Acorah Software Products - Accounts Production 15.0.600 false true 30 November 2022 1 December 2021 false 1 December 2022 30 November 2023 30 November 2023 NI649280 Mr Gareth Campton Mr Stephen Cassely Mr Evan Cassely iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure NI649280 2022-11-30 NI649280 2023-11-30 NI649280 2022-12-01 2023-11-30 NI649280 frs-core:CurrentFinancialInstruments 2023-11-30 NI649280 frs-core:Non-currentFinancialInstruments 2023-11-30 NI649280 frs-core:ComputerEquipment 2023-11-30 NI649280 frs-core:ComputerEquipment 2022-12-01 2023-11-30 NI649280 frs-core:ComputerEquipment 2022-11-30 NI649280 frs-core:FurnitureFittings 2023-11-30 NI649280 frs-core:FurnitureFittings 2022-12-01 2023-11-30 NI649280 frs-core:FurnitureFittings 2022-11-30 NI649280 frs-core:MotorVehicles 2023-11-30 NI649280 frs-core:MotorVehicles 2022-12-01 2023-11-30 NI649280 frs-core:MotorVehicles 2022-11-30 NI649280 frs-core:PlantMachinery 2023-11-30 NI649280 frs-core:PlantMachinery 2022-12-01 2023-11-30 NI649280 frs-core:PlantMachinery 2022-11-30 NI649280 frs-core:ShareCapital 2023-11-30 NI649280 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30 NI649280 frs-bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 NI649280 frs-bus:FilletedAccounts 2022-12-01 2023-11-30 NI649280 frs-bus:SmallEntities 2022-12-01 2023-11-30 NI649280 frs-bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 NI649280 frs-bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 NI649280 frs-bus:Director1 2022-12-01 2023-11-30 NI649280 frs-bus:Director2 2022-12-01 2023-11-30 NI649280 frs-bus:Director3 2022-12-01 2023-11-30 NI649280 frs-countries:NorthernIreland 2022-12-01 2023-11-30 NI649280 2021-11-30 NI649280 2022-11-30 NI649280 2021-12-01 2022-11-30 NI649280 frs-core:CurrentFinancialInstruments 2022-11-30 NI649280 frs-core:Non-currentFinancialInstruments 2022-11-30 NI649280 frs-core:ShareCapital 2022-11-30 NI649280 frs-core:RetainedEarningsAccumulatedLosses 2022-11-30
Registered number: NI649280
The Panoramic Wheel Company Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Company Information 1
Accountants' Report 2
Statement of Financial Position 3—4
Notes to the Financial Statements 5—7
Page 1
Company Information
Directors Mr Gareth Campton
Mr Stephen Cassely
Mr Evan Cassely
Company Number NI649280
Registered Office 2 Coopers Mill Park
Dundonald
BT16 1SX
Accountants D N Robinson Limited
Chartered Certified Accountant
17 Gray's Hill
Bangor
County Down
BT20 3BB
Page 1
Page 2
Accountants' Report
Report to the directors on the preparation of the unaudited statutory accounts of The Panoramic Wheel Company Limited for the year ended 30 November 2023
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Panoramic Wheel Company Limited which comprise the Income Statement, the Statement of Financial Position and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of The Panoramic Wheel Company Limited , as a body, in accordance with the terms of our engagement letter dated 12 August 2022. Our work has been undertaken solely to prepare for your approval the accounts of The Panoramic Wheel Company Limited and state those matters that we have agreed to state to the directors of The Panoramic Wheel Company Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Panoramic Wheel Company Limited and its directors as a body for our work or for this report.
It is your duty to ensure that The Panoramic Wheel Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of The Panoramic Wheel Company Limited . You consider that The Panoramic Wheel Company 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 accounts of The Panoramic Wheel Company 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 financial statements.
Signed
M Robinson
30/08/2024
D N Robinson Limited
Chartered Certified Accountant
17 Gray's Hill
Bangor
County Down
BT20 3BB
Page 2
Page 3
Statement of Financial Position
Registered number: NI649280
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 293,670 314,486
293,670 314,486
CURRENT ASSETS
Cash at bank and in hand 40,431 95,712
40,431 95,712
Creditors: Amounts Falling Due Within One Year 5 (131,914 ) (130,880 )
NET CURRENT ASSETS (LIABILITIES) (91,483 ) (35,168 )
TOTAL ASSETS LESS CURRENT LIABILITIES 202,187 279,318
Creditors: Amounts Falling Due After More Than One Year 6 (63,333 ) (103,333 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (30,848 ) (33,054 )
NET ASSETS 108,006 142,931
CAPITAL AND RESERVES
Called up share capital 7 4 4
Income Statement 108,002 142,927
SHAREHOLDERS' FUNDS 108,006 142,931
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Page 4
For the year ending 30 November 2023 the company was entitled to exemption from audit 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.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Gareth Campton
Director
30/08/2024
The notes on pages 5 to 7 form part of these financial statements.
Page 4
Page 5
Notes to the Financial Statements
1. General Information
The Panoramic Wheel Company Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI649280 . The registered office is 2 Coopers Mill Park, Dundonald, BT16 1SX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 5% Straight Line
If there is an indication that there has been a significant change in the depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 4)
4 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 December 2022 59,617 7,792 3,250 388,000 458,659
Additions 5,700 - - - 5,700
As at 30 November 2023 65,317 7,792 3,250 388,000 464,359
Depreciation
As at 1 December 2022 41,227 4,505 1,441 97,000 144,173
Provided during the period 6,023 822 271 19,400 26,516
As at 30 November 2023 47,250 5,327 1,712 116,400 170,689
Net Book Value
As at 30 November 2023 18,067 2,465 1,538 271,600 293,670
As at 1 December 2022 18,390 3,287 1,809 291,000 314,486
5. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 40,000 40,000
Corporation tax - 473
Other taxes and social security 1,545 1,558
VAT 4,888 3,368
Accruals and deferred income 1,400 1,400
Directors' loan accounts 84,081 84,081
131,914 130,880
6. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 63,333 103,333
Page 6
Page 7
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 4 4
Page 7