
Verwood
Dorset
BH31 6AX
Accountants
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
FISCHER PANDA U.K. LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
9,567
15,230
Tangible assets
4
709,699
725,230
719,266
740,460
Current assets
Stocks
1,338,847
1,661,900
Debtors
5
535,960
236,184
Cash at bank and in hand
1,093,933
983,140
2,968,740
2,881,224
Creditors: amounts falling due within one year
6
(1,791,841)
(2,186,501)
Net current assets
1,176,899
694,723
Total assets less current liabilities
1,896,165
1,435,183
Creditors: amounts falling due after more than one year
7
(72,550)
(121,561)
Provisions for liabilities
(16,213)
(13,287)
Net assets
1,807,402
1,300,335
Capital and reserves
Called up share capital
8
891
891
Revaluation reserve
181,903
184,490
Capital redemption reserve
110
110
Profit and loss reserves
1,624,498
1,114,844
Total equity
1,807,402
1,300,335
FISCHER PANDA U.K. LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 by the board of directors and authorised for issue on 19 August 2024 and are signed on its behalf by:
Mr. B Fower
Mr. C Fower
Director
Director
Company Registration No. 02892031
FISCHER PANDA U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Fischer Panda U.K. Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 Black Moor Road, Ebblake Industrial Estate, Verwood, Dorset, BH31 6AX.

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 pound.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets - goodwill

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset.

 

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

FISCHER PANDA U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development Costs
20% straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% straight line
Plant and machinery
20% reducing balance
Fixtures and fittings
15% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.8
Cash at bank and in hand

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.

1.9
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.

1.10
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.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

FISCHER PANDA U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

 

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

FISCHER PANDA U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.15
Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
21
20
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2023
160,000
19,897
179,897
Additions
-
0
2,000
2,000
At 31 December 2023
160,000
21,897
181,897
Amortisation and impairment
At 1 January 2023
160,000
4,667
164,667
Amortisation charged for the year
-
0
7,663
7,663
At 31 December 2023
160,000
12,330
172,330
Carrying amount
At 31 December 2023
-
0
9,567
9,567
At 31 December 2022
-
0
15,230
15,230
FISCHER PANDA U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
4
Tangible fixed assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
775,000
24,477
271,883
53,477
1,124,837
Additions
-
0
-
0
13,741
-
0
13,741
At 31 December 2023
775,000
24,477
285,624
53,477
1,138,578
Depreciation and impairment
At 1 January 2023
156,749
16,423
176,072
50,363
399,607
Depreciation charged in the year
10,450
1,611
16,433
778
29,272
At 31 December 2023
167,199
18,034
192,505
51,141
428,879
Carrying amount
At 31 December 2023
607,801
6,443
93,119
2,336
709,699
At 31 December 2022
618,251
8,054
95,811
3,114
725,230
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
409,686
113,997
Prepayments and accrued income
126,274
122,187
535,960
236,184
FISCHER PANDA U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
46,967
46,967
Trade creditors
1,089,329
1,538,155
Other taxation and social security
449,444
372,101
Other creditors
190,839
212,872
Accruals and deferred income
15,262
16,406
1,791,841
2,186,501

The aggregate amount of creditors for which security has been given amounted to £46,967 (2022 - £46,967).

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
72,550
121,561

The aggregate amount of creditors for which security has been given amounted to £72,550 (2022 - £121,561).

8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
693 Ordinary A shares of £1 each
693
693
148 Ordinary B shares of £1 each
148
148
50 Ordinary D shares of £1 each
50
50
891
891

 

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