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REGISTERED NUMBER: 07429193 (England and Wales)















Panache Contractors Limited

Unaudited Financial Statements for the Year Ended 31 March 2024






Panache Contractors Limited (Registered number: 07429193)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Panache Contractors Limited

Company Information
for the Year Ended 31 March 2024







Directors: A P Hudson
Mrs D Hudson





Registered office: Bradford House
Yarmouth Road
Stalham
Norfolk
NR12 9PD





Registered number: 07429193 (England and Wales)





Accountants: Fairhead Bradford
5 Queen Street
Great Yarmouth
Norfolk
NR30 2QP

Panache Contractors Limited (Registered number: 07429193)

Statement of Financial Position
31 March 2024

31/3/24 31/3/23
Notes £    £    £    £   
Fixed assets
Tangible assets 4 46,842 1,999

Current assets
Stocks 250 4,595
Debtors 5 125,837 100,571
Cash at bank 16,166 24,253
142,253 129,419
Creditors
Amounts falling due within one year 6 120,604 71,795
Net current assets 21,649 57,624
Total assets less current liabilities 68,491 59,623

Creditors
Amounts falling due after more than one
year

7

(58,594

)

(22,270

)

Provisions for liabilities (8,900 ) (380 )
Net assets 997 36,973

Capital and reserves
Called up share capital 100 100
Retained earnings 897 36,873
997 36,973

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

Panache Contractors Limited (Registered number: 07429193)

Statement of Financial Position - continued
31 March 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:





A P Hudson - Director


Panache Contractors Limited (Registered number: 07429193)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. Statutory information

Panache Contractors 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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

Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Panache Contractors Limited (Registered number: 07429193)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. Accounting policies - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. Employees and directors

The average number of employees during the year was 2 (2023 - 2 ) .

4. Tangible fixed assets
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
Cost
At 1 April 2023 4,690 2,493 - 7,183
Additions - - 56,551 56,551
At 31 March 2024 4,690 2,493 56,551 63,734
Depreciation
At 1 April 2023 4,088 1,096 - 5,184
Charge for year 120 278 11,310 11,708
At 31 March 2024 4,208 1,374 11,310 16,892
Net book value
At 31 March 2024 482 1,119 45,241 46,842
At 31 March 2023 602 1,397 - 1,999

Panache Contractors Limited (Registered number: 07429193)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. Tangible fixed assets - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
Cost
Additions 56,551
At 31 March 2024 56,551
Depreciation
Charge for year 11,310
At 31 March 2024 11,310
Net book value
At 31 March 2024 45,241

5. Debtors: amounts falling due within one year
31/3/24 31/3/23
£    £   
Trade debtors 77,851 29,225
Other debtors 47,986 71,346
125,837 100,571

6. Creditors: amounts falling due within one year
31/3/24 31/3/23
£    £   
Bank loans and overdrafts 9,784 9,784
Hire purchase contracts 7,985 -
Trade creditors 39,252 13,091
Taxation and social security 43,567 44,570
Other creditors 20,016 4,350
120,604 71,795

7. Creditors: amounts falling due after more than one year
31/3/24 31/3/23
£    £   
Bank loans 12,487 22,270
Hire purchase contracts 46,107 -
58,594 22,270

8. Related party disclosures

As at 01 April 2023, the balance on the directors loan account was £55,870 overdrawn. During the year the director introduced funds into the company totalling £121,980 and withdrew monies totalling £108,308. As at 31 March 2024, the balance on the directors loan account was £42,198 overdrawn, as included within other debtors note 6. Interest totalling £752 was charged during the year at a rate of 2.25%.